Financial Information


Cost of Attendance

KMBC endeavors to keep educational costs to a minimum. Tuition and fees cover only a small portion of the total educational cost. The college appreciates and depends on the generous support of churches, alumni, and friends. A substantial part of the cost of each student’s education comes from these sources.

The total cost of a semester of study at KMBC includes room and board, required fees, books and supplies, transportation, personal expenses, and special fees when applicable.

The approximate cost for one semester in 2015-2016 is itemized below:

Tuition (15 semester hours) $3,375
Meal Plan $1,525
Room $850
Books (estimated) $250
Required Fees (estimated) $355
Estimated semester cost $6,355*

* Transportation & Personal Expenses not included.

A list of required fees and special expenses can be found in the Finance Section of the College Catalog.

KMBC reserves the right to change prices without notice.

Payment Options

Before the start of each semester students will receive a Financial Aid Plan (FAP) from the KMBC Financial Aid Office. The FAP contains the student’s estimated cost, confirmed financial aid, and the remaining semester balance (work study is not applied until earned). The remaining semester balance listed on the FAP may be paid in the following ways:

Option 1:  Full payment may be made at or before registration each semester.

Option 2:  Payment may be made in four installments:

Any changes to a student’s cost or financial aid  will be reflected in the student’s subsequent payments.

A charge of $25.00 will be added to accounts every time a payment is not paid on time.

Students who have any unpaid school accounts with the Business Office, Bookstore, Library, Financial Aid Office, or the Dorm Supervisor must make satisfactory arrangements with the Business Manager before final examinations may be taken.

If a check or draft which has been accepted in the Bookstore or the Business Office is returned by the bank because of insufficient funds, $25.00 will be added to the student’s account.

Textbooks and supplies purchased in the KMBC Book Store may be paid for in cash, by credit card, or charged to the student’s account.

Installments Amount Due Date
1st 25% of bill (on FAP) At or Before Registration
2nd 33% of remaining balance Oct. 15/March 15
3rd 50% of remaining balance Nov. 15/April 15
4th Remaining balance * Dec. 11/May 13

*ANY UNPAID BALANCE IS DUE BEFORE TAKING EXAMS

Payment Methods

Check: Make checks payable to Kentucky Mountain Bible College (KMBC)

Checks may be deposited with business manger or business office attendant. 

Credit Card: KMBC accepts all major credit cards

To make a payment in person, please consult the business office. Otherwise, you may make a payment online through PayPal below. 

Direct questions to:     KMBC Business Manager: 606.693.5000 ext. 111

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Rosita Marshall

Financial Aid Director

606-693-5000 ext. 175

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  • 1) ADMISSION/ENROLLMENT AT KMBC

    New students

    – Must apply and be accepted for admission to KMBC.

    – Financial Aid packages will not be awarded until admission acceptance is finalized, but a student may begin the financial aid process before that time.

    – To receive Federal Financial Aid students must meet the eligibility requirements set by the Department of Education.

    – To receive most KMBC Financial Aid, students must complete the KMBC Scholarship Application Form.

    Returning students

     – To receive Federal Financial Aid, students must meet the eligibility requirements set by the Department of Education

     – To receive most KMBC Financial Aid, students must complete the KMBC Scholarship Renewal Form each spring.

  • 2) COMPLETION OF THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

    All students

     – Must apply for federal financial aid online by completing the FAFSA at www.fafsa.gov

     – If you do not already have one, apply for a FSA ID (Federal Student Aid ID) before completing the FAFSA. The FSA ID replaced the Federal Student Aid PIN on May 10, 2015. The FSA ID allows you to sign the FAFSA electronically. If you are filing as a dependent student, at least one parent must have a FSA ID.

     – We recommend that you use the IRS Data Retrieval Tool in the FAFSA to provide the required tax information. It will increase the accuracy of your FAFSA information and streamline the application, verification, and award process. The earlier you apply and the more accurate your application is, the sooner you will be awarded the financial aid for which you are eligible.

     – Enter KMBC’s federal school code (030021) on the FAFSA. This allows KMBC to receive your FAFSA information.

    Visit the Federal Student Aid Website for more information about the FAFSA.

  • 3) KMBC PROCESSES YOUR FAFSA

    When KMBC electronically receives your FAFSA, we will begin to process your financial aid application. If your FAFSA is selected for verification by the Department of Education you may be required to submit additional documentation to the Financial Aid Office.

  • 4) VERIFICATION

    The verification process requires KMBC to collect documents that confirm the FAFSA data regarding your family and your finances. This includes IRS tax transcripts for both you and your parents (if you are a dependent student) or your spouse (if you are married) unless you use the IRS Data Retrieval Tool when you complete or update your FAFSA.  Completed verification forms (Dependent /Independent) need to be submitted to the Financial Aid Office before your financial aid award can be determined.

  • 5) NOTIFICATION OF FINANCIAL AID ELIGIBILITY

    When KMBC completes the processing of your financial aid application, you will be notified of your eligibility by letter or email. It is important that you provide us with current contact information. Before receiving federal financial aid, all students are required to read, understand, and sign the Terms and Conditions for Receiving Financial Aid  and the Title IV Authorization Form.

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 $554,740 in financial aid of which over $190,896 were KMBC resources.

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 (usually grants, work-study, and subsidized loans). Financial need is defined by the Department of Education, 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 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.

ACT College GPA
28 – 36 $1,210/yr 3.97 – 4.0 $1,100/yr
25 – 27 $990/yr 3.8 – 3.96 $880/yr
21 – 24 $785/yr 3.5 – 3.79 $785/yr

 

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 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: $5,775

Eligibility: Eligibility based on the FAFSA.

Application: www.fafsa.ed.gov

FEDERAL SEOG GRANT

Amount: Up to $200 per year

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)


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: 2015/16 – 4.29% fixed / 1.073% origination fee

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: 4.29% fixed / 1.073% origination fee

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: 6.84% fixed / 4.292% origination fee

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

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