Types of Aid
Most federal student aid is need-based, taking into account an expected family contribution (EFC). Need-based financial aid comes in three basic types:
- Grants and scholarships, which are considered gift aid and generally don't have to be paid back (sometimes a repayment is required if a student withdraws);
- Work-study, which is money that you earn by working part-time while in school; and
- Loans, which are funds that you (or your parent) borrow and must be paid back, usually after you leave school.
Federal Pell Grant
The Pell Grant is a federal entitlement program that provides funds to students enrolled at approved colleges. The Estimated Family Contribution (EFC) number on the Student Aid Report (SAR) determines the amount of each grant. This information is generated through the Department of Education and is mailed or emailed to the student.
Eligibility is based on the following:
- Enrollment as a regular student in an eligible program
- U.S. citizenship or permanent residence with proper documentation
- Undergraduate student not previously receiving a bachelor’s degree
- Does not owe a refund on a Pell Grant, Supplemental Grant or Student Incentive Grant received to meet the cost of attending any institution
- Not defaulted on any Perkins, Federal Stafford Loan, or PLUS Loan received to meet the cost of attending any institution
- In compliance with the Selective Service Registration requirements
Federal Supplemental Educational Opportunity Grant (FSEOG)
The Supplemental Educational Opportunity Grant program is a federal program that provides money to a limited number of undergraduate students who demonstrate financial need. Supplemental grants range from $200 to $4000 per academic year depending on your need and availability of funds.
Federal Work-Study Program (FWS)
The Federal Work Study Program is a federal need-based work program. Eligible students receive on campus employment and a monthly check for the hours they worked. This award cannot be deducted from their student account as they have to earn the award. This award gives the student spending money to help pay for their indirect cost.
North Carolina Grants
North Carolina Need Based Scholarship
A scholarship awarded by the state of North Carolina to NC resident students who demonstrate financial need. Need is determined by completing the FAFSA.
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