2009-2010 KCUMB College Catalog - Kansas City University of ...

highly competitive. The federal and private agencies, which make funds available for
borrowing, do so with the understanding that a student must sacrifice in order to achieve
his/her educational goals.
Upon acceptance to KCUMB, a student who needs financial assistance must complete
a Free Application for Federal Student Aid (FAFSA). An application can be made online at
www.fafsa.ed.gov. This information allows the Financial Aid office staff to determine the
degree and amount of need-based financial assistance, loan amounts and scholarship
awards for which a student is eligible.
Financial aid, as awarded or borrowed under federal or private programs, cannot
exceed the KCUMB standardized budget and must be used to offset the cost of the
student’s education. This means biomedical sciences and bioethics student borrowers
must live on personal expenses of $1,900 per month for their enrollment period from all
monies available to them, including personal resources, parental assistance, awards,
scholarships and loans. Personal income from the previous year, the income of the
student’s spouse and, in some cases, the income of the student’s parents are also taken
into account when figuring the amount a student can be awarded or can borrow.
Money is available for a student’s direct educational costs and personal support while
he or she receives an education. The student must be frugal and a good money manager
to make the budget work comfortably. The primary federal sources are the subsidized
and unsubsidized Stafford and GradPLUS loan programs. The subsidized Stafford loan is
a low-interest program on which the government pays the interest while the student
borrower is in school and is the loan of first choice. The unsubsidized Stafford and
GradPLUS loans accrue interest from disbursement and are the loans of last resort. Refer
to “Loan Programs and Sources” for maximum borrowing amounts for each program.
A student may not be eligible for the full amount of loans based on his or her needs
analysis application (FAFSA) and the KCUMB standardized budget (Cost of Attendance).
The amount a student can borrow is based on the cost of his/her education and potential
personal contributions, not on the student’s desire for capital.
Students must carefully consider the repayment implications of loan programs and
avoid excessive borrowing. KCUMB has a federally mandated obligation to keep a
student’s indebtedness to a minimum. A student will receive counseling while in school
about the nature of his/her debt and the projected payment schedule. Borrowing money
from these programs is a privilege, not a right; the regulations controlling these
programs change periodically.
The KCUMB Financial Aid Office is in place to assist students in financing their
educations. The office staff will help find money for the student, but the primary
responsibility for the financing of a student’s education lies with the student. This means
that such things as supplying personal documentation, supplying family documentation,
ensuring that a student qualifies for loans by having a favorable credit report and
providing monies for prior commitments are the student’s obligations under the system.
Default of a student loan is failure to repay the loan according to the terms agreed to
in the promissory note. Default also may result from failure to submit requests for
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