Scholarships & Aid

Since 1991, KMBC has been approved by the Department of Education to participate in the Federal Financial Aid Programs. KMBC also provides institutional scholarships, grants, and work study. Last year our Financial Aid Office administered over $649,310.90 dollars in financial aid of which over $222,000 were KMBC resources. We hope that the resources available here will help you determine what aid is available and how we can assist you in achieving a college education at KMBC.
 
There are two types of financial aid:
 
Merit-Based Aid: Grants and scholarships given to students for academic, talent, or other merit.
Need-Based Aid: Financial Aid based on student's financial need as defined by the Department of Ed.
 
Financial need is defined as the difference between a family's resources and the total cost of attending college. A family's resources, or Expected Family Contribution (EFC), is determined by the FAFSA. When evaluating a family's resources, there are several factors taken into consideration:
 
- parental income and assets
- student income and assets
- family size
- number of family members in college
 
Learn more about financial aid opportunities available at KMBC by clicking the options below.
 
Scholarships
 
     
  Scholarships are a type of financial aid that does not need to be repaid. Scholarships are awarded to students based on merit – grades, ability, or talent. The following scholarships are available to our students.  
     
  KMBC ACADEMIC SCHOLARSHIP  
     
  Amount: Incoming student's Academic Scholarships are based on ACT scores. Returning student's Academic Scholarships are based on their Cumulative Grade Point Average.  
     
   
     
  Eligibility: Must file FAFSA (some exceptions made); Must be enrolled full-time  
     
  Application: Must complete KMBC Scholarship Application Form (1st yr students)  
  Must complete KMBC Scholarship/Grant Renewal Form (Returning students)  
     
     
  KMBC MUSIC SCHOLARSHIP  
     
  Amount: $1295/semester  
     
  Eligibility: Must be accepted to KMBC and demonstrate an exceptional music ability. An audition with the Music Department is required.  
     
     
  KMBC SUMMER COUNSELING SCHOLARSHIP  
     
  Amount: $3650  
     
  Eligibility: Summer Counselors are chosen by KMBC  
     
     
  KMBC SUMMER MUSIC SCHOLARSHIP  
     
  Amount: $3650  
     
  Eligibility: Must be accepted to KMBC and demonstrate an exceptional music ability. An audition with the Music Department is required.  
     
     
  TURNER EDUCATIONAL FOUNDATION SCHOLARSHIP  
     
  Amount: $1,000/yr  
     
  Eligibility: General scholarships are available to all Breathitt County residents who meet the following requirements:  
     
  - Graduated from a high school in Breathitt County or be a current resident of Breathitt County  
  - Demonstrate financial need  
  - Meet entrance requirements of the college or technical school you plan to attend  
  - Maintain 2.5 GPA or higher  
  - Be enrolled as a full-time student (12 hours per semester)  
     
  Application: Interested persons should contact the foundation:  
     
  Address: Marie R. & Ervine Turner Educational Foundation, Inc.  
  1138 Main St., PO Box 620, Jackson, KY 41339  
  Phone: (606) 666-9366  
  Email: lesley@TurnerEducationalFoundation.org  
  Web Page: http://www.turnereducationalfoundation.org  
     
  Application Deadline: Application must be received by April 30th for following academic year  
     
     
  ADDITIONAL SCHOLARSHIP AND INFORMATION RESOURCES:  
     
  www.fafsa.ed.gov  
  www.collegeanswer.com  
  www.collegeboard.com  
  www.studentaid.ed.gov  
  www.fastweb.com  
  www.finaid.org  
     
 
Grants
 
     
  Grants are a kind of financial assistance that does not need to be repaid. A grant is usually awarded based on a certain level of financial need or other requirements. Most grants require that the FAFSA is filed each year.  
     
  FEDERAL PELL GRANT  
     
  Amount:$5,730  
     
  Eligibility: Eligibility based on the FAFSA.  
     
  Application: www.fafsa.ed.gov  
     
     
  FEDERAL SEOG GRANT  
     
  Amount: Up to $200  
     
  Eligibility: Eligibility based on the FAFSA.  
     
  Application: www.fafsa.ed.gov  
     
     
  KMBC ENDOWMENT GRANT  
     
  Amount: $500/yr  
     
  Eligibility: Student must:  
     
  Be full-time student  
  Have a minimum High School GPA of 2.0 (1st year students)  
  Not be on Academic Probation, Provisional Admittance, or Disciplinary Probation  
  Students who receive a KMBC Academic Scholarship do not receive the KMBC Grant.  
     
  Application:  
     
  Complete FAFSA yearly  
  Complete KMBC Scholarship Application Form (1st yr students)  
  Complete KMBC Scholarship/Grant Renewal Form yearly (Returning students)  
     
 
Loans
 
     
  A loan is a type of financial aid that requires repayment. Some are based on financial need while others are not. The following loans are available to our students: Students or parents will need to apply for each individual loan in order to consider these options.  
     
  SUBSIDIZED STAFFORD DIRECT LOAN  
     
  Description: Subsidized Stafford Direct Loans are based on need. The U.S. Department of Education will pay the interest while student is enrolled for at least 6 credit hours and during the 6 month grace period following graduation, withdrawal, or less-than-half time enrollment.  
     
  Amount: Varies  
     
  Eligibility: Student must:  
     
  Be enrolled for at least 6 credit hours  
  Complete the FAFSA  
  Demonstrate need (based on the FAFSA)  
  Not be in excess of Direct Student Loan Limits  
     
  Application:  
     
  Complete KMBC's Loan Request Form  
  Complete Entrance Loan Counseling at www.studentloans.gov  
  Complete an MPN at www.studentloans.gov)  
  Agree to Exit Counseling when you graduate, withdraw, or if you attend less than half-time.  
     
  Interest Rate: 2013/14 – 3.86% fixed; 2014/15 – 4.66% fixed;  
  Repayment: Begins 6 months after student graduates, leaves school, or drops below half-time.  
     
     
  UNSUBSIDIZED STAFFORD DIRECT LOAN  
     
  Description: Unsubsidized Stafford Direct Loans are non-need based. Interest begins to accrue at the time of disbursement and is the responsibility of the student.  
     
  Amount: Varies  
     
  Eligibility: Student must:  
     
  Be enrolled for at least 6 credit hours  
  Complete the FAFSA  
  Not be in excess of Direct Student Loan Limits  
     
  Application:  
     
  Complete KMBC's Loan Request Form  
  Complete Entrance Loan Counseling at www.studentloans.gov  
  Complete an MPN at www.studentloans.gov  
  Agree to Exit Counseling when you graduate, withdraw, or if you attend less than half-time.  
     
  Interest Rate: 4.66% Fixed  
  Repayment: Repayment begins six months after student graduates, leaves school, or drops below half-time.  
     
     
  PLUS (PARENT) DIRECT LOAN  
     
  Description: The PLUS (Parent) Direct Loan is a non-need based loan with eligibility determined through the FAFSA. It is available only to parents or step-parents. This loan helps to pay for education expenses up to the cost of attendance minus all other financial assistance. Interest begins immediately. The PLUS loan is in the parent’s name. If the parent is denied the PLUS loan after the credit check performed by the Department of Education, the student is then eligible for an additional Unsubsidized Stafford Loan. To learn more click here  
     
  Amount: Varies  
     
  Eligibility: Available only to parents or step-parents of students enrolled in at least 6 credit hours  
     
  Repayment: Repayment begins 60 days after the last disbursement. The payment can be deferred until after graduation if requested.  
     
  Application: www.studentloans.gov  
     
  Interest Rate: 7.21% fixed  
     
     
  DIRECT LOAN CONSOLIDATION  
     
  Description: Borrowers are able to combine subsidized and unsubsidized loans into one loan.  
     
  Application: Visit Direct Loan Servicing Center for loan consolidation information.  
     
     
  FEDERAL STUDENT LOAN INFORMATION  
     
  Through StudentAid.gov users can:  
     
  View and download their federal student aid history  
  Get their loan servicer's contact information  
  Find out how much Pell grant eligibility they have left  
     
  Through the NSLDS Student Access site users can:  
     
  Update their address  
  Submit enrollment changes  
  Provide an organization authorization to their account  
     
     
  FEDERAL STUDENT LOAN OMBUDSMAN  
     
  The FSA Ombudsman receives, reviews, and attempts to resolve informally, complaints from loan borrowers. The Ombudsman also complies and analyzes data on complaints and makes appropriate recommendations.  
     
  Internet: ombudsman.ed.gov  
  Toll-free telephone: (877) 557-2575  
  Fax number: (202) 275-0579  
  Mail:  
  U.S. Department of Education  
  FSA Ombudsman Group  
  830 First Street, N.E., Mail Stop 5144  
  Washington, DC 20202-5144  
     
     
  PRIVATE STUDENT LOANS  
     
  Description: Private student loans are available through the bank of your choice. Students should exhaust all federal aid and direct loan opportunities before applying for a private student loan. Most private student loans require a cosigner.  
     
  Amount: Varies  
     
  Eligibility: Must be enrolled at least half-time.  
     
  Interest Rate: Variable  
     
  Repayment: Refer to terms of the individual loan.  
     
  Application: Alternative (Private) Student Loan Information  
     
     
 
Work Study
 
     
  FEDERAL WORK STUDY  
     
  Description: Federal Work Study is a form of financial assistance that allows students to earn money through on-campus employment. It is need-based and requires the student to file the FAFSA. The Federal Work Study (FWS) program is different from other awards:  
     
  FWS is not a guaranteed amount. Student must work their assigned hours to received FWS funds. Award amounts are re-evaluated during the semester and may be adjusted to reflect the actual hours being used.  
     
  FWS earnings are paid directly to the student through payroll. It is up to the student to determine how to spend the amount; it is not automatically applied toward tuition and fees.  
     
  Type of Aid: Student Employment  
     
  Amount: Varies  
     
  Eligibility: Student Must:  
     
  Demonstrate financial need (based on FAFSA)  
  Be enrolled at least 6 credit hours  
  Fill out necessary FWS forms at the start of the school year  
  File FAFSA yearly – Students may indicate interest in work study on the FAFSA  
  Communicate interest and skills to the Financial Aid Director  
     
     
  KMBC WORK STUDY (STEP)  
     
  Description: Resident students may apply for campus work for several hours per week. KMBC credits the student's tuition account based on the minimum wage for all campus work (wage increases are available based on skill and performance).  
     
  Type of Aid: Student Employment  
     
  Amount: Varies  
     
  Eligibility: Students Must:  
     
  Be willing to follow KMBC STEP guidelines  
  Fill out required employment forms  
     
  Application: Communicate interest and skills to the Financial Aid Director