Financial Aid - Support and Guidance
A variety of options are available for getting questions answered during the application process.
- Contact Kohler Academy's Financial Aid Manager at 480.222.9540
- Call the FAFSA Hotline at 1.800.433.3243
- Click on the 'Help' or 'Help Live' buttons at www.fafsa.ed.gov.
- Visit online resources listed in our 'Important and Helpful Links' section.
- Visit www.finaid.org - a useful website for understanding Financial Aid.
Financial Aid - Support and Guidance
A variety of options are available for getting questions answered during the application process.
- Contact Kohler Academy's Financial Aid Manager at 480.222.9540
- Call the FAFSA Hotline at 1.800.433.3243
- Click on the 'Help' or 'Help Live' buttons at www.fafsa.ed.gov.
- Visit online resources listed in our 'Important and Helpful Links' section.
- Visit www.finaid.org - a useful website for understanding Financial Aid.
Key Points on Grants and Loans
- Pell Grants do not need to be repaid
- Stafford Loans must be repaid
- Stafford Subsidized Loans have subsidized interest
- Stafford Unsubsidized Loans generate interest and can be deferred
Financial Aid - Support and Guidance
A variety of options are available for getting questions answered during the application process.
- Contact Kohler Academy's Financial Aid Manager at 480.222.9540
- Call the FAFSA Hotline at 1.800.433.3243
- Click on the 'Help' or 'Help Live' buttons at www.fafsa.ed.gov.
- Visit online resources listed in our 'Important and Helpful Links' section.
- Visit www.finaid.org - a useful website for understanding Financial Aid.
Financial Aid - Support and Guidance
A variety of options are available for getting questions answered during the application process.
- Contact Kohler Academy's Financial Aid Manager at 480.222.9540
- Call the FAFSA Hotline at 1.800.433.3243
- Click on the 'Help' or 'Help Live' buttons at www.fafsa.ed.gov.
- Visit online resources listed in our 'Important and Helpful Links' section.
- Visit www.finaid.org - a useful website for understanding Financial Aid.
Tuition and Student Loan Options
Step 1
Complete your Career Planning interview with KA's Admissions office and become accepted at Kohler Academy. Discuss financial options with Kohler Academy's Financial Aid Office.
Step 2
Create a Personal Identification Number (PIN) at www.pin.ed.gov. This step is critical as the PIN gives a student online access for updating, correction and accessing their entire federal financial aid package.
Step 3
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Kohler Academy's School Code is #041753. Online instructions will guide a student and help is available at www.federalstudentaid.ed.gov/completefafsa. All steps in the FAFSA are FREE, so never pay for a company to help you apply.
The online application is advantageous and allows for access, corrections and a short processing time. Hitting 'submit' sends your application directly to the DOE and a confirmation will be provided for your records.
Inform KA's Financial Aid Office that you have submitted your FAFSA. Check your email often for your Student Aid Report (SAR).
Step 4
Complete the Federal Direct Master Promissory Note (MPN). The MPN website allows a student to complete and sign their MPN online. The process for completing this MPN is quite simple and you need your DoE issued PIN to begin the MPN process. The Stafford Loan Master Promissory Note site is www.studentloans.gov/myDirectLoan/index.action.
Financial Aid at Kohler Academy
Financial Aid at Kohler Academy is intended to assist students with educational expenses and essential cost-of-living expenses. Financial Aid Funds are awarded primarily on the basis of financial need* and are coordinated to supplement parental support, student employment earnings, savings and assistance from other sources.
This financial need* is what determines the amount of aid. Every student, every family and every financial aid package are different. The Federal Financial Aid Programs available to Kohler Academy students include Pell Grants, Federal Stafford Loans and Federal Parent PLUS Loans. Our Financial Aid Office will assist every student that needs help with a customized and hands-on approach.
* Financial Need – Federal Student Aid is awarded on the basis of financial need. Financial need is the difference between your cost of education at Kohler Academy and an amount (determined by the government) that you and your family are expected to contribute towards your education. A standard formula used for all applicants determines this amount, which is called the Expected Family Contribution (EFC). The information you report on your Free Application for Federal Student Aid Application (www.fafsa.ed.gov) is used to calculate your contribution. The amount remaining after subtraction the expected contribution from your cost of education is considered your financial need.
General Eligibility
To be eligible for most programs students must meet the following general requirements:
- Must be a United States citizen or an eligible non-citizen.
- Must be enrolled at least half-time in one of Kohler Academy's Programs.
- Must maintain Satisfactory Academic Progress while attending Kohler Academy.
Federal Loan Online Entrance Counseling and Database
All Federal Student Loan Programs require Entrance Loan Counseling before the first federal loan proceeds can be applied to students accounts. The counseling session provides information about how to manage your student loans, both during and after college. It is critical that the student, and NOT the parent, completes the counseling session so as to ensure they understand the responsibilities of borrow and student loans.
This part of the process can be done online at www.studentloans.gov. If any student needs guidance, please contact Kohler Academy's Financial Aid Office. Please note you may need up to 30 minutes to complete the counseling. You will need your Social Security number, Driver's License number and two persons personal information (name, address, phone) for references.
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. More detailed student loan information published by the Department of Education is available at www.nslds.ed.gov.
Federal Pell Grants - Up to $5000, No Repayment
Pell Grants are the foundation of federal financial aid. Eligibility is determined by a standard U.S. Department of Education formula, which uses family size, income and resources to determine need. The actual amount of the award is based upon the cost of attendance, enrollment status, and the amount of money appropriated by Congress to fund the program. The Federal Pell Grant makes it possible to provide a foundation of financial aid to help defray the cost of a postsecondary education. Unlike loans, the Federal Pell Grant does not have to be paid back.
Pell Grants do not need to be repaid. Pell Grants for 2010-2011 will range up to $5,550. Award amounts are unaffected by other aid sources.
Federal Stafford Loans - Low Interest, Must Repay
Federal Stafford Loans are available as subsidized, unsubsidized or a combination of both. The loan must be used to pay for direct and/or indirect educational expenses.
Subsidized Federal Stafford Loans
Subsidized Stafford Loans are awarded based on each student's demonstrated financial need, as determined by the FAFSA and Kohler Academy's Financial Aid office. These loans are interest free while the student is enrolled at least half-time at Kohler Academy or during authorized grace or deferment periods. Interest is charged when the loan is in a repayment or forbearance status. However, students may choose to make regular or interest-only payments while enrolled and are encouraged to do so to reduce future payments, be fiscally prudent and to be responsible for their financial lives.
Unsubsidized Federal Stafford Loans
Unsubsidized Stafford Loans are awarded regardless of each student's demonstrated financial need. These loans begin to generate interest charges immediately after disbursement. These charges may be deferred during at least half-time enrollment, grace, and deferment periods, but they will be capitalized (added to the outstanding loan balance).
Federal Stafford Loan Amounts
The amount available in Federal Stafford Loan funding will vary for each student. The type and amount of each loan is determined by Kohler Academy's Financial Aid Office and is based on demonstrated financial need, program, other financial aid, and previous borrowing totals. Maximum loan eligibility is as follows:
| Dependent Undergraduate: | ||
| Academic Year 1: | Subsidized = $3,500 | Unsubsidized = $2,000 |
| Academic Year 2: | Subsidized = $4,500 | Unsubsidized = $2,000 |
| Independent Undergraduate: | ||
| Academic Year 1: | Subsidized = $3,500 | Unsubsidized = $6,000 |
| Academic Year 2: | Subsidized = $4,500 | Unsubsidized = $6,000 |
Dependent undergraduate and Independent undergraduate students whose parents are unable to borrow through the Federal PLUS Program can borrow up to $8,000 in subsidized loans and $12,000 in unsubsidized loans.
Federal Stafford Loan Interest Rates
Federal Subsidized Stafford Loans disbursed on or after July 1, 2010 have a fixed interest rate of 4.5%. Federal Unsubsidized Stafford Loans disbursed on or after July 1, 2010 have a fixed interest rate of 6.8%
Federal Stafford Loan Fees
All Federal Stafford Loans are subject to an origination fee taken from the value of the loan at the time it is disbursed to the school. The loan amounts listed above and on financial aid award notifications represent the gross amount (amount before the fees have been paid). Students should consider the fees charged by each lender when choosing their loan provider.
Federal Stafford Loan Repayment
Standard loan repayment begins after the loan grace period, or 6 months after the student graduates, leaves school, or drops below half-time enrollment. Standard repayment will initially be scheduled for fixed monthly payments over a 10 year period. Other repayment options are available to fit student's individual needs.
Federal Plus Loans - Based on Credit Score, Must Repay
The Federal PLUS Loan is available to parents of dependent undergraduate students. These loans are not based on need but when combined with other resources, cannot exceed the student's cost of education. A credit check is required and either or both parents may borrow through this program. Repayment begins within 60 days of final disbursement of the loan within a loan period. Eligibility for this PLUS loan in based on the borrower's creditworthiness.
In order to qualify for a PLUS Loan, the student for whom the funds are intended must be attending school on at least a half-time basis in an approved program.
Federal PLUS Loan Amounts
The amount available in Federal PLUS Loan funding will vary for each borrower. The maximum amount of each loan is determined by Kohler Academy's Financial Aid Office based on the students expected costs and other financial aid amounts.
Federal PLUS Loan Rates
Current Federal PLUS Loans have a fixed interest rate of 7.9% for parents.
Federal PLUS Loan Fees
All Federal PLUS Loans may be subject to and origination and insurance fee, taken from the value of the loan at the time it is disbursed to the school. The loan amounts listed above and on financial aid award notifications represent the gross amount (amount before the fees have been paid).
Federal PLUS Loan Repayment
Repayment will initially be scheduled for fixed monthly payments over a 10-year period. Standard loan repayment begins 60 days after the loan has been fully disbursed for the academic year. Interest will begin to accrue at the time of the first loan disbursement.
Frequently Asked Questions
If the student is dependent and a parent has a Federal Student Aid PIN, the parent can sign the application electronically online as well. In addition, a student can make online corrections to their FAFSA and access their Student Aid Report* (SAR). A PIN allows a student to 'sign' a Master Promissory Note* (MPN) for a federal student loan. Additionally, a PIN provides a student access to their Federal Student Aid records online, including student loan history information on NSLDS.
Remember, Financial Aid such as the Stafford Unsubsidized Loan and the PLUS loan for creditworthy parents is an option available to ALL students (regardless of financial need) if they complete the FAFSA. A PLUS Loan does not require a FAFSA. Regardless of how much money you or your parents make, you should still apply for Federal Financial Aid since some sources of aid are not need based and you or your parents may qualify regardless of income.
Links
www.fafsa.ed.gov
www.finaid.org
www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp
www.studentloans.gov
www.studentloans.gov
www.nslds.ed.gov
www.studentloans.gov
http://studentaid.ed.gov/students/publications/student_guide/2010-2011/english/main.htm
www.vabenefits.vba.va.gov
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