Consumer Information Links

Exploring Financial Options

Students and their parents are encouraged to work closely with the NKU Office of Student Financial Assistance as they explore options in meeting college costs.

After reading the consumer information on this page, you can contact our staff for answers to any additional questions.

Our office is in Room 416 of the Lucas Administrative Center. You can contact us via email at ofa@nku.edu or by phone at 859-572-5143. Our toll-free number is 1-888-225-4499. 

Eligibility Requirements:

In order to determine your eligibility you must be fully admitted to NKU. You must annually complete the Free Application for Federal Student Aid (FAFSA). The priority deadline to file the FAFSA each year is March 1st. You will not be awarded federal, state or institutional aid until your financial aid file is complete. You must also be maintaining progress according to NKU’s Satisfactory Academic Progress Policy (SAP). You must meet all federal, state and institutional eligibility requirements. All estimated awards are awarded under the assumption of full time enrollment. Aid will be prorated or reduced depending on the actual number of hours you are enrolled.

Cost of Attendance:

The Office of Student Financial Assistance is required to establish an annual cost of attendance (COA). The COA is reflective of the student budget which includes: tuition,  room and board, books, transportation and miscellaneous expenses. Student budgets are different based on a student’s residency (Kentucky resident/non-resident).
Student budgets also differentiate based on undergraduate, graduate and law programs of study. Cost of attendance can be prorated depending on the length of the term.  Please contact the Office of Student Financial Assistance if you have any questions regarding your student budget.

Federal Aid Programs:

The Office of Student Financial Assistance participates in the following Federal Aid Programs:
-Federal Pell Grant
-Federal Supplemental Educational Opportunity Grant (FSEOG)
-Academic Competitiveness Grant (ACG)
-National SMART Grant (SMART)
-Federal Work-Study (FWS)
-Federal Perkins Loan (NSDL)
-Federal Stafford Loan Program (Subsidized and Unsubsidized)
-Parent Plus Loan (PLUS)
-Graduate/Professional PLUS loan (GRAD PLUS)

In order to determine your eligibility for these programs you must complete the Free Application for Federal Student Aid (FAFSA). You must meet the basic eligibility requirements such as:
• Be admitted to the university with a complete financial aid file.
• Be a U.S. citizen or eligible non-citizen with a valid Social Security number.
• Have completed a high school diploma or General Education Development (GED) certification.
• If you are male between the ages of 18-25 you must be registered with Selective Service www.sss.gov.
• Maintain satisfactory academic progress.
• Have not defaulted on a federal student loan or do not owe a Title IV grant repayment.
• Have not been convicted of drug sale or possession while receiving federal aid.

If you have any further questions regarding these eligibility requirements you can also contact the Federal Aid Student Aid Information Center at 1-8004FED-AID or 1-800-433-3243.

Federal Pell Grant

The Pell grant is a non-repayable grant that is awarded based on the students need. The amount awarded depends on your cost of attendance, expected family contribution, enrollments status and length of enrollment. Pell grants are awarded to undergraduate students only. If you have already earned a bachelor’s degree you do not qualify. Pell grant awards change annually.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG grant is also a non-repayable grant that is awarded based on the students need. This grant is awarded based on the availability of funds and bases on the amount of other aid you may be receiving. This grant is awarded on a first-come-first-serve basis. Due to funding limitations, it is extremely important to apply early.

Academic Competitiveness Grant (ACG)

The ACG grant program is a grant program designed to help full-time undergraduate students. The maximum award for the first year is $750; the maximum award for the second year is $1300.  Eligible students must have also completed a recognized rigorous program of study while in high school. Eligibility requirements are as follows:
To receive ACG, a student must
 -receive a Federal Pell Grant during the same award year;
 -be a U.S. citizen;
 -be a first or second-year full-time undergraduate in a degree program at a
   two-year or four-year degree-granting institution;
 -have completed a rigorous secondary school program of study; and if a first year-have completed secondary school after Jan 1, 2006, or if second year student- have completed after Jan 1, 2005, and have GPA of 3.0 at the end of the first academic year of study.
For a defined list of rigorous programs of study in your state please go to:
www.ed.gov/admins/finaid/about/ac-smart/state-programs.html.

National Smart Grant (SMART)

The SMART grant program is a program developed for students in their third and fourth years of undergraduate study. The award amount is up to $4000 for each academic year. Eligible students must be pursuing a major in physical, life or computer sciences, mathematics, technology, engineering or a critical foreign language. To receive SMART the student must;
 -receive a Federal Pell grant within the same academic year;
 -be a full-time student in his third year of study (60 credits=junior) or in
    fourth year of study (90 credits=senior) of an undergraduate degree program.
 -have a 3.0 grade point average as of the end of their second year and continue
  to maintain a 3.0 GPA to be eligible in a consecutive term.
  -be enrolled in at least one class of an eligible major. To see the list of eligible
   majors, please visit; ifap.ed.gov/dpcletters/GEN0706.html.

* All grants are non-repayable unless the student withdraws from school and may owe a refund.

Federal Work Study (FWS)

The Federal Work Study program is a program for students who are interested in earning money by working a part-time job. Receiving this award depends on your level of financial need and the availability of funding. This award is available to undergraduate and graduate students who may be part-time or full-time enrollment. The FWS program encourages community service while offering positions on and off campus. Students are paid by the hour depending on how many hours they have worked. NKU pays the student bi-weekly thru check or thru direct deposit. Please go to Human Resources

Federal Perkins Loan (NDSL)

The Perkins Loan is a campus-base loan with a 5 % fixed interest rate. This loan must be repaid to your school. The availability of the loan depends on when you apply, your level of financial need and the availability of funding. The maximum award is $3000 per academic year.

Federal Subsidized Stafford Loan (STAFF)

The Federal Subsidized Stafford Loan is a low interest loan that must be repaid to the lender that the student chooses. You must file the FAFSA and demonstrate financial need to qualify. You must not have reached your aggregate loan limit and must not be in default on a previous student loan to qualify. The U.S. Department of Education pays the interest on the loan while you are enrolled in school at least half-time status in a degree seeking program. A six month grace period is given to students that have withdrawn or graduated.

Federal Unsubsidized Stafford Loan (UNSUB)

The Federal Unsubsidized Stafford Loan is a low interest loan that must be repaid to the lender. You must file the FAFSA annually to qualify. You must not have reached your aggregate loan limit and must not be in default on a previous student loan. Unlike the subsidized loan program, interest does accrue on the unsubsidized loan. Unsubsidized loans do not require financial need; however the student is responsible for the interest from the time of disbursement. The student can choose to defer the interest when signing the promissory note; however interest will continue to accrue while the student is in school.

The maximum annual loan limit depends on dependency status and grade classification:
              
Freshman (Dependant): $3,500    (Independent): $7,500
*No more than $3,500 can be subsidized.

Sophomore: $4,500; $8,500
*No more than $4,500 can be subsidized.

Third year: $5,500; $10,500 and beyond 
*No more than $5,500 can be subsidized.

Aggregate: $23,000; $46,000  
* No more than $23,000 can be subsidized.

Graduate and professional degree student limit:  $20,500. No more than $8,500 can be subsidized. Aggregate: $138,500. No more than $65,000 can be subsidized.

Parent PLUS Loan (PLUS)

The parents of dependent undergraduate students can choose to borrow thru the Parent PLUS loan program. The student must be enrolled half-time as a degree seeking student. The PLUS loan is a loan that must be repaid. The terms and conditions of repayment are the parent’s responsibility. Conditions include: that the applicant (parent) not have adverse credit; each year the parent must pass a credit check for approval of the PLUS loan; repayment begins on the last date of disbursement of the loan with a fixed interest rate of 8.5%. The parent must be a U.S. citizen or eligible non-citizen, not default in a federal student loan and not owe a federal grant repayment. The maximum plus eligibility is determined by the students cost of attendance minus any other financial aid that the student is receiving.

Graduate/Professional Plus Loan (GRAD PLUS)

Graduate and professional student can also apply for the Graduate/Professional Plus loan. Students who are applying must pass a credit check and must be enrolled half-time in a degree seeking program. To apply for this loan students must file the FAFSA annually and must have first exhausted their Stafford loan eligibility. The PLUS loan interest is 8.5%. The interest and repayment begins within 60 days of the second disbursement. The maximum plus eligibility is determine by the students cost of attendance minus any other financial aid that the student is receiving.