Types of aid include grants, loans, student employment and scholarships.

Grants
Among the non-repayable grants available are the following:

• The Federal Pell Grant program gives grants of $400 to $4,310 to eligible undergraduates.
• The Federal Supplement Educational Opportunity Grant (SEOG) program gives grants of up to $500 per year.
• The Kentucky Higher Education Assistance Authority gives grants (CAP) of up to $1900 per year, for a maximum of eight semesters, to eligible undergraduate Kentucky residents.

Loans
The Federal Subsidized Stafford Loan offers loans up to $2,625 annually for freshmen; $3,500 for sophomores; $5,500 for juniors and seniors; and $8,500 per year for graduate students. Students will have to meet a federal needs test which determines if the student receives a full loan, a reduced loan or nothing. The amount of other financial aid will also be considered in determining the loan amount. Borrowers pay the lender a four (4) percent origination and insurance fee when each loan is made. Student borrowers must maintain enrollment on at least a one-half-time basis throughout the loan period. Borrowers withdrawing or dropping below one-half time will have their loan checks returned to the lender. A new loan application will be required for the next enrollment period.

The interest rate for new Stafford borrowers after October 1, 1992, will be a variable rate—not to exceed 8.25 percent. The federal government pays the interest while the borrower is in school. Repayments are determined by the amount borrowed and begin six months after the student leaves school. A $1,000 loan would require monthly payments of $50. The total debt you may have outstanding on this program as an undergraduate is $23,000. The total for graduate and undergraduate study is $65,500.

The Federal Unsubsidized Stafford Loan is a program that has essentially the same provisions as the subsidized Stafford Loan, except it is available for all students regardless of income, and you will pay the interest during in-school and deferment periods. The loan amount is determined by the cost of attendance less other financial aid. Interest accruing during the periods may be paid by you while you are in school or capitalized (accumulated and added to the principal) and paid after leaving school as agreed by you and your lender. This means that the federal government does not pay any interest or subsidy for you while you are in school. Borrowers pay the lender a four (4) percent origination/insurance fee when each loan is made. Independent students may qualify for additional annual amounts as stated in the U.S. Department of Education publication The Student Guide.

The Federal PLUS (Parent Loan) program provides loan funds to the parent of a dependent student. The amount of this loan cannot exceed the cost of attendance less other financial aid. Interest begins to accrue upon disbursement, and the first payment is due within sixty (60) days. The interest rate is a variable rate based on Treasury Bill rates plus 3.1 percent and cannot exceed 9 percent.

The Federal Perkins Loan offers a low-interest (5 percent) loan. No interest accumulates while you are in school at least one-half time. Eligible students may borrow up to $2,000 per year. The loan is repayable beginning after the borrower leaves Murray State. Loan repayments, deferments or cancellation provision will be outlined in the promissory note.

The Nursing Loan Program offers a low-interest (5 percent) loan to students may borrow up to $4000 per year with a maximum for all years of study not to exceed $10,000. Loan repayment will be made according to the provisions outlined in the promissory note the borrower signs at the time of each disbursement.

The Norris Loan provides small loans to students with unexpected financial trouble. An interview with the director of student aid is required. Loans are available only at the beginning of the fall and spring semesters until all funds have been loaned. These loans are repayable (with 6 percent interest) in one to four months.

Student Employment on Campus
The Federal Work-Study Program offers on-campus employment to eligible students who are enrolled at least half time and who meet a federal needs test. Students are encouraged to seek employment in the following areas: community services, support services to students with disabilities, and in activities in which they serve as mentors.

The University Student Employment Program offers jobs to students who are enrolled at least half time and who normally do not qualify for the Federal Work-Study Program.

On-campus employment through either program is not guaranteed. All student employees are paid bi-weekly and are required to perform their duties in a satisfactory manner. They are to follow their work schedule diligently, and they should be prompt and regular in attendance.

Scholarships
Scholarships are available through Murray State University, its alumni association, foundation and various academic and athletic departments. Amounts range from $100 to $11,340. For academic scholarship information, contact the University Scholarship Office, Ordway Hall, Murray State University, 122 Ordway Hall, Murray, KY 42071-0009. Factors such as class rank, grade point, ACT scores, and school involvement are usually considered. University and not-university scholarship dollars received will be included in determining your eligibility for any federal or state grant, loan, or federal work-study program. The deadline for application is February 1.

For athletic scholarships, your coach should write or call Murray State’s head coach of the sport that interests you. Athletic Staff List

Other Types of Financial Assistance
Vocational Rehabilitation benefits go to students with physical disabilities. Contact the Vocational Rehabilitation Office nearest your hometown.

Veterans Administration benefits include aid for veterans and eligible dependents under the GI Bill. Contact Veterans Services at Murray State for more information.

Graduate assistantships go to qualified graduate students. Contact the department head in your graduate field.