2020-21
Your Financial Aid Path
A Guide to Financial Aid at the University of Kentucky
An Equal Opportunity University
University of Kentucky Office of Student Financial Aid and Scholarships 128 W.D. Funkhouser Bldg. Lexington, KY 40506-0054
To Do Checklist
Phone: 859-257-3172 Title IV code: 001989 uky.edu/financialaid Mon. - Fri.: 8 a.m. - 4:30 p.m.
Activate Your linkblue and Email Account Accept Your Financial Aid Offers on the myUK Portal Accept Your Scholarship (If Applicable)
The mission of the Office of Student Financial Aid and Scholarships is to provide financial aid to students who would be unable to attend college without such assistance. Additionally, our mission is to also support the success of colleges and students in their commitment to academic excellence through outstanding service. We strive to provide a student-oriented approach in the administration of financial aid programs by being responsive to the needs of students, their families and other constituents. We believe a great college education should be accessible to everyone, no matter their financial situation. If you have the desire and drive to attend the University of Kentucky, we want to work with you to make that happen. Eightysix percent of our undergraduates receive some type of financial aid. Our institution invests now more than ever $146 million - to ensure greater access and affordability for all students. Why? Because we know the investment made in education is an investment well made. Whatever you want to do and wherever you want to go, let us be the foundation to help you achieve your professional and academic goals.
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Accept Your Federal Work Study Offer (If Applicable) Compare Financial Aid Award Package to Annual Budget Explore Federal Parent PLUS Loans Explore Student and Alternative Loans Complete the Student or Parent Loan Requirements Select Your “see blue.� U Orientation Date and Pay Your Enrollment Deposit by May 1 Confirm Housing Arrangements and Dining Plan Explore Basic Needs Resources Review Disbursement and Payment Options in myUK
Step 1 Activate Your linkblue and Email Account newstudent.uky.edu
• Find your temporary passcode and UK ID number in your acceptance letter from admissions. • Go to newstudent.uky.edu to activate your linkblue account. • Log in and follow the directions to activate your linkblue username and new password.
Your linkblue account gives you access to tools like myUK that you will use to review financial aid, register for classes and view your grades. If you have not already done so, you must activate this account to proceed.
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Step 2 Accept Your Financial Aid Offer myuk.uky.edu
1 Login to myUK.uky.edu using your linkblue ID and password. For forgotten IDs and passwords, contact the Information Technology Services Help Desk at 859-218-4357. 2 Navigate to Budget. (Financials>Financial Aid>Budget) o The myUK “Budget” is an estimated cost of attendance, determined by your current residency classification, living arrangements, full-time enrollment and program of study. Understanding the cost of attendance is important. 3 Navigate to the Home tab to read and accept the “Terms and Conditions.”
4 Click on View and Accept Awards tab to accept/decline awards. 5 Navigate to Documents tab to determine if items are missing or incomplete for your financial aid application. Federal and state financial aid will not appear on your bill until all missing items are completed.
Federal Verification www.uky.edu/financialaid/processing Your FAFSA may be selected for a process called verification. Kentucky Higher Education Assistance Authority (KHEAA) has been contracted to complete the federal verification process for UK. If you are selected for verification, you will receive an email from KHEAA with instructions to log into MyKHEAA at www.kheaaverify.com. All forms/ documentation should be completed and submitted to KHEAA. Submit requested documentation immediately, but no later than July 1, to ensure your financial aid is processed by the start of the academic year.
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Step 3
Step 4
Accept Your Scholarship (If Offered)
Accept Your Federal Work-Study Offer (If Offered)
UK Scholarships If you are planning to attend the University of Kentucky in fall 2020 and were offered an academic scholarship, accept your scholarship online at myUK.uky.edu no later than May 1, 2020. Reference the terms and conditions document sent with your scholarship award letter for more information.
If you are offered Federal Work-Study funding, apply in the late summer for FWS jobs online at ukjobs.uky.edu or attend the part-time jobs fair on campus in the fall.
Outside Scholarships Notify the Office of Financial Aid and Scholarships about scholarships or monetary awards you are receiving from an organization outside the university; use the Outside Scholarship Resource Form located at go.uky.edu/osform.
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Step 5
Step 6
Understand Your Federal Direct Student Loan
Compare Financial Aid Award Package to Annual Budget
A Federal Direct Subsidized Loan may be available to undergraduate students who demonstrate financial need and the interest accruing on this loan is paid by the U.S. Department of Education while the student is in school at least half time. A Federal Direct Unsubsidized Loan may be available to both undergraduate and graduate students, but eligibility for this loan is not based on financial need. Repayment of these loans begin six months after graduation or when a student ceases to be enrolled at least half time.
Calculate an estimate of basic living expenses for attending UK at go.uky.edu/ calculator. Tuition and fees information is available at go.uky.edu/tuition.
studentaid.gov
Compare your annual financial aid offer with the cost to attend UK and develop a plan for you and your family to cover the difference. To explore additional funding options, review Federal Parent Plus and alternative loans. Visit go.uky.edu/loans.
The following table shows the maximum amount of money you may borrow each academic year in Federal Direct Subsidized and Unsubsidized Loans depending on your grade level. Undergraduate Grade Level
Dependent Student Annual Loan Limit*
Independent Student Annual Loan Limit
1st-year (0-30 credit hours)
$5,500
$9,500
2nd-year (31-59 credit hours)
$6,500
$10,500
3rd and 4th year (60+ credit hours)
$7,500
$12,500
Aggregate Limit
$31,000
$57,500
*Dependent students whose parents were denied the Parent PLUS may qualify for independent loan amounts.
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Step 7 Explore Federal Direct Parent PLUS and Alternative Loans
Federal Direct Parent Loan
Alternative Student Loans
Beginning April 15, 2020, your parent can apply at studentaid.gov for a 2020-21 academic year Federal Direct Parent PLUS Loan. As a reminder, parents must:
Alternative student loans are private commercial loans offered by financial institutions to fund education expenses. Alternative loans usually require a credit check and a low debt-to-income ratio. Students with little to no credit history often need a creditworthy cosigner. Also, the interest rate for private loans can vary based on the borrower and cosigner’s credit score and history.
o Sign in using their FSA ID o Complete the eMPN A credit check will be performed during the application process. A parent PLUS borrower with adverse credit or an endorser must undergo initial entrance financial counseling. Visit go.uky.edu/loans for more information.
Alternative Loans for Parents Parents with good credit are encouraged to review alternative loan benefits at go.uky.edu/fastchoice for more favorable payment options.
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Step 8 Complete the Federal Direct Student Loan Requirements studentaid.gov
Prior to the disbursement of federal loan funds, all student borrowers must complete the eMPN and entrance couseling. Visit studentaid.gov to complete these requirements.
We’re here to help! Visit go.uky.edu/facounselors to connect with your personal financial aid counselor.
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Step 9 Select Your “see blue.” U Orientation Date and Pay Your Enrollment Deposit by May 1
Confirm Housing Arrangements and Dining Plan
seeblueU.com
uky.edu/housing uky.campusdish.com
First-year students admitted for the fall semester must complete this step by May 1. Your linkblue account must be activated to select your “see blue.” U Orientation date.
• Confirm and sign your housing contract. • Select your dining plan by July 19, 2020, or a default plan will be selected for you. Review uky.campusdish.com for on-campus dining plan options.
If you need assistance, contact the “see blue.” U Orientation office at orientation@uky.edu or 859-257-3256.
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Step 10
Step 11
Explore Basic Needs Resources
Review Disbursement and Payment Options in myUK
At the University of Kentucky, student success is at the center of everything we do. We are a community of belonging, committed to supporting the success of each and every member of the UK family. Resources exist across campus to assist students with needs related to all four components of student success: academic success, financial stability, wellness, belonging and engagement.
When all eligibility requirements are met, financial aid disbursements commences 10 days before the start of the term. Adjustments to financial aid awards will occur after the add/ drop period ends.
uky.edu/basicneeds
The Basic Needs website serves as a hub for all of these resources as well as a referral service for students.
• Students are billed each semester. The fall bill is sent August 1 and is due August 22. The spring bill is sent January 1 and is due January 22. • Establish Guest Access for parents and guardians via myUK to allow easy access for payments on student accounts. • Visit go.uky.edu/payments to make online payments via myUK. • Learn more about the installment payment plan at go.uky.edu/installment for fall and spring terms. • Students, enrolled at least half-time, are eligible to charge books up to $750 at the UK Bookstore. • If your financial aid exceeds your charges for the term, you will be issued a refund by Student Account Services so you can pay for any other educational expenses. Enroll in direct deposit for refunds via myUK > My Info > Direct Deposit.
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We are here to help! Contact Us
uky.edu/financialaid
Financial Aid Counselors go.uky.edu/facounselors Financial Aid Resources go.uky.edu/faresources Federal Student Loans studentaid.gov Wildcat Cost Calculator go.uky.edu/calculator Payment Plan go.uky.edu/payments KEES Money go.uky.edu/kees Academic Scholarships uky.edu/academicscholarships Basic Needs uky.edu/basicneeds
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Office of Student Financial Aid and Scholarships 128 W.D. Funkhouser Bldg. Lexington, KY 40506-0054 Phone: 859-257-3172 Title IV code: 001989 www.uky.edu/financialaid Monday - Friday: 8 a.m. - 4:30 p.m.
An Equal Opportunity University