After You are Awarded
When all required information has been submitted, (see Applying for Financial Aid), the Financial Aid Office will process your application, award financial aid, and send you an award packet.
In addition, students with loans may have to complete an entrance interview and Master Promissory Note, both of which done online (see Aid Programs).
To check to see what documents you need to return, check your financial aid by logging into your account on the My KV Student Information Portal and clicking on the link to your financial aid folder.
Your initial award letter, in most cases, assumes that you will be taking the same number of credits in the spring semester as you have registered for in fall. If the number of credits in which you are enrolled changes for the next semester, that could change your financial aid for the next semester. If you change your enrollment, check with the Financial Aid Office or check your financial aid folder online to be sure about your financial aid award.
If you have not submitted all the necessary financial aid paperwork by the 15th of August or the 15th of December (for students admitted for the spring semester), a payment plan must be in place. The first payment owed is usually at least 25% of the total bill and does not include books.
Understanding Award Letters
To help students and families better understand award letters, including important information on the types of aid, FAME has developed a short video, What is an Award Letter?
Comparing Award Letters
Once students understand their individual award letters, the next step is to calculate the actual cost of each school and compare award offers. FAME’s Comparing Costs & Financial Aid Awards Worksheet can help students and families calculate these costs and then get that critical apples-to-apples cost comparison of all schools a student is interested in attending.
Financial aid for Summer Courses
- If you received full time aid for both the fall and the spring semester, you will not be eligible for a summer Pell grant. If you were part time one of the two semesters, and were otherwise Pell-eligible, you may be eligible for a summer Pell grant.
- You must inform the financial aid office if you register for summer classes so your financial aid can be adjusted.
- In many cases, the maximum loan amount for which you are eligible is packaged in the initial award, and half of the amount is disbursed for the fall semester, and half for spring. However, if you are eligible for a loan for the summer semester and request one, the loan will be awarded.
Financial Aid Refund
The add/drop period is the first week of each term. The second week, you can drop one or more courses, receive a grade of W and a 50% refund (but if you withdraw from ALL courses, the Financial Aid office will perform a federal refund calculation to determine if funds need to be returned to the Dept. of Education, and you could owe money.)
Your financial aid is based on the number of credit hours you are taking at the end of the add/drop period each semester. Your awards could be adjusted to a different amount than was shown on your award letter if your enrollment changes from the time of your award.
Your financial aid is applied against your charges (including your books if you choose to “charge” them against your financial aid). If your total financial aid is more than your total charges, you will receive a refund, usually about a month after the start of the term.
It is your responsibility to let the Academic Affairs Office know if you are not attending classes. If you have not attended a class or classes at all, but you did not let the Financial Aid Office know and we find out after your aid has disbursed, we will return all the aid to the Dept. of Education and you could owe money. A grade of “N” is given if you never attended the class. You cannot have financial aid for a class you never attended.