Federal Aid Programs

Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal Work Study

Federal Direct Student Loans

Alternative Loan Information

Know what you owe

Financial Aid 101

Pell Grant

A federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who do not have a bachelor’s degree and who meet criteria set by the U.S. Department of Education. Students who receive Pell Grants will be paid by the University, and the University will be reimbursed by the Department of Education. A student’s EFC (Estimated Family Contribution), cost of attendance and academic load determines the amount of Pell Grant for which the student is eligible.

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The TEACH Grant

The TEACH Grant Program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching. Click Here to apply, for more information, visit studentloans.gov or studentaid.ed.gov.



Federal Supplemental Educational Opportunity Grant (FSEOG)

FSEOG is a grant that is for undergraduate students with exceptional financial need. Students must receive 100% of Pell Grant to be considered for an FSEOG. The maximum FSEOG award is $1,000. This award is limited upon fund availability.

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Federal Work Study

Through the Federal Work Study (FWS) Program students work part time to help pay for the cost of their education. Students are paid at least the current federal minimum wage and will be placed within the University or within a community setting. Off-campus FWS jobs with federal, state or local public agencies or private nonprofit organizations must be in the public interest.

Students may earn between $250 and $1,000 per year through the work study program.

To be eligible for an FWS job, a student must meet all eligibility requirements and indicate their interest in FWS when filling out the FAFSA. In addition, a student must have financial need; that is, his or her cost of attendance must be greater than his or her Expected Family Contribution (EFC). A financial aid administrator may not award FWS employment to a student that if awarded, when combined with all other resources, would exceed the student’s need. FWS job placement begins within the first two weeks of the academic year.

For questions about the Federal Work Study Program please contact Gary Collins (606) 218-5257 or GaryCollins@upike.edu.

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Federal Direct Loans

The Federal Direct Student Loan program is the Department of Education’s major form of self-help aid. Direct Loans are either subsidized or unsubsidized and interest on both loans is variable.
A subsidized loan is awarded on the basis of financial need. The federal government pays the interest on the loan (“subsidizes” the loan) until the student begins repaying the loan.

An unsubsidized loan is not awarded on the basis of need. Students are charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate on an unsubsidized loan it is “capitalized,” or added to the principal amount of the loan, thus increasing the repayment amount. If a student chooses to pay the interest as it accrues, he or she will have less to repay later.

A student must be a regular student, enrolled in an eligible program of study and enrolled at least half-time to be eligible for a Direct Loan. Eligibility is established by the Department of Education.

Repayment of these loans is deferred while the student is enrolled in college. The maximum loan eligibility depends upon class standing:

• Freshmen    - $5,500 ($3,500 of which can be subsidized)
• Sophomore  - $6,500 ($4,500 of which can be subsidized)
• Junior           - $7,500 ($5,500 of which can be subsidized)
• Senior          - $7,500 ($5,500 of which can be subsidized)


In general, a Direct Loan may be deferred until the student graduates, leaves school or drops below half-time enrollment. At that time, the student will have a six-month grace period before beginning repayment. Under certain circumstances students may receive deferments or forbearance on student loans; however, these are not automatic. It is the student’s responsibility to contact the lender or agency that holds the loan and to provide documentation for the request. Students must also continue making scheduled payments until notification is received that deferment or forbearance has been granted. Students are required to complete entrance counseling and a Master Promissory Note (MPN) prior to receiving loan funds. Students must complete exit counseling prior to leaving the University of Pikeville.

Master Promissory Note, Entrance and Exit counseling are completed at www.studentloans.gov.

Federal Plus Loan
The Parent Loan for Undergraduate Students (PLUS) allows parents or stepparents to borrow up to the cost of a student’s education minus the financial aid the student is receiving.  Eligibility is based on credit rating and is not based on income.

How To Apply
To apply for a PLUS Loan follow the steps below:

PLUS-directions

Alternative Loan Information

An alternative student loan (also referred to as a private student loan) is not a federal student loan, but one through a private bank or other lending institution. We encourage all students and parents to first determine eligibility and obtain Federal Direct Direct Loans and Federal Direct Plus Loans before applying for private loans. 
 
Students who wish to borrow a private loan may visit FastChoice to learn more about the loan options that are available. After creating an account and reading through loan counseling information, you will be able to compare several loan companies at a glance. University of Pikeville does not rank, recommend, promote, or endorse any of these lenders. The student is free to choose any lender.

 
Know What You Owe
The National Student Loan Data System has information about your federal student loans.
To review your loan information, you will need:
  • Social Security Number.
  • First two letters of your last name.
  • Your date of birth.
  •  The FSA ID assigned to you when you completed the FAFSA.
Federal Direct Loan Entrance & Exit Counseling
 
All students who borrow a Federal Direct Student Loan and/or Graduate PLUS Loan are required to complete both entrance and exit counseling. Entrance counseling explains the Direct Loan obligation required as a condition for receiving a Federal Direct Loan. Exit counseling provides useful tips and information to help manage your loans.
 
To complete online Loan Entrance Counseling:
  • Go to: https://studentloans.gov/myDirectLoan/index.action.
  • Sign in using your social security number, the first two characters of your last name, date of birth and the FSA ID used to sign the FAFSA.
  • Follow the instructions and read information carefully. Complete the four-step process, which takes about 30 minutes to complete.
To complete Exit Counseling:
  • Go to:http://www.nslds.ed.gov/nslds_SA/.
  • Click on Exit Counseling.
  • Click on “Start” and follow steps to login page.
  • Enter your social security number, the first two characters of your last name, date of birth and the FSA ID used to sign the FAFSA.
  • Follow the instructions and read the information carefully.
OR
  • You are welcome to come to the Student Financial Services Office to make an appointment. Our staff will assist you with the process. You may also schedule an appointment by calling (606) 218-5254. Please specify that you need assistance with exit counseling.
Exit counseling will walk you through your rights and responsibilities, as well as provide useful information regarding repayment options, debt management strategies, forbearance, deferment, cancellation options and consolidation. Loan exit counseling must be completed prior to graduation or if enrollment falls below half-time status.
 
 
Help with Resolving a Problem or Dispute
It is important to keep all of your student loan papers and correspondence for your records. If you have a problem with a federal student loan, you should contact your loan holder or loan servicer to try and resolve the problem. If you are unable to resolve the problem on your own, you may contact the Federal Student Aid (FSA) Ombudsman for assistance. The FSA Ombudsman works with federal student loan borrowers to resolve loan disputes or problems from an impartial, independent viewpoint. You can reach FSA Ombudsman at:
 
Office of the Ombudsman
United States Department of Education
830 First Street NE
4th Floor UCP-3/MS 5144
Washington, DC 20201-5144
Toll-free phone: (877) 557-2575
Internet: fsahelp.ed.gov or ombudsman.ed.gov.

 

Financial Aid 101
To learn how to complete your entrance counceling and master promissory note for your student loans Click Here.
To learn how to use the IRS data retrieval tool on the FAFSA Click Here.
To learn how to complete the application for a parent PLUS loan Click Here.
To learn how to complete your 2015 - 2016 FAFSA Click Here.
To learn how to create an FSA ID Click Here.


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