There are four types of aid

 

Grants
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: Pell Grant, KHEAA State Grant, Centre Endowment Grant, and SEO Grant, ACG and SMART.

 

Loans
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.

Centre College has evaluated and selected lenders for the Federal Stafford Loan and Federal PLUS Loan programs based upon their track records of offering excellent borrower benefits. This suggested lender list is located on the Stafford Loan pop-up box of each student's online award letter as well as the www.kheaa.com web site. Our list also reflects the highest volume lenders as chosen by Centre students in the past. Centre College does not receive payments or any benefits from these lenders. Students may use the lender of their choice.

Work-Study
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. For more information, click here.

 

Scholarships
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.

 

Other financing options include the Tuition Pay Plan.

Descriptions of Aid

Pell 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.

SEO Grant
A federal grant program administered through Centre. Requires no additional application. Eligibility is determined from an analysis of your FAFSA data.

ACG and SMART
The Academic Competitiveness Grant (ACG) and the National Science and Math Access to Retain talent grant (SMART) are federal grant programs available to certain U.S. citizens who are Pell grant recipients enrolled full time. ACG is awarded to first and second year students who have completed a rigorous high school curriculum. A GPA of 3.0 is required after completion of the first year of college.
SMART requires third or fourth year status and a minimum GPA of 3.0 each term. SMART requires a declared major in specific majors in science, computer science, math, technology or certain foreign languages.

Perkins Loan
A federal loan program, administered by Centre which 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.

Stafford Loan
A federal loan program, administered by state guarantee agencies. Each new borrower is required to complete a Master Promissory Note (MPN) and return it to a Stafford Lender. Interest rate is fixed at 6.8%. Repayment begins 6 months after termination of enrollment. Subsidized loans are need-based, and the interest that accrues on a subsidized loan is paid (or subsidized) by the government while you are enrolled at least 1/2 time. Unsubsidized loans have the same limits and interest rates as Subsidized Stafford Loans. However, you are responsible for the interest that accrues while you are enrolled. It is possible for you to have a subsidized and unsubsidized loan during the same school year. Even people who do not qualify for other need-based aid can borrow an Unsubsidized Stafford Loan.

PLUS Loan
The Federal Parent Loan for Undergraduate Students (PLUS) is limited to parent borrowers and can be obtained from a bank or other lender. You can request an application by e-mail. Parent borrowers do not need to show financial need to qualify for the PLUS Loan; however, applicants must pass a credit check. The PLUS Loan has a fixed interest rate capped at 8.5%. Repayment begins within 60 days after the loan is disbursed and can extend over 10 years.

Other Loan Options
In addition to the federal Stafford and PLUS Loan programs, several other lenders offer educational loans. These alternative loans are available from major lenders like:
SallieMae (888-272-5543) salliemae.com
Chase (866-306-0868) chaseselectloans.com
PNC Bank (800-762-1001) pncbank.com

Federal Work-Study
Employment placement of up to 12 hours per week in campus locations such as the library, athletics facilities, and offices.

KEES Scholarship
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.

Merit Scholarships
You may apply for a merit scholarship regardless of financial need. The scholarships vary in value and applications must be completed by February 1. For more information, visit the Merit Scholarship page.

Outside Scholarships
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.

Tuition Pay Plan
Payment for tuition, room, and board may be made in ten equal installments, beginning in July. There is a $55 annual fee to enroll in the plan; however, no interest is charged on your monthly balance. For more information about Tuition Pay, visit their web site.