Types of Financial Aid

Financial Aid is a broad term that refers to several types and categories of Financial aid. The financial aid programs listed on this page represent some of the most common types of financial aid, but are not meant to be an exhaustive list. Below lists general categories of financial aid an undergraduate student may be eligible for. Different types of aid are listed under each category.

Grants

Grants are need-based awards that do not require repayment. UNK students receive grants from either the federal or state government. Completion of the Free Application for Federal Student Aid (FAFSA) is required in order to apply.

  • Federal Pell Grant - Undergraduate gift aid from the Federal Government based on need. Funds will credit directly to the student's account with the institution.
  • Federal Supplemental Educational Opportunity Grant - (SEOG) Undergraduate gift aid from the Federal Government based on need. The student must be eligible for the Federal Pell Grant prior to receiving an SEOG award. Funds will credit directly to the student's account with the institution.
  • Nebraska Opportunity Grant - (NOG) Eligibility for the Federal Pell Grant and Nebraska residency are prerequisite to be eligible for this grant. Funds will credit directly to the student's account with the institution.
  • University Tuition Assistance Grant - (UTAG) A need-based grant for undergraduate upperclassmen who are Nebraska residents. Applies to tuition only. Funds will credit directly to the student's account with the institution.
  • UNK Tuition Support - A need-based UNK grant for undergraduates that applies to tuition only. Funds will credit directly to the student's account with the institution.
  • UNK Grant - A need-based UNK grant for undergraduates. Funds will credit directly to the student's account with the institution
  • Federal TEACH Grant - Grant assistance intended for students who agree to teach full-time in high-need subject areas for at least four years in schools that serve students from low-income families. For more information on the TEACH Grant, please click here.

Student Loans

Student Loans are borrowed and must be repaid. Repayment generally does not begin until the student leaves school or graduates. Some loans accumulate no interest while the student is in school, others begin to accumulate interest immediately. A FAFSA must be completed in order to be eligible for a Federal Perkins Loan and/or a Federal Direct Student Loan.

  • Federal Perkins Loan - The Federal Perkins Loan is a loan program for undergraduates at UNK. The Federal Perkins loan program is funded by UNK and the Federal Government. Interest is not charged nor repayment required until a student drops below half-time, leaves school, or graduates. The interest rate is fixed at five percent and there is no origination fee. The Perkins program requires that two offices administer the awarding and disbursement of this fund. As such, the Finance Office is the primary administrator of this program after the initial award has been made and has more detailed information about the Perkins Loan Program on their website.
  • Federal Direct Student Loans - Federal Direct Student loans are borrowed from the U.S. Treasury. A 1.069% loan origination fee will be charged. Annual loan limits and a school's financial aid budget determine the maximum amount of Federal Direct loan offered to a student.

Click here for more information on Federal Direct Student Loans

  • Alternative Loans - Available to students from private lenders. If you need additional funds and have exhausted all other options, you may want to consider an alternative loan. These loans are simply consumer loans with some student loan features, most notably that payments are deferred until the student is out of school. These loans are offered by various lenders each with unique terms and conditions. Generally, alternative loans have a higher interest rate and/or fees than federal student loans. We encourage students to visit with a financial aid counselor if they are considering an alternative loan.

Parent Loans

Parent Loans enable parents to contribute funds toward the educational expenses of a dependent undergraduate student enrolled at least half-time.

  • Federal Direct Parent Loan for Undergraduate Students (PLUS) - The Federal PLUS loan is a non-need based, low interest loan which a parent can borrow to help cover educational expenses for a dependent student. This is a loan borrowed from the U.S. Treasury. Unless other arrangements are made, repayment begins upon receipt of the first loan disbursement. Interest begins to accrue as soon as the school receives the loan funding. The origination fee is 4.276%.

For more information on the Federal Direct Parent Loan for Undergraduate Students, please click here.

Work Study

Federal Work Study provides the opportunity to work part-time while going to school. Funding for this program comes primarily from the federal government and, as such, is a federal program. Students must complete a FAFSA in order be eligible. A student must have financial need; that is, his or her cost of attendance (COA) must be greater than the Expected Family Contribution (EFC).

Federal College Work Study - Work Study provides undergraduates the opportunity to earn money working on campus or through community service organizations. Although generally there are positions available, securing a job is not guaranteed. A list of available jobs is posted at the Student Employment Services website. Your award is the maximum you can earn. However, the dollar amount listed for the Federal Work Study award does not become actual money until the student applies for a work study job, gets a job, works the hours, and earns the money. A student typically works 10-20 hours per week and is often paid minimum wage, but may earn more. The student will receive a paycheck every other week. The money will go directly to the student and NOT the student's account with the Finance Office. It is possible in some situations to convert work study eligibility to Federal Subsidized Stafford Loan eligibility and vice versa. If you accept this award, you will be emailed detailed information about the work study program before classes start. The Federal Work Study Program has many advantages for the student. As a full time student earning Federal Work Study money, those earnings are Social Security tax exempt. In addition, the following year's financial aid application will ask you to list work-study earnings for the sake of excluding them from the calculation that determines financial aid for the next year.

Scholarships

Scholarships are merit-based awards that do not require repayment.

In order to see what scholarships you might be eligible for, please select one of the following: