KSU Student Financial Aid: Award Letter Help

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Welcome to Kent State University's Student Financial Aid help page for understanding your financial aid award letter. This Online help will explain the information contained within the award letter and also provide a KSU expense calculator to help determine what your costs are.

KSU Cost Calculator

We have designed the KSU Cost Calculator to help you estimate your expenses at Kent State University. In order to generate the most accurate estimate possible please be as accurate as you can and answer all the information to the best of your ability.

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Understanding Your Award Letter

Initial Award Letter

Your INITIAL award letter may be the only paper version of the award letter you receive. Revisions to your awards will appear on FlashLine (http://flashline.kent.edu). Click on the WFS (Web For Students) tab, then click on the Financial Aid link to locate your financial aid information. An e-mail will be sent to your kent.edu account notifying you of changes.

Financial Aid Programs

The financial aid programs are the awards you have been offered for the 2008-2009 award year. You are not required to return the award letter to the Student Financial Aid Office unless you have made any changes.

Payment Options

Federal Direct PLUS Loan for Parents

Parents of dependent students are eligible to borrow funds under the Federal Direct PLUS Loan for Parents program. At Kent State University, this loan is automatically estimated for eligible dependent students that answered “yes” to question #27 on the Free Application for Federal Student Aid (FAFSA).

The PLUS loan requires a credit worthy parent borrower and allows the parent to borrow the cost of attendance minus financial aid. The eligible parent borrower must be the student’s mother, father, or the step parent whose information is submitted on the FAFSA during the year of the loan. To apply for the PLUS, complete the PLUS Pre Application form on the back of the Financial Aid Award Letter or download a copy by clicking here and mail or fax to the Student Financial Aid Office.

The PLUS Master Promissory Note (MPN) will be mailed to the parent borrower from the Student Financial Aid Office. If the parent desires to sign the electronic PLUS MPN, the parent will need their FAFSA PIN. Click here for more information.

Repayment generally begins 30 to 60 days after the funds are fully credited to the student account. There is no grace period for the parent borrowers. Interest begins to accumulate at the time of the first disbursement and is currently fixed at 7.9 percent.

Additional Unsubsidized Based on Parent PLUS Denial
Parents who have been denied the Parent Loan for Undergraduate Students (PLUS) based on credit may request their dependent students receive the Federal Direct Unsubsidized Loan. This request must be made on the PLUS Pre Application. Eligible students can receive up to $4,000 unsubsidized for freshmen and sophomore years and up to $5,000 for junior and senior years.

Federal Direct PLUS Loan for Graduate Students

Graduate PLUS - Federal Direct PLUS for Graduate Students is a loan from the Department of Education which provides additional funds for educational expenses not met by other types of aid.

To apply for the Graduate PLUS, download a copy by clicking here and mail or fax to the Student Financial Aid Office.

To be eligible to receive a Grad PLUS loan the borrower must:

File the 2008-2009 Free Application for Federal Student Aid (FAFSA)

Exhaust all eligibility for Federal Direct Subsidized and Unsubsidized loans ($120,500/yr or $138,500 lifetime limit)

Have a signed MPN on file with the Department of Education

Be registered at least half-time (4 credit hours) during the loan period

Not be in default or have an overpayment on any Federal Title IV financial aid program

Pass a credit check performed by the Department of Education

Alternative Loans

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federally subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.

Alternative loans are private loans that provide students with additional funding for unmet college expenses. Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) to exhaust all eligibility for federal funds before applying for alternative loans. Alternative loans are not federally guaranteed and require a good credit rating and/or credit worthy co-signer. The annual amount cannot exceed the cost of attendance minus other financial aid.

We believe that borrowing an alternative loan is a decision that should be made with careful consideration. That is why Kent State has entered a partnership agreement with Citibank and Key Bank for easy on-line applications processing for alternative loans. Kent State students who apply via Citibank and Key Bank will benefit from competitive rates, electronic funds transfer, no penalties for canceling or reducing loans, and an array of repayment options. Most important, these lenders have no origination fees and no penalties for canceling or reducing loan amounts.

Alternative loans processed via Citibank and Key Bank will be electronically transmitted to the lending institution and the Electronic Funds Transfer (EFT) will be transmitted to the Bursar’s Office. If the funds cause a credit on the student account, the Bursar’s Office will send a refund check or electronic deposit. Click here to review the Bursar’s refund policy.

Students applying at Key Bank must be enrolled at least half-time (6 credit hours for undergraduate or 4 hours for graduate students) for the Key Alternative Loan and at least one credit hour for the KeyBank EdAchiever Loan. Students applying at Citibank must be enrolled at least one credit hour for the CitiAssist Loan. The process for applying for alternative loans with Citibank or Key Bank is fast and easy. Applicants can apply on line for real-time credit decisions. For more information on Citibank CitiAssist Loan, Key Bank Key Alternative Loan or KeyBank EdAchiever Loan, visit the web sites listed below.

Alternative Loan Lenders
Citibank CitiAssist Loan 1-800-745-5473 www.citiassist.com	Key Bank Alternative Loan 1-800-KEY-LEND www.key.com/kent

Kent Opportunity Loan
If a Kent campus student has been denied the Key Bank Alternative Loan, The Student Financial Aid Office can determine if the Kent Opportunity Loan Program/Key Bank is a possible option for the student. In order to be considered for the Kent Opportunity Loan, the student must file the appropriate year Free Application for Federal Student Aid (FAFSA), be enrolled as a full time student during the loan period, completed at least 24 credit hours at Kent campus, enrolled at least two previous semesters as a full time student, have a cumulative Kent State grade point average of 2.5 and exhausted all federal aid options. Ohio residents will be eligible to borrow a maximum of $850 per term. Non Ohio residents will be eligible to borrow $1,600 per term. For more information contact the Student Financial Aid Office.

Payment Plans

The Kent State University Bursar's Office manages all billing and payment to student accounts. Payment options are described in detail on the Bursar's Office Web site or call 330-672-2626 for complete details in each payment option.

1.	Kent State University accepts cash, money orders, personal checks, MasterCard, Visa and Discover
2.	The Installment Payment Plan is designed to spread a semester's tuition, room and food plan charges into payments over a three month period.
3.	The Tuition Management Plan offered in conjunction with Tuition Management Systems, Inc. spreads the cost of tuition, room and food plan charges for both fall and spring semesters over a 10 month period.
4.	The Kent First Payment Program consists of an initial down payment and 42 monthly payments by automatic withdrawals from a savings or checking account.
5.	Kent Plus Payment Program is a plan to pay three years of residence hall accommodations (fall and spring semesters only) in a standard double room, with a standard food plan, over 24 monthly payments by automatic withdrawls from a savings or checking account.

Contact Information

Contact the Student Financial Aid Office about...

Adjusting loan amounts
Requesting additional loans
Applying for a parent (PLUS) loan
Adding external scholarship info

Telephone:	330-672-2972
Fax:	330-672-4014
Email:	finaid@kent.edu
Web site:	www.sfa.kent.edu

Contact the Bursar's
Office about...

Invoice questions
Payment plans
Refund checks
Emergency loans

Telephone:	330-672-2626
Fax:	330-672-2606
Email:	bursar@kent.edu
Web site:	www.kent.edu/bursar