Financial Aid

Financial Aid Is… …money from federal, state, and private institutions used to pay for college costs. …this may be in the form of loans, grants, and/or scholarships.

Cost Differences Tuition and Fees Room and Board Books and Supplies Community College In-State Public University - UNCW Private Institution Tuition and Fees $1,725 $6,647 $44,101 Room and Board 3,333 9,862 11,770 Books and Supplies 1,312 1,082 1,000 Transportation 2,004 1,690 775 Miscellaneous Costs & Health Ins 4,244 3,158 1,697 TOTAL $12,585 $22,503 $59,343

Common Terms & Acronyms FAFSA Free Application for Federal Student Aid SAR Student Aid Report EFC Expected Family Contribution COA Cost of Attendance FERPA Family Education Rights and Privacy Act

Calculating Financial Need FINANCIAL NEED = COA – EFC For example: UNCW COA $22,503 - (EFC) = 5,000 Financial Need $17,503

Types of Federal Aid Federal Grant Programs Federal Work-Study Program Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Federal Work-Study Program Loans Direct Loans Subsidized and Unsubsidized - students Direct PLUS Loans – parents Apply for all at www.fafsa.ed.gov

Types of North Carolina Aid Grants/Scholarships NC Education Lottery Grant University of North Carolina Need-Based Grant Apply by filing FAFSA Forgivable Education Loans for Service (FELS) Nursing Teaching Allied Health Fields or Medicine Apply with College Foundation of North Carolina www.cfnc.org

Types of UNCW Aid Grants SOAR Ambassador Program Institutional Grants Apply with FAFSA by priority date March 1 www.fafsa.ed.gov

Types of UNCW Aid (cont) Scholarships Most awards range between $500 and $5,000 a year www.uncw.edu/finaid/scholarships.html OSFA merit awards for 1st yr students– by March 15 University awards– after May 1 The Admissions Office also offers a limited number of merit-based scholarships to entering freshmen, independent of the scholarship application, based on their Admissions application. Scholarship recipients will be notified via their UNCW email addresses by February 1.

Private Sources Scholarships Non-federal Loans Local Organizations and Clubs Employers of Parents/Students Scholarship Search Engines (DO NOT PAY) Non-federal Loans

TIPS Start a folder for financial aid documents Keep award letters, correspondence, etc. Know your financial aid Does aid require full-time enrollment? Is your aid renewable? If so, how? Has your aid been received? Apply for Financial Aid EARLY! (FAFSA October 1) Borrow as little as possible Start saving now. You could buy books, supplies, and dorm needs with the savings

Links to Remember www.fafsa.ed.gov www.studentloans.gov www.cfnc.org FAFSA & FSA ID Creation www.studentloans.gov www.cfnc.org www.uncw.edu/finaid Costs Scholarships

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