Financial Aid

General Aid Programs

Federal Student Aid Programs

Federal Pell Grant

This need-based grant is given to help undergraduates defray the cost of education. This award is an “entitlement” program meaning that, if eligible, students would receive funds up to $5775.

Federal Supplemental Educational Opportunity Grant (FSEOG)

This grant is given based on financial need and is awarded to Federal Pell Grant recipients. The maximum award for the academic year at KCU is $800.

Federal College Work-Study Program (FWS)

This program provides an award for potential employment for undergraduate and graduate students as a part of their aid packages. Federal Work-Study is awarded based on financial need. Limited other student employment opportunities are available if a student does not qualify for the Federal Work-Study Program.

Federal Perkins Loan Program

The Perkins Loan Program is a low-interest, federally funded loan program for undergraduate students. The loan is administered by KCU and is based on need. As long as the student is enrolled in school, the federal government pays the interest. Repayment begins 9 months after the student graduates or leaves school. The repayment term is up to ten years with a minimum monthly payment of $40 and an interest rate of 5%.

Direct Subsidized Stafford Loans

The Direct Subsidized Loan is a low-interest loan made to students who demonstrate financial need. Undergraduates may borrow up to $3,500 for the first year, $4,500 for the second year and $5,500 for each remaining undergraduate year. Undergraduate students may borrow an aggregate limit of $23,000. The interest rate is fixed and currently 4.66%. While the borrower is enrolled in school at least half-time, the interest is paid by the federal government. Repayment begins six months after the student graduates, withdraws from school or drops below half-time status. Repayment may take as long as 25 years based on the total outstanding balance.

Direct Unsubsidized Loans

The interest rate for the Direct Unsubsidized Loan is 4.66% and you can borrow an additional $2,000 per year. However, students are responsible for paying the interest while enrolled in school and during any grace period or deferment. This loan is not based on financial need. A student may opt to have the interest deferred and accrued or choose to pay the interest payments while enrolled. Students may borrow a combination of Subsidized and Unsubsidized Loans but may not exceed the maximum loan limits of $31,000 (no more than $23,000 can be subsidized). An independent undergraduate’s aggregate limit including Unsubsidized Direct Loans would increase to $57,500. Repayment terms are the same as for the Direct Subsidized Loan.

Direct PLUS Loan

The Direct PLUS Loan is for parents of dependent students and is based on credit-worthiness. Under this program, parents may borrow up to the cost of education at a particular institution minus any financial aid a student receives. The interest rate is fixed and currently 7.21%. Repayment of a PLUS Loan begins within 60 days of final disbursement and can take up to 25 years based on the total outstanding balance.

Other Aid Programs

Non-federal Alternative Loans

Once you and your family have considered federal loan options, you can use the Great Lakes FASTChoice to instantly and accurately compare rates and terms from multiple private loan lenders side-by-side. This will help you make an informed decision about the most appropriate loan for you.

Local National Guard

…or military reserve units may offer educational assistance in the form of scholarships or loans. Check with your school counselor or Reserve Officer for more information.

Veteran Assistance

If you are an eligible veteran or the dependent of an eligible veteran, contact the regional Veterans Administration office that has records for you or your eligible parent. Funds may be available to cover a portion of your educational expenses. Educational benefits are usually paid directly to the recipient on a monthly basis. For more information on VA benefits call 1-888-GI-BILL-1 (1-888-442-4551) to speak with a Veterans Benefits Counselor or visit the web site at

Workforce and Vocational Rehabilitation

…may be available to qualified students. Contact your local agency for more information. These offices are usually listed in the telephone book in the state offices section under rehabilitation services or vocational rehabilitation services.

Bureau of Indian Affairs (BIA)

Students who are members of an Indian tribe may be eligible for assistance from the Bureau of Indian Affairs. BIA benefits may vary depending upon the tribe. You should contact your tribal headquarters to determine your eligibility for BIA benefits.

Self-Help (Student/Parent)

You should begin planning early for college attendance. Family resources are the best means of underwriting your college education. Adequate and timely financial planning is beneficial in making your college education a reality. Your family might use a combination of savings bonds, education IRAs, personal savings, home equity loans and current income to contribute toward college expenses. Your financial planner can offer advice on long-term saving and investment opportunities. States are also stepping in to provide the means for families to start saving early for college.

As of 1998, nearly all states offer college savings plans. The College Savings Plans Network was formed in 1991 as an affiliate to the National Association of State Treasures. This coalition of states works together to find ways to encourage families to save ahead for college. For more information about the College Savings Plans network or the National Association of State Treasurers, write to P.O. Box 11910, Lexington, KY 40578-1910 or call (606) 244-8175 or visit Alternative loan programs provide funds to meet the cost of education once other sources of aid have been depleted or when annual limits have been reached. These credit-based loans may require a co-signer and typically have higher interest rates than Stafford or PLUS loans. Borrow conservatively and make certain that all other sources of aid have been explored before utilizing alternative loan funds.

State Aid Programs

Kentucky Tuition Grants (KTG)

KTG’s currently provide up to $2,910 per year to qualifying Kentucky residents.

College Access Program (CAP)

The CAP Grant program provides a payment of $79 per semester hour to Kentucky’s financially needy students enrolled for at least three semester hours. The maximum award for a full-time student is $950 each semester.

Kentucky Educational Excellence Scholarships (KEES)

Earn money for college by making the grade in high school! Earn a C+ average or better in high school and begin banking money for college when enrolled in an eligible program. The maximum award per year is $2,500 (based on a 4.0 GPA, four-year average and 28 ACT).

Prepared for the World

“Whether I continue working in Learning and Development, Organizational Effectiveness or choose another route altogether, my Humanities degree prepared me for the world, because it prepared me for deeply engaging with people, meeting them where they are and understanding their needs across all levels.”

– Lindsey (Leach) Simpkins, Class of ’05


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