Other Publicly Funded Programs
The University of the Cumberlands offers students in its non-traditional programs the opportunity for financial aid through the following publicly-funded programs:
The gateway for all financial aid at the University of the Cumberlands is the FAFSA (Free Application for Federal Student Aid). You may complete it online or mail it to the federal government, which will get results in two to four weeks. You may also download a paper version, complete it, and submit it to:
Graduate Education Admissions
7792 College Station Drive
Williamsburg, KY 40769
Various payment plans are available, and you may download a payment plan application. You must contact the University of the Cumberlands Bursar's Office for more information and payment plan approval at 606-539-4208.
Stafford Loans
Click here to fill out a Graduate Stafford Loan Request Form Online
Click here to download a Graduate Stafford Loan Request Form
As the name implies, Stafford is a loan program, meaning that it is a financial award that must be repaid by the recipient. Stafford Loans are offered in two forms: subsidized and unsubsidized. The eligibility and repayment regulations for these loans differ.
Subsidized Stafford Loans
A subsidized Stafford Loan is awarded on the basis of financial need as determined by the information you submit on your FAFSA form. During the time you are in school, the federal government “subsidizes” or pays the interest on the loan. Six months after leaving school, you begin making payments on the principal and interest.
Unsubsidized Stafford Loans
An unsubsidized Stafford Loan is not based upon your financial need. However, you will be charged interest on this loan from the time the loan is disbursed until it is paid in full. If you choose to make no payments on that interest while you are in college, the interest will be capitalized. That means that the interest will accumulate and be added back into the principal of the loan, and future interest charges will be based upon that larger amount of principal.
Financial Aid Status
Financial aid status may be affected by your program goals, depending upon whether you are seeking certification, a master's degree, Rank I, or entering the 5th Year Non-degree program. Financial aid status may also be affected by your program admission status, such as whether you are admitted unconditionally, conditionally (some admissions requirements not completed), as a visiting student (attending elsewhere, intending to transfer credit elsewhere), as a provisional student (probationary because of grades), or as a special student. Your enrollment status, too, may affect your financial aid status, depending upon whether you are enrolled as a student full-time (12 credit hours as a non-working student), part-time (3 credit hours while employed), or a full-time working student (6 credit hours while employed*). *Teacher education students who are in a contractual agreement with a school district must obtain written permission from their school administrator to take more than a full load of course work per term. Financial aid status may also be affected by their other financial resources. Students must report other resources such as Traineeship Funds, other scholarships, other loans, income levels, etc.
Repayment of Loans
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment. During this period, you'll receive repayment information, and you'll be notified of your first payment due date. You're responsible for beginning repayment on time, even if you don't receive this information. Payments are usually due monthly.
During the grace period on a subsidized loan, you don’t have to pay any principal, and you won’t be charged interest. During the grace period on an unsubsidized loan, you don’t have to pay any principal, but you will be charged interest. You can either pay the interest or it will be capitalized (added to your principal loan balance, thus increasing the amount you’ll repay).
Keeping Control of College Finances
Although adult students are sometimes wary of taking out loans to fund their education, they should keep in mind a couple of realities when deciding about whether to take these loans.
- The low interest rate on Stafford loans makes them a bargain when compared to other types of loans. Stafford Loans have variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional .6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments. As of July 2005, the interest rate while a student is still in school was 3.8%; for students out of school, the interest rate was 4.7%.
- Never borrow more than you will need or will be able to pay back. You should balance the prospect of your income increasing when you finish your degree against realistic limits of your ability to borrow. Be careful in taking out loans, and never borrow more than you’ll need to finish your degree.
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