Understanding Financial Aid

Simply, financial aid includes free and/or borrowed money provided through the College and/or government programs to reduce your bill. Scholarships, grants, work-study, and loans can all be included in your financial aid. And remember, financial aid is for everyone, regardless of income or grades. 

What you can do to prepare: Explore valuable resources on studentaid.gov, such as the 12th Grade College Prep Checklist.

The Free Application for Federal Student Aid (FAFSA) is administered by U.S. Department of Education. The form is how you can receive federal financial aid and institutional awards provided by King’s College. The FAFSA usually opens at the same time every year (late fall/early winter), and King’s College will communicate when it is available to you to fill out.

Here's what you can do to prepare:

• Create a StudentAid.gov account (if you don’t already have one). 

• Learn about the information you may need to fill out the FAFSA form. 
• Determine your dependency status and whether your parent(s) or spouse will be required to contribute information on your FAFSA form. 
• If you’re a dependent student, use the Who’s My FAFSA Parent? wizard to identify which parent(s) will be a required contributor on your form.

This list of resources will help you gear up for the Free Application for Federal Student Aid (FAFSA). Whether you're on the hunt for grants and scholarships, seeking financial aid insights, or just want to know more about the FAFSA, these tools are designed to be your go-to companions.

Financial Aid  

• College is Possible, a resource guide for parents, students and education professionals.   

• FinAid, the SmartStudent Guide to Financial Aid   

• You Can Deal With It, information on debt management, student loan repayment options, personal finance, and career counseling   

Grant and Loan Options  

• PHEAA, state agency website for Pennsylvania grants   

• ELMSelect, information on federal and alternative loans and repayment   
• FastWeb, a free online Scholarship Search
• Federal Grants, information on grants and how to apply
• Federal Loans, information on loans and how to apply

FAFSA  

• FAFSA Details and Timelines, information on the release of the new FAFSA application process  

After you’ve filed your FAFSA and you begin to receive financial aid offers, you may wonder how to compare them between schools. It can feel overwhelming at first, but the following advice will help you navigate the final steps in your college selection process.

Financial Aid Offer 

If accepted, you will receive your official Financial Aid Offer from King’s College by email. This offer will show the overall costs of attending King’s College and the estimated aid deductions you are eligible for from King’s, the federal government, or your state. The information in your offer is based on what was submitted in your FAFSA and your application to King’s.

Estimated Direct Costs

At the top of your offer, you will see Estimated Direct Costs. These are the typical charges you think of when attending college, which include tuition, fees, and room and board (if you live on campus). Your Financial Aid Offer shows these estimates before factoring in any scholarships or financial aid, so you can have a full understanding of the overall cost of your attendance.

Scholarships and Grants 

As part of the FAFSA, you will be automatically considered for any possible scholarships and grants. King’s College scholarships are merit-based and renewable each year for up to four years. Grants are awarded based on financial need and can also come from King’s College (such as our Grant-in-Aid) or the state or federal government (PA State Grant, PELL Grant, or SEOG Grant). Both scholarships and grants do not need to be repaid.

Estimated Indirect Costs

As with most things in life, there are other costs associated with going to college that will not show up on your bill, such as books, supplies, clothing, entertainment, and transportation. We want you and your family to be prepared and factor in expenses that may come up over the year. Please note that King’s College will not charging you for these items but includes these estimates to help you budget wisely.

There are several options for financing your education through federal aid programs if qualified.

Federal Loans

Unlike scholarships and grants, which can be viewed as free money, loans need to be paid back with interest. Even after receiving financial aid awards, loans are often necessary to help cover the remaining costs of college. The federal government offers two types of loans to eligible students who filed their FAFSA:

1. Subsidized Loans are need-based. The most important thing to know about this loan is that the government subsidizes the interest (or is financed). This means you do not accrue interest while you are in school. If eligible, your subsidized loan award will increase each year. If you choose to take this loan, repayment will begin six months after graduation. 

1. Unsubsidized Loans are offered to all eligible students regardless of financial need. Because these are awarded independently from need, unsubsidized loans do accrue interest while you're attending school. If eligible, your unsubsidized loan award will increase each year. If you choose to take this loan, interest will either need to be paid quarterly while you're in college or paid later at a higher cost. Repayment of the loan itself will begin six months after graduation. 

Federal Work Study

Federal work-study, which is based on financial need, is offered to eligible students who filed their FAFSA. These work-study positions provide part-time, on-campus jobs to students. If awarded, you will find the total amount of aid on your Financial Aid Offer. When you start your semester at King’s, you can apply for a variety of student aide positions in academics, athletics, administrative offices, the library, IITS, science labs, or other roles. Your aid will then be distributed in a bi-weekly paycheck. Because this isn’t a loan, you do not have to repay this aid! In fact, you can use these funds to pay for education expenses or apply them to your tuition bill. 

Note: If you do not qualify for federal work-study but have financial need, you still have another option. You can apply for an institutional work-study position, which is paid for directly by King’s College and will not appear in your Financial Aid Offer.

We know picking your college is a big choice, and finances are a huge component of what drives your decision if you’ve applied to multiple schools. But it’s also important to consider the overall value of your degree in terms of your experiences. Before you make your final selection, consider these points: 

• The Bottom Line: The largest scholarship offer may not be the least expensive option, especially if it comes from the most expensive institution on your list. You should look line by line to understand what is included in your offer as some institutions may show optional loans that make your out-of-pocket cost seem lower than it is.

• Renewable Aid: Check if the aid in your offer can be renewed, increased, or decreased with each year’s FAFSA application. Remember, it’s helpful to plan for your entire college career, not just your initial award. The resources at studentaid.gov are extremely helpful in understanding the details of any debt you take on as a student.  

• Hidden Costs: Some schools require you to live on campus longer, which will cost more money down the line. King’s requires students out of commuter range (45 miles) to only live on campus for their first two years. Compare each institution’s residence life policy, fees, and overall costs.  

• Experiential Value: These next four years are formative! Consider the intangibles that don't have a price tag: your experiences outside of class, accelerated learning options, extracurriculars, and leadership opportunities that will set you apart after graduation, or a powerful network of alumni.

Supplementing Financial Aid

When you add up all your scholarships, grants, and financial aid, you’ll have an estimate of how much you’ll still need to pay out of pocket. While any savings that you may have built up for college will help lower the amount, did you know there are other ways to reduce your balance and student loan borrowing? 

You can apply for private loans (refer to Part 8) or private scholarships offered through businesses, foundations, or organizations. It will take a bit of work, but many opportunities exist! College Board and Fastweb are fantastic resources to start your search. Parents can also apply for Parent PLUS loan that covers remaining costs (refer to Part 9).

And don’t forget, there are other small ways you can save money: renting textbooks, working part-time, or even double majoring to get two degrees for the price of one!

Our Understanding Financial Aid series shifts to communicating directly with students who’ve made their deposit to King’s College and are preparing their finances for the fall semester. Understanding the requirements for finalizing Federal Direct loans, private loans, and payment plans is crucial.
 
Looking back at your Financial Aid Offer letter, you will see your eligibility to utilize Federal Direct Loans. Here are the steps you'll need to complete the process: 

1. Login at studentaid.gov 
2. Select "Loans and Grants" 
3. Under “Get a Loan”, select Master Promissory Note (MPN) 
4. Complete Entrance Counseling 
5. Select "King's College, Wilkes-Barre, PA"

Some families turn to private education loans to help supplement their Financial Aid Offer. Private loans also allow students to borrow money to cover any costs not already covered by the offer, including indirect costs like books, supplies, laptops, and transportation. 

Private Loans often offer more competitive interest rates and no origination fees (what is sometimes paid to the lender for processing your loan application). As a student, you can be the borrower provided you have a credit-worthy co-signer. And, if the co-signer has excellent credit, a private loan may be less expensive than federal options!  

For optimal timing, apply for these loans after May 1, ideally after high school graduation or once you receive your bill in the summer. Credit decisions are valid for 180 days, so applying too early may require reapplying before the semester begins.

1. Access the website ELMSelect  
2. Select “King's College, Wilkes-Barre, PA”  
3. Compare lenders  
4. Consider interest rates, repayment terms, and co-signer obligations  
5. Determine the amount needed to cover the balance and any additional costs  
6. Apply for a Fall-Spring Loan for the academic year.

If you have any questions, please contact the Office of Financial Aid at finaid@kings.edu.  

Commonly called Parent PLUS loans, the Parent Loan for Undergraduate Students (PLUS) federal loan from the U.S. Department of Education can only be taken out and paid for by a parent of dependent students. The loan allows parents to borrow money to cover any costs not already covered by the offer, including indirect costs like books, supplies, laptops, and transportation.  

To receive a Parent PLUS loan, the borrower can be the biological, adoptive, or stepparent parent. Grandparents (unless they have legally adopted the dependent student) and legal guardians are not eligible to receive Parent PLUS Loans, even if they have had primary responsibility for raising the student.

If desired and eligible, we encourage your parent(s) to apply for a PLUS Loan after May 1, following these steps.  

1. Access the website studentaid.gov  
2. Log in with the parent FSA ID who is taking out the PLUS Loan  
3. Confirm biographical data and complete consent   
4. Complete application for the academic year  
5. Select “King's College, Wilkes-Barre, PA”   
6. Determine the amount needed to cover the balance and any additional costs 

If you have any questions, please contact the Office of Financial Aid at finaid@kings.edu.  

After you’ve finalized all your loan options, you may still have a balance due to King’s College and choose a payment plan to cover the cost.

King’s College has partnered with a third-party vendor, Nelnet, to accommodate students and authorized payers who wish to make monthly tuition payments. Nelnet will send you your monthly billing statement for each account about three weeks before a payment is due. You can then set up auto-debit payments that deduct from your bank account or you can pay online, through the mobile app, by mail, or by phone.  

It’s easy to enroll in a plan and make convenient payments throughout the semester!   

1. Access the website Nelnet  
2. Create an account  
3. Select “King's College, Wilkes-Barre, PA”  
4. Payment plans may be set up for fall and spring semester

For additional questions or help setting up your payment plan, please contact our Business Office at businessofficestaff@kings.edu.