Income & Financial Aid
Income = Money Earned
The first step in managing your finances is to follow how much money you have coming in. Sources of income include earnings received as wages, salaries or the money made from last weekend's garage sale. Even an allowance from parents can be considered income.
Some students will work while they are in school with a part-time job on- or off-campus or a work-study program. For help finding a job while in college, check out Career Services for KU Students. To find a job on-campus, head to employment at KU.
Other job resources include the local newspaper, such as the Lawrence Journal World and University Daily Kansan, and dedicated job boards, like CareerBuilder and Monster. And don't forget to reach out and talk to friends, family, instructors, and administrators to build your own network of job contacts.
Just remember that taxes and other withholdings will automatically be deducted from your paycheck so your take home pay, or "cash in your pocket" will likely be less than the hourly wage earned.
Please click here to see sample paycheck statement.
Grants & Scholarships = Money Awarded
Many students will pay for their schooling and cover living expenses through grants, scholarships, and/or student loans. Typically, you do not need to pay back money received from a grant or scholarship. (Don't forget to send a letter of thanks to the donor!) However, you will need to pay back student loans after graduation.
So why not start with "typically free" money?
Student Loans = Money Borrowed
If savings and a job do not cover your college expenses and a scholarship isn't for you, you will likely need to borrow money for school. Student loans usually have low interest rates and do not require payments until after you leave college. In fact, if you are eligible for a subsidized loan, the U.S. government will pay your accrued interest while you are earning a degree. Just remember this is a loan and all loans need to be repaid.
The followings are some useful information about student loan.
- Application Process Checklist for Undergraduate Students
- Federal Aid Programs at Glance
- Financial Aid and Loan Forgiveness Opportunities for future teachers
- Financing Graduate Education for Prospective Students
- Graduate Students and Graduate PLUS Loans
- Documentation of Independent Student Status Form 2015-2016
- Information for Edwards Campus Students
- KU Endowment Association Loan Program
- Financial Aid Opportunities for Pharmacy Students
- Parent PLUS Loan for Undergraduate Students Checklist
- Private/Alternative Loans
- Satisfactory Academic Progress for Undergraduate Students
- Scholarships & Grants for International Students Checklist
- Study Abroad Checklist for Federal Financial Aid
- TEACH Grant Information
- Transferring from One School to Another
- Withdrawing and/or Dropping Classes
- Repay Your Loans
For more information, please visit KU Financial Aid & Scholarships.
Remember to read the statements received from your lender, keep a file for your records, and call your lender if you do not understand the terms!
How can Student Money Management Services help?
SMMS can help educate KU students on income and financial aid options.
also check out..
KU Financial Aid TV: Money Basics