Funding Your KU Education KU Financial Aid & Scholarships
Topics to consider • • • •
Understanding costs Filing the FAFSA Types of financial aid Other funding options
Calculating Your Costs ••••••••••
A KU education is a great value and a good investment in your future. It’s important to understand the costs of your education. Estimate your costs at affordability.ku.edu/ costs.
Estimated costs for KU include: • • • •
Tuition & Fees Room & Board Books & Supplies Personal & Transportation Expenses
Cost of Attendance (Budget) ••••••••••
Students are assigned a budget based on KU’s estimates of what it costs to attend KU. This is called a Cost of Attendance (COA).
Adjusting Your Budget •••••••••••••••••••••••••••••••••
You can’t receive more financial aid than your total budget, but you may have other expenses for which we can adjust your budget, examples include: • • • • • • •
Medical/dental/disability expenses Childcare expenses Computer expenses Additional educational expenses Additional transportation expenses Excess housing/food costs for dependents Other
Adjusting Your Budget •••••••••••••••••••••••••••••••••
A budget adjustment can create room for more fina nc ia l a id , b ut it d oe s not g ua ra nte e you will re c e ive m ore fina nc ia l a id .
The FAFSA • File the 2021-22 FAFSA at FAFSA.gov or myStudentAid app • File each year
FAFSA Requires: •••••••••••••••••••••••••••••••••
• FSA User ID & Password • 2019 tax info (for 2021 -2022 FAFSA) • Financial & asset information • Social security numbers
• • • •
FAFSA Tips
Apply early and each year (available Oct. 1) Enter name and SSN exactly as they appear on your social security card Use the IRS data retrieval tool Watch for alerts and messages
Graduate Financial Aid at KU • Grants/Scholarships • GTA/GRA/GA • Federal Work -Study • Loans
Grants & Scholarships •••••••••••••••••••••••••••••••••
1. De p a rtm e nts d e te rm ine e lig ib ility throug h a d m ission or a se p a ra te a p p lic a tion, if the y ha ve fund ing to a wa rd – p le a se a sk your d e p a rtm e nt for m ore inform a tion. 2. The FAFSA m a y b e re q uire d for som e sc hola rship s. 3. The d e p a rtm e nt notifie s Fina nc ia l Aid & Sc hola rship s who is e lig ib le .
Optional Grant: Childcare •••••••••••••••••••••••••••••••••
Application available Sept. 1 at ku.academicworks.com a nd Awa rd a m ounts va ry from ye a r to ye a r.
Crite ria 1. Enrolle d a t le a st 6 hours a t the La wre nc e c a m p us 2. Priority g ive n to EFC of 13,0 0 0 or le ss 3. Child young e r tha n 5 a nd not in Kind e rg a rte n 4. Proof tha t you p a y for c hild c a re e xp e nse s
GTA/GRA/GA •••••••••••••••••••••••••••••••••
1. Gra d ua te Te a c hing Assista nt (GTA), Gra d ua te Re se a rc h Assista nt (GTA), a nd Gra d ua te Assista nt (GA) p ositions a re a d m iniste re d b y ind ivid ua l g ra d ua te p rog ra m s. 2. Ask your g ra d ua te p rog ra m a b out the se op p ortunitie s a nd sc a n the Job s a t KU listing s. 3. GRAs a nd GTAs a re e lig ib le to ha ve a ll or som e of the ir tuition p a id , inc lud ing a ny d iffe re ntia l tuition a sse sse d .
GTA/GRA/GA •••••••••••••••••••••••••••••••••
1. A d isc ount/ waive r a p p lie d to your tuition b a se d on your p osition a nd a p p lie d d ire c tly to your b ill. 2. The a m ount you re c e ive for your p osition c a n a ffe c t your e lig ib ility for othe r fina nc ia l a id . 3. The a m ount of your b e ne fit is d e te rm ine d b y your d e p a rtm e nt.
Other Scholarships •••••••••••••••••••••••••••••••••
You can find more scholarship information and re sourc e s a t: • a fford a b ility.ku.e d u/ sc hola rship s • g ra d ua te .ku.e d u/ fund ing _sourc e s • ku.a c a d e m ic works.c om
Loan Options for Graduate Students • Unsubsidized Direct Loan • Grad PLUS Direct Loan • Private Loans
Unsubsidized Direct Loan •••••••••••••••••••••••••••••••••
• Borrow up to $20,500/yr ($138,500 aggregate limit) • Interest rate: 4.30% (loans disbursed 7/1/20 -6/30/21) • Must file the FAFSA • Complete a Master Promissory Note (MPN) • Compete Loan Entrance Counseling • Be enrolled at least half -time (5 hours or more) • Six-month grace period after you graduate
Grad PLUS Direct Loan •••••••••••••••••••••••••••••••••
• Borrow up to your budget minus other aid • Interest rate: 5.30% (loans disbursed 7/1/20 -6/30/21) • Must file the FAFSA and then apply for loan at studentaid.gov • Credit check required • Must complete a Master Promissory Note (MPN) • Compete Loan Entrance Counseling • Enrolled at least half -time (5 hours or more)
KU Endowment Loan •••••••••••••••••••••••••••••••••
• $6,000 limit per year ($12,000 aggregate limit) • 5% interest rate • 2% origination fee • May require a co-signer • Apply at: kuendowment.org/Resources/StudentLoans
Private Loan •••••••••••••••••••••••••••••••••
• Interest rates vary • Eligibility requirements vary • Must apply with lender • Typically require credit check • Does not require the FAFSA • Borrow up to the cost of attendance minus other aid
Timeline for aid: •
Aid will disburse 10 days before semester begins
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Aid will apply directly to your KU bill
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After your bill is paid, any excess funds are refunded to you
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Refunds are typically available when a few days before the first day of classes
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Set up direct deposit for quicker processing
Important Things to consider: •
Half-time enrollment is required for most types of federal aid
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Graduate students must maintain a 3.0 cumulative GPA and complete at least 67% of the classes they attempt to remain eligible for federal financial aid
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You must file the FAFSA each year that you want to receive aid
Questions? financialaid@ku.edu 785-864-4700