Types of Financial Aid
There are primarily three different types of Financial Assistance, grants, loans, and work. Below is a list of some of the more common awards you may see or hear about at Berea College.
Berea College Loans – If students need additional financial assistance to help with their term bill, medical or dental expenses, stop by Student Financial Aid Services and complete an Additional Aid Application to determine eligibility for Berea Loans.
Cost of Education Scholarship – After all federal, state, institutional, and private grants have been awarded, the Cost of Education Scholarship is awarded through Berea College to fund the remaining Cost of Education. The Cost of Education does not include room, board, fees, books, and supplies. Therefore the tuition tax credit cannot be taken on federal income taxes.
FSEOG – The Federal Supplemental Education Opportunity Grant (FSEOG) is a federal grant, awarded to students to assist with their cost of education. The FSEOG is based on need and the amount will vary dependent upon the availability of funds for each academic year. FSEOG is awarded to students with the greatest need as determined by the FAFSA.
Federal Work Study – The amount of money earned for the hours worked in your labor position throughout the academic year. You must demonstrate need as determined by the FAFSA to qualify for Federal Work Study.
Institutional Work Study – This would be awarded to students who do not demonstrate enough need to qualify for Federal Work Study. It is the actual amount of money earned for the hours worked in a labor position throughout the academic year.
Kentucky CAP grant – The College Access Program is awarded to financially needy students in Kentucky to help them attend public and private colleges and universities, proprietary schools, and technical colleges. To be eligible, students must have an expected family contribution of less than $4,995. Currently, the maximum award for this academic year is $1,900.
Kentucky Tuition Grant – The Kentucky Tuition Grant (KTG) is for Kentucky residents and can be used at eligible Kentucky private colleges and universities. The maximum KTG award for a full-time student is $3,000 for the academic year. Students must be enrolled full time to receive this award. (Source: www.kheaa.com)
Kentucky Educational Excellence Scholarship (KEES) – The KEES is awarded to Kentucky high school graduates and is based on their high school grade point average. Awards range from $50.00 to $2,500.00. The amount awarded is dependent upon criteria determined by the Kentucky Higher Education Assistance Authority. For more information on the KEES program, visit www.kheaa.com.
Labor Grant – To assist with the Cost of Education, all students are awarded a Labor Grant . This year’s labor grant is $6,000.00.
Pell Grant – A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. The Pell Grant is based on need, as determined by the FAFSA. Currently, awards can range from $600 –$5,550 per year.
Direct Loan –If students need additional financial assistance to help with their term bill, this is one of the loan options available. The Federal Direct Loan Program provides financial assistance through the U.S. Department of Education to expand higher education opportunities for undergraduate, graduate, and professional students attending postsecondary schools on at least a half-time basis. To inquire about the Federal Direct Loan program, please visit Berea College’s Student Financial Aid Services office.
State Grant Assistance - Non-Kentucky students need to check with their individual state Assistance Authorities about grant assistance before applying for federal loans. Kentucky students will already have any state aid applied to their account for which they are eligible to receive. For example students from Pennsylvania should contact Pennsylvania Higher Education Assistance Authority about grant assistance before applying for loan assistance through Berea College, since loans must be repaid.
Yellow Ribbon Scholarship for Post September 11, 2001 Veterans – Please contact Noreen Karcher for additional information..