College Financial Aid
College Financial Aid Information
There are several different ways that students can receive money for college (2 year and 4 year).
FAFSA (Free Application for Federal Student Aid) must be completed to qualify for federal
loans and grants. The window opens in December, 2023
Types of Aid:
Scholarships
There are two types of scholarships -
Merit Based and Need Based Scholarships. These do not need to be paid back
Grants
These are typically need based and received through completing the FAFSA application.
These also do not need to be paid back.
Loans
These will have to be paid back.
Federal Loans are typically better to get because they have lower interest rates.
These are a few of the typical loans:
Subsidized Federal Student Loans- Federal government pays interest while you are in college
Unsubsidized Federal Student Loans- Interest is added to loan the minute you take out loan. Often students pay the interest while in college so they aren't paying "interest on interest."
Parent PLUS Loans- Loans made to parents/guardians.
Perkins Loans- Loans made by schools for students with exceptional financial need.
Work Study
Student works on college campus in exchange for money used for college expenses.
Websites for Financial Aid Information
These videos will help explain FAFSA better:
https://www.youtube.com/watch?v=GGhGw5sko6E
The student AND the parent/guardian must obtain a FAFSA ID. This is necessary because it is how the student and the parent/guardian sign the FAFSA.
https://www.youtube.com/watch?v=iTb7hMVtzco
Students must attain a Residency Certification Number (RCN) before applying to colleges in the UNC System. This is necessary for financial aid reasons (to get state aid) and for college admissions as they accept a certain number of in-state and out-of-state students.