How Aid Credits Your Account

Loan Counseling

Federal Perkins Loan

The Federal Perkins Loan requires completion of entrance counseling and acknowledgment of disclosure of total loan indebtedness each year you are awarded this type of loan. In addition, first-time borrowers are required to complete a Master Promissory Note. These steps must all be performed electronically at http://ipromise.campuspartners.com. Electronic signature of the Master Promissory Note requires the pin number assigned to you by the federal government when you completed the FAFSA. The loan will not be released until after all requirements have been satisfied. If you experience difficulties with the web site, contact the Student Loan Office at (859) 257-3406.

Health Professions Loan (HPL)

A Health Professions Loan requires completion of entrance counseling and acknowledgment of disclosure of total loan indebtedness each year you are awarded this type of loan. In addition, first-time borrowers are required to complete a Master Promissory Note. These steps must all be performed electronically at http://ipromise.campuspartners.com. Electronic signature of the Master Promissory Note requires the pin number assigned to you by the federal government when you completed the FAFSA. The loan will not be released until after all requirements have been satisfied.

Federal Direct Subsidized and Unsubsidized Loans

If you are awarded a Federal Direct Loan (subsidized and/or unsubsidized), you must complete an electronic Master Promissory Note (eMPN). The website address to complete the eMPN is www.studentloans.gov. If you received loan funds for the previous academic year, you are not required to complete the eMPN. (If you are unsure if you received loan funds for the previous academic year, go to the above website to determine if an eMPN is already on file at the U.S. Department of Education's Common Origination and Disbursement Center.) First time Direct Loan borrowers are required to complete entrance counseling prior to the disbursement of the loan. This requirement can be completed on line at www.studentloans.gov. If you experience problems with the web sites, you may request a paper promissory note from the Financial Aid Office (859-257-3172 ext 243) or make arrangements to complete the required entrance counseling by contacting the Student Loan Office at 859-257-3406.


Disbursement

Refunds from financial aid are given when the aid you receive exceeds your UK charges.

University of Kentucky policy now mandates that all excess financial aid and/or overpayments be electronically transferred by direct deposit to the checking account provided.

Students must enroll and maintain current direct deposit bank account information by signing into the myUK portal and following instructions on the Financials Tab.  Direct deposit refunds are processed 2-3 times each week allowing students rapid access to their money.

When will I get a refund?

The earliest to expect a refund is the week classes begin IF your aid (not including Pell Grant, CAP Grant, and KEES) exceeds your university charges AND you have completed all requirements. You may go to myUK , then to Financials and then Financial Aid. The documents tab will tell you if requirements are incomplete. Other requirements are:
• All aid must be accepted.
• You must be registered as a fulltime student (12 hours undergraduate and 9 hours graduate)
• First time Direct Loan borrowers must have completed Entrance counseling at www.studentloans.gov AND the electronic master promissory note at www.studentloans.gov.
• Perkins Loan borrowers must complete entrance counseling and acknowledgment of disclosure of total loan indebtedness each year you are awarded this type of loan. In addition, first- time borrowers are required to complete a Master Promissory Note. These steps must all be performed electronically at http://ipromise.campuspartners.com. Electronic signature of the Master Promissory Note requires the pin number assigned to you by the federal government when you completed the FAFSA. The loan will not be released until after all requirements have been satisfied.
• A Health Professions Loans is loan assistance for full-time students in Dentistry and Pharmacy that must be repaid. A Health Professions Loan requires completion of entrance counseling and acknowledgment of disclosure of total loan indebtedness each year you are awarded this type of loan. In addition, first-time borrowers are required to complete a Master Promissory Note. These steps must all be performed electronically at http://ipromise.campuspartners.com. Electronic signature of the Master Promissory Note requires the pin number assigned to you by the federal government when you completed the FAFSA. The loan will not be released until after all requirements have been satisfied.

What if I am not a full-time student?

Your aid will not credit until after the last day of to add a class, which is about 10 days after the first day of class. You must be enrolled at least half time (6 hours undergraduate or 5 hours graduate) to receive any loans - Direct Loans, Perkins Loan, Grad/PLUS or PLUS Loans.

When will my Pell Grant, CAP Grant, Catalyst Scholarship, and KEES money credit?

Pell Grants, CAP Grants and Catalyst Scholarships will not credit until after the last day to add a class. Typically these funds will credit 10 days after classes begin. KEES money will not credit until mid to late September for the fall semester and until the end of January for the spring semester.

What if I'm waiting on a refund check to buy books?

If your unpaid financial aid funds will exceed your term billed charges you may apply for a book voucher via the myUK portal. You may request up to $500 to be added to your Plus Account. The amount that will be authorized by the Student Financial Aid Office may be less than the amount you request if your excess financial aid will not cover the requested amount. When your Plus Account Book Voucher has been approved and the funds have been added to your Plus Account you may use your Plus Account to purchase books at the bookstores listed on the following website: www.uky.edu/PlusAccount/locations.html. Additional information about the Plus Account is available at www.uky.edu/PlusAccount. The charges on your PLUS account will be paid when your financial aid credits your student account.

Why hasn't my scholarship, graduate aid or alternative loan credited my account?

Scholarships from agencies outside the University and from University departments arrive at different times and questions concerning when those will be disbursed should be directed to the agency who made the award. Alternative loan disbursements depend on when the funds are received. Once any of these funds are received, it usually takes one week to credit the student's account. Funds from the following programs will not credit students' accounts until mid- to late September: KY National Guard, Teachers Scholarships, or Robert C. Byrd Scholarships.

 

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