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Types of Financial Aid

Types of Financial Aid

There are three main categories of Financial Assistance: grants/scholarships that do not have to be repaid, loans that must be repaid, and earnings from work. Below is a list of common awards you may receive at Berea College.

  • Tuition Promise Scholarship – After all federal, state, institutional, and private grants/scholarships have been considered, a Berea Tuition Scholarship is awarded to cover the remaining cost of tuition. (Although some families and students may help pay for food, housing, and fees, this is not considered payment towards tuition. Therefore, the tuition tax credit cannot be claimed on federal income tax returns.)
  • Labor Grant – To assist with tuition, all students are awarded a Labor Grant (currently $9,000 per year).
  • Federal Supplemental Educational Opportunity Grant (FSEOG) – The FSEOG is a federal grant awarded to undergraduate students with exceptional need as determined by the FAFSA. The amount varies based on the availability of funds each academic year.
  • Pell Grant – Pell Grants are awarded to undergraduate students who have not yet earned a bachelor’s or professional degree. The Pell Grant is based on need as determined by the FAFSA. Awards for the 2023-2024 academic year range from $767 to $7,395.
  • Kentucky College Access Program (CAP) Grant – The CAP Grant is awarded to Pell-eligible Kentucky residents who attend public or private colleges or universities, proprietary schools, or technical colleges in Kentucky. The maximum award for the 2023-2024 academic year is $5,300. The FAFSA is required.
  • Kentucky Tuition Grant (KTG) – The KTG is awarded to Kentucky residents who demonstrate financial need and enroll fulltime at a private Kentucky college or university. The maximum KTG award is $3,300 for the 2023-2024 academic year. The FAFSA is required.
  • Kentucky Educational Excellence Scholarship (KEES) – KEES is awarded to Kentucky high school graduates based on their high school grade point average and test scores. Awards vary based on criteria determined by the Kentucky Higher Education Assistance Authority (see www.kheaa.com for complete information.) Students must maintain a minimum GPA and be on track to graduate to renew each year.
  • Berea College Loans – Students who need additional financial assistance to help with their term bills, medical, or dental expenses should stop by Student Financial Aid Services to complete an Additional Aid Application to determine eligibility for institutional loans.
  • Direct Loans –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 Student Financial Aid Services.
  • Federal Work Study – Students who qualify and demonstrate need as determined by the FAFSA will receive labor earnings through Federal Work-Study funds. Students are paid based on actual hours worked in their labor positions during the academic year.
  • Institutional Work Study – Students who do not qualify for Federal Work Study or do not demonstrate need will receive their labor earnings through institutional funds. Students are paid based on actual hours worked in their labor positions during the academic year.
  • VA Education Benefits– Please contact Danielle Robbins at robbinsd@berea.edu for additional information.