Types of Financial Assistance

The University of Pikeville seeks to offer financial assistance in the form of a scholarship, grant, loan, or work-study. These components of the award package come from the U.S. Department of Education (DOE), the Commonwealth of Kentucky (KHEAA) and the University of Pikeville. The Office of Student Financial Services offers several institutional scholarships to augment grants and loans to help students meet educational expenses. Federal and state programs are outlined below.

Federal Programs:

PELL Grant

The 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 U.S. Department of Education. A student’s estimated family contribution (EFC), cost of attendance, and academic load determines the amount of PELL Grant for which the student is eligible. For the 2017-2018 award year, the maximum amount of PELL Grant is $5920.

Campus-Based Funds

Campus-based programs consist of the Federal Supplemental Educational Opportunity Grant (FSEOG), and the Federal Work-Study Program (FWS). The University of Pikeville participates in these programs and receives a limited amount of funds for each program per academic year. Students should complete the FAFSA early in the year in order to be packaged with the funds they are eligible to receive before funded budgets have depleted. Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant that awarded to students with exceptional financial need. Students must also receive at least 100% of PELL Grant to be considered for an FSEOG.

Federal Work-Study(FWS): The federal work-study program provides jobs for students with financial need, allowing them to earn money to help pay educational expenses. Students are paid at least the current federal minimum wage and will be placed in jobs at the university or a non-profit entity off campus. Students may earn between $100 and $2,000 per year through the work-study program. Students will not be allowed to exceed 20 hours of work a week and will not be able to work during a class time they have been registered to attend in a given term.

Direct Student Loans

The Federal Direct Student Loan program is the U.S. Department of Education’s major form of self-help aid. Direct Loans are either subsidized or unsubsidized and interest on both loans are fixed. 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. Loan eligibility is established by the U.S. Department of Education. Certain conditions may be applicable and may decrease the total annual amounts or type of loans required. In general, a direct student 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 forbearances on student loans. However, these are not automatic.

It is the student’s responsibility to contact the loan servicer 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 prior to receiving loan funds. Exit counseling prior to leaving the University of Pikeville or graduating. Access NSLDS at www.nslds.gov to complete Exit Counseling to receive detailed information on a loan servicer, payments and loan balances.

Direct PLUS Loan

Federal Direct PLUS Loans enable parents with good credit histories to borrow funds for the educational expenses of each child who is a dependent undergraduate student enrolled at least half-time. The interest rate is variable and accumulates on the loan from the date of the first disbursement until the loan is paid in full unless a request is made for a deferment and a six-month grace period during the parent plus loan credit check. The yearly limit on the PLUS Loan is equal to the student’s cost of attendance minus any other financial aid that is received. Students are allowed an additional $4,000-$5,000 year toward their unsubsidized loan if the parents are denied credit when applying for a Direct PLUS loan. This amount is based upon student’s current grade level.

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