Types of Aid
Financial Aid Office Info:
Student Financial Planning Office
600 West Walnut Street
Danville, KY 40422
Understanding Your Aid
There are four different types of financial aid available at Centre:
A grant is a gift. You do not have to repay it. You must file an application for financial aid so that the amount of the grant award can be determined. Grants can come from the college, the state, or the federal government. These awards are based on need and are awarded for one year at a time. For information on specific grant programs, view the following descriptions below: Pell Grant, KHEAA State Grant, Centre Endowment Grant, and SEO Grant.
A federally-funded program. You are automatically considered for the grant when you submit the FAFSA. Recipients must take a minimum of 12 hours per billing period to receive a maximum Pell Grant.
KHEAA State Grant
For Kentucky residents attending Kentucky colleges. Based on demonstrated financial need. Recipients should receive a grant confirmation notice from KHEAA by June. Recipients must take a minimum of 12 hours per billing period to receive a state grant.
Centre Endowment Grant
Administered and awarded by the College and funded by Centre’s endowment, alumni gifts, and other income. See the Centre College Catalog for a full listing.
A federal grant program administered through Centre. Requires no additional application. Eligibility is determined from an analysis of your FAFSA data.
Student loan programs offer low interest rates. Most loans offer delayed repayment, which means that you do not begin loan payments until after you graduate. The Student Financial Planning Office must certify each student loan application. This will assist you in determining the amount to borrow. For information on specific loan programs, view the following descriptions: Perkins Loan, Stafford Loan, PLUS Loan, and Other Loan Options.
A federal loan program, administered by Centre that requires no additional application. Interest is 5%, and payments begin 9 months after termination of enrollment. Ten-year repayment, with deferments available for graduate or professional school.
As of July 2010, all Stafford Loan dollars come from the federal government through the William D. Ford Federal Direct Loan Program. The Federal Stafford Direct Loan is a loan that must be repaid after graduation or withdrawal. A student must be enrolled at least half time to be eligible for a Stafford Loan. A subsidized Stafford Loan is need-based and the federal government pays the interest while the student is enrolled in college. An unsubsidized Stafford Loan is not need-based; therefore, the student is responsible for paying the interest while he/she is in school.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is limited to parent borrowers and can be obtained from the government. To apply for a PLUS Loan, go to www.StudentLoans.gov. The PLUS Loan has a fixed interest rate capped at 7.9%. Repayment begins within 60 days after the loan is disbursed and can extend over 10 years.
Before considering an alternative/private loan, make sure to determine your eligibility for Federal Direct Stafford Loans and Federal Direct PLUS Loans. FastChoice will help educate students and will provide an historical listing of alternative loan lenders that Centre College students have used over the last four years (2007-2011). Centre College does not rank, recommend, promote, or endorse any of these lenders. The student is free to choose any lender.LOAN OPTIONS
The work-study program allows you to work on campus to earn money to help pay for college. You are paid for hours worked, and you gain valuable practical experience. Your hours are arranged around your class schedule. You must be eligible for financial aid to qualify for work-study.
Scholarships are gifts that are based upon talent or “merit” (academic achievement, extracurricular activities, and leadership). Scholarships are renewable for four years and carry an obligation to perform at a certain level of achievement. For information on specific scholarships, view the following descriptions: KEES Scholarship, Merit Scholarships, and Outside Scholarships.
For Kentucky high school graduates. The amount you earn is based on your high school GPA and ACT score. The amount listed on your financial aid award is a Centre College estimate; we will revise your award in September once we have your official KEES award amount. Check your estimated KEES award online by visiting the KHEAA web site.
Centre offers merit-based scholarships based on academic achievement, extracurricular accomplishment, and personal character. All students who apply for admission by January 15 are automatically considered for all merit scholarships. These renewable four-year merit scholarships range from $5,000 to $21,500 each year.
All scholarships from agencies other than Centre must be reported to the Student Financial Planning Office. (Aid adjustments may have to be made.) Scholarships of $1000 or less normally require no change to the Centre grant. Scholarships of $1000 or more may reduce the Centre grant.