Navigating the labyrinth of financial aid can be daunting, but it doesn’t have to be. This comprehensive guide will empower you with the knowledge and tools you need to secure the financial assistance you deserve to pursue your education at Eastern Kentucky University.
Understanding Financial Aid Basics
Financial aid is any form of financial assistance provided to students to help them pay for college or graduate school. It can come in the form of grants, scholarships, loans, and work-study programs.
Types of Financial Aid at EKU
- Grants: Free money that does not need to be repaid.
- Scholarships: Merit-based awards given to students who demonstrate academic achievement, leadership, or other special talents.
- Loans: Money that must be repaid after graduation.
- Work-Study Programs: Programs that allow students to earn money while attending school.
How to Apply for EKU Financial Aid
To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available online at fafsa.gov.
Steps to Apply for Financial Aid:
- Create a FSA ID: You will need an FSA ID to sign the FAFSA electronically.
- Gather Your Documents: You will need to provide information about your income, assets, and expenses.
- Complete the FAFSA: Answer all of the questions honestly and accurately.
- Submit the FAFSA: Once you have completed the FAFSA, submit it online or by mail.
EKU Financial Aid Deadlines
The priority deadline for applying for financial aid at EKU is March 1. However, you can still apply for financial aid after this deadline.
Calculating Your Financial Aid Award
Once you have submitted your FAFSA, EKU will review your application and calculate your financial aid award. Your award will be based on your financial need, academic standing, and other factors.
Common Mistakes to Avoid
- Waiting to apply for financial aid: Apply for financial aid as early as possible.
- Not completing the FAFSA accurately: Make sure to answer all of the questions honestly and accurately.
- Not submitting the FAFSA on time: The priority deadline for applying for financial aid at EKU is March 1.
- Not understanding the terms of your financial aid: Make sure you understand the terms of your financial aid award, including the amount of money you will receive, when it will be disbursed, and when it must be repaid.
Understanding Student Loans
Student loans are a common type of financial aid. If you are considering taking out student loans, it is important to understand the terms of the loan and be aware of the potential consequences of not repaying your loans.
Types of Student Loans:
- Federal Direct Stafford Loans: These loans are available to undergraduate and graduate students.
- Federal Direct PLUS Loans: These loans are available to parents of undergraduate students and to graduate students.
- Private Student Loans: These loans are not guaranteed by the government and often have higher interest rates than federal student loans.
Consequences of Not Repaying Student Loans:
- Default: If you do not repay your student loans, you could default on your loans. This can damage your credit score, make it difficult to obtain credit in the future, and lead to wage garnishment.
- Collection: If you default on your student loans, the government or lender may turn your debt over to a collection agency. Collection agencies can take legal action to collect your debt, which could include garnishing your wages or seizing your assets.
- Wage Garnishment: If you default on your student loans, the government or lender may garnish your wages. This means that your employer will be required to withhold a portion of your paycheck and send it to the government or lender to repay your debt.
- Seizure of Assets: If you default on your student loans, the government or lender may seize your assets. This could include your car, home, or other valuable property.
Applying for Student Loans
To apply for a student loan, you must complete a loan application. You can apply for a student loan online or at a financial aid office.
Steps to Apply for a Student Loan:
- Choose a Lender: There are many different lenders that offer student loans. Compare the terms of loans from different lenders before you decide which lender to borrow from.
- Complete the Loan Application: Answer all of the questions on the loan application honestly and accurately.
- Submit the Loan Application: Once you have completed the loan application, submit it to the lender.
- Provide Documentation: The lender may require you to provide documentation to verify your income, assets, and expenses.
Financial Aid Resources
- EKU Financial Aid Office: The EKU Financial Aid Office can provide you with information about financial aid programs and help you apply for financial aid.
- Federal Student Aid Information Center: The Federal Student Aid Information Center can provide you with information about federal financial aid programs.
- Student Loan Ombudsman: The Student Loan Ombudsman can help you resolve problems with your student loans.
Conclusion
Financial aid can be a valuable resource to help you pay for college or graduate school. By understanding the different types of financial aid available, how to apply for financial aid, and the terms of your financial aid award, you can make informed decisions about how to finance your education.
