Types of Financial Aid

Scholarships and Grants

Scholarships and grants are monetary gifts that do not have to be repaid. Some scholarships and grants defray the cost of tuition and direct student expenses, and others are used for special purposes and programs. Many scholarships and grants are reserved for students who meet specific criteria without the need for additional application procedures. (See Scholarships, Awards, and Prizes for details about some of these institutional scholarships and grants.)

In addition to institutional scholarship and grant funds, Berea College participates in the following federal and state programs: Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Kentucky College Access Grants, Kentucky Tuition Grants, and Kentucky Educational Excellence Scholarships (KEES).

Earnings from Work

An integral form of financial assistance at Berea College is available through the Student Labor Program. All students enrolled in an academic term (Fall, Spring, or Summer) receive a Labor Grant that is applied directly to tuition each term ($4,500 Fall, $4,500 Spring, and a prorated amount for Summer). In addition, students receive direct scholarship payments based on hours worked each pay period (totaling between $2,000 and $3,000 per year) to assist with educational and personal expenses. Depending on total hours worked, a student receives between $28.00 and $37.00 per hour in scholarship funds.

Loans

While initial award offers do not include loans, low-interest, long-term loans may be obtained from Berea College when needed to pay for essential school expenses. Student Financial Aid Services will counsel students inquiring about a loan to ensure other options have been considered. Most loans do not accrue interest while the student is still enrolled at least halftime.  Loans typically enter repayment six months after a student graduates or leaves the College. Loans must be repaid within an agreed-upon schedule. Non-interest-bearing (or 0%) loans may be available for students with significant financial need.

Berea College participates in the William D. Ford Direct Loan Program. These federal loans have fixed interest rates set by the Department of Education each year. For more information about these types of loans, see https://studentaid.gov or contact Student Financial Aid Services at 859-985-3310.