Financial Aid: Ways to Pay

Grants

We award grants based on financial need. These grants include  the Federal Pell Grant and SEOG.  While both grants are based on the results of the FAFSA, Pell is set by every year by Congress and SEOG is limited funding by the Department of Education. SEOG Awards can range from $1500 - $500 depending on the results of the FAFSA, when the FAFSA was filed, and the availability of funding.

 

 

State Grant

The North Carolina Need Based Scholarship is funded to Private Schools in the State of NC and established by the NC General Assembly. Awards are made based on the results on the FAFSA.

 

Loans 

Direct Stafford & PLUS Loans

A student loan will be Subsidized (need-based) or Unsubsidized (non-need-based). These loans are determined after the Financial Aid Office receives a student’s FAFSA. For the Subsidized Loan interest does not accrue while the student is in school, during 6 months grace period and during deferment periods. The Unsubsidized Loan interest does start to accrue once the loan has disbursed.

The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a low interest loan for which repayment begins upon receipt of loan proceeds. If approved, a PLUS loan enables parents to finance up to the full cost of each student’s education minus other financial aid awarded. If the PLUS Loan is not approved, a student can receive an additional Unsubsidized Loan $4000 for Freshman/Sophomore and $5000 Junior/Senior. 

The interest rate changes every July 1st. All loans require a signed master promissory note (MPN). This is the contract between the borrower and the Department of Education, that includes the terms and conditions under which the borrower promises to repay the loan. The MPN must be completed prior to any loan proceeds are disbursed. You can apply online at https://studentloans.gov. You will need your User Name and Password (the same information you used to sign the FAFSA) to sign in to the website.

 

FASTChoice (Comparing Private Loan Lenders)

Here is a link to our home page with FASTChoice.  FASTChoice allows you to explore the options that are available when seeking private loans. The FastChoice home page is simple to browse, displaying three basic options (undergrad, parents, and repayment information).

 

Integrity of Lenders and Student Loans

We hold our responsibility and obligations to our students and their families in high regard.  Nationally, there is significant scrutiny to the relationship of higher education institutions and the financial lending industry.  Over 400 colleges and universities have been found to be participating with lenders for preferred treatment.  We have NOT participated in any such action.  Our Financial Aid Office has been through several audits that provide appropriate verification.

The National Association of Student Financial Aid Administrators (NASFAA) adopted a 12-point Statement of Ethical Principles that has served as a common foundation for accepted standards of conduct for the financial aid professional. Recognizing that the primary goal of the financial aid professional is to help students achieve their educational potential by providing appropriate financial resources, the statement addressed the standards that should be followed by these individuals in conducting their daily responsibilities.  We have adopted these principles as an integral part of our responsibilities.

The Code of Conduct in its entirety is available on the NASFAA Web site.