Understanding Financial Aid
- Understanding Aid and Eligibility
- Determining Eligibility
- Graduate Aid and Eligibility
- Re-establishing Financial Aid Eligibility
- Return to Title IV Policy
The primary source of financial aid available to undergraduate students enrolled with EKU Online is a federal direct student loan.
A federal direct student loan may be subsidized or unsubsidized. A subsidized loan means that the federal government pays the interest while you are in school, during periods of payment deferment, and during the grace period. An unsubsidized loan means that you must either pay the interest quarterly, even while you are in school, or capitalize the interest. The interest on federal direct loans is variable with an 8.25% cap.
As an undergraduate student earning your first bachelor's degree, you may also be eligible for a Federal Pell Grant. The amount of your Pell Grant is determined by your calculated EFC (see section on Calculating Your Financial Aid Award). Any grant assistance you receive is considered “gift assistance” and does not have to be paid back.
You must be an admitted, degree-seeking student, taking a minimum of 6 credit hours in order to receive financial aid. You cannot be in default on a previous federal student loan. Each financial situation is unique. The information you provide on your financial aid forms (e.g., FAFSA) will determine the amount of financial aid for which you are eligible.
EKU Online graduate students may be eligible for federal direct unsubsidized loans and graduate PLUS loans.
An unsubsidized loan is a non-need based federal loan. The school determines the amount you can borrow based on your cost of attendance and other financial aid/assistance that you receive. Students are responsible for paying the interest on a direct unsubsidized loan during all periods. If you choose not to pay the interest while you are in school, during grace periods, or during deferment or forbearance periods, your interest will accumulate and be capitalized (that is, your interest will be added to the principal amount of your loan).
A graduate direct PLUS loan is a non-need based Federal loan for students with good credit history. Approved applicants may borrow up to the annual “cost of attendance” less other financial aid/assistance received.
You must be an admitted, degree-seeking student, taking a minimum of 4.5 credit hours in order to receive financial aid. Also, you cannot be in default on a previous federal student loan. Each financial situation is unique. The information you provide on your financial aid forms (e.g., FAFSA) will determine the amount of loan assistance for which you are eligible.
If you withdraw from a class or EKU for ANY reason, you may be subject to the return to title IV policy. Eastern Kentucky University may be required to return funds on your behalf to the Department of Education. This most likely will result in a bill from EKU. This is a federal requirement and must be completed.
If you had to withdraw because of an emergency, you may file an appeal with the Student Accounting Office to have all or a portion of your balance waived. More information about that process can be found here: http://studentaccounting.eku.edu/financial-appeals