Financial Services FAQ
What is TKU's FAFSA school code?


What is financial need?

Financial Aid is based upon need. Need is defined as the difference between the cost of attending The King’s and the Expected Family Contribution (EFC) toward the cost. The Federal “Free Application for Federal Student Aid” (FAFSA) is the form from which the EFC is calculated.

What is included in the cost of attendance?

Cost of attendance includes tuition, fees, books, room and board, transportation and personal expenses. Basically what it would cost to live and attend school. The Department of Education requires that each university prepare 9 Month Cost of Living Budgets based on average costs of its students living at home with parents, on-campus housing, and off-campus. These Cost of Attendance budgets are adjusted depending on the number of semesters enrolled and the enrollment status (full-time, 3/4-time, and half-time).

How is the Expected Family Contribution (EFC) calculated?

Your EFC is calculated using a standard Congressional formula. The Free Application for Federal Student Aid collects the information such as family size, number in college, whether you are a dependent or independent or parents, and you and your family’s income and assets. This information is used to determine what the family can reasonably be expected to contribute toward your education.

Is aid available if I already have a bachelor's degree?

Federal grants are not available once you obtain your first bachelor’s degree. Loans and work-study are the main types of aid available to students with bachelor’s degrees. Additionally, some students may qualify for institutional scholarships.

Is the aid available for summer school?

Yes, there is limited aid available for summer school but you need to plan ahead. We normally offer you the annual loan limit for fall/spring. If you need loans for summer you may want to borrow less for fall/spring. Remaining Pell Grants are available in the summer only for students who were part-time or who were enrolled for only part of the school year.

Where can I search for additional financial aid resources?
How do I use the data retrieval tool on the FAFSA?

The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA), and transfer the data directly into their FAFSA from the IRS website. If you are eligible to use the IRS Data Retrieval Tool, we highly recommend using the tool for several reasons:

  1. It’s the easiest way to provide your tax data.
  2. It’s the best way of ensuring that your FAFSA has accurate tax information.
  3. You won’t need to provide a copy of your or your parents’ tax returns to your college.

Students or parents who are married and filed as Married Filing Separately, are married and filed as Head of Household, filed an amended tax return, or filed a Puerto Rican or foreign tax return are not eligible to use the IRS Data Retrieval Tool, and will need to enter their tax return information manually. Additionally, students or parents who filed their tax returns electronically within the last three weeks, or through the mail within the last eight weeks, might need to either enter their tax return information manually or return at a later date to transfer their tax return information into the FAFSA, as their tax return information might not be available for transfer from the IRS. If you are eligible to use the IRS Data Retrieval Tool, then click Link To IRS to transfer your tax return information from the IRS Web site into your FAFSA. (Note: If you previously transferred your tax return information from the IRS, or you indicate that you filed your tax return electronically within the last three weeks or through the mail within the last eight weeks, then the Link To IRS button displays once you click the “View option to link to the IRS” hyperlink.) If you are ineligible or otherwise choose not to use the IRS Data Retrieval Tool to retrieve tax information, your college may require a copy of your IRS Tax Return Transcript (or your parents’ IRS Tax Return Transcript, if you are a dependent student).

When are financial aid disbursements typically processed?

Disbursements of all financial aid funds are typically completed in the second week of classes after attendance is verified during the first week of classes.* From the date of disbursement, TKU has 14 days to distribute any credit balance refunds to students.

*Exception is made when student is only enrolled in TKU’s Online Session 2. In this case, disbursements are typically made the second week of that session.