Perhaps you are holding off on selecting a college until you have found the perfect school that suits your academic, athletic, personal and social needs. Or, maybe you have had your heart set on a specific institution all your life, your bags are packed and you are ready to hit the road! 

“Awesome!  I’ve been accepted into college!” Pretty soon you’ll shout these words after you rip open that long-awaited envelope carrying the letter that will read: “Congratulations! You have been accepted.”  While your heart will race and your mind will teem with visions of classrooms, campus events, countless friends and a multitude of learning opportunities, your parents might think, “How will we pay the tuition bill?” And after you slip off Cloud 9 and return to Earth, you might wonder the same thing. “Can my parents really afford a private education for me?”

Let’s face it, cost is a big determining factor in selecting the right institution, but it can be affordable. Read on for the facts.

The Facts

Your financial need is determined through a variety of factors and complex federal formulas. The amount your family is expected to contribute for college costs depends on annual income, assets, debts and the number of family members in college.  You might be surprised to know that although your expected family contribution remains the same, more financial aid may be available at a higher-cost college or university.

Aid Opportunities

What sources of aid are out there?  Besides federal loan programs and grants, there are scholarship opportunities, institutional aid, and work-study programs available to cover the difference between what a family will be expected to contribute and the actual college costs.

We strongly encourage you to contact your institution's financial aid office and request information on what is available for your individual needs.  But don’t stop there.  It is important that you thoroughly research your options.

Below are descriptions of the different types of financial aid. You may learn more about these and other aid programs at CFNC.org.

Grants:

• North Carolina Legislative Tuition Grant, $1,950
  Every full-time North Carolina student who has resided in the state for at least 12 months prior to enrolling in a North Carolina independent college or university on a full-time basis, and meets requirements for state residency automatically receives a tuition credit of $1,950 from the State of North Carolina, based on the availability of funds.
   
• North Carolina State Contractual Scholarship Fund, variable
  In addition to the Legislative Tuition Grant, North Carolina resident students attending a North Carolina independent college or university who demonstrate financial need are eligible for Contractual Scholarship Grants, which are funded by the General Assembly.
   
• North Carolina Student Incentive Grants, up to $700
  These grants, funded by the federal and state governments, are offered to legal residents of North Carolina who are full-time undergraduate students and who have demonstrated substantial financial need. The program is administered by the College Foundation, Inc.
   
• Federal Pell Grants, up to $4,350
  These grants are federally funded, and need is determined on the basis of a formula developed annually by the U.S. Department of Education and reviewed by Congress.
   
• Federal Supplemental Education Opportunity Grants (SEOG), up to $4,000
  Funds provided by the federal government enable a college's financial aid office to award additional grants to students who have demonstrated financial need.
   
• N.C. Lottery Scholarships, up to $2,500
  Funds provided by the N.C. Education Lottery to provide financial assistance to needy N.C. undergraduate students enrolled in at least six semester hours.
   
• Academic Competitiveness Grant (ACG), up to $1,300
  Federal grants for recent high school graduates who are eligible for Pell Grant and complete a rigorous program of study in high school. An ACG is available during a student's first and second academic years of undergraduate education in an eligible undergraduate program.
   
• National SMART Grant, up to $4,000
  Federal grant for undergraduate students receiving Pell Grants who are U.S. citizens enrolled full-time in their third or fourth year of an eligible degree program majoring in physical, life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language and have at least a 3.0 GPA.
   
• College Grants and Scholarships, variable
  Colleges and universities provide their own grant programs in addition to those offered by the state and federal governments. In addition to need-based grants, academic and athletic scholarships are provided by the institutions.
   

• Local Scholarships
  Civic clubs and professional organizations award scholarships to students in their
  communities who demonstrate a commitment to the ideals of these groups.
   

Loans

• Federal Perkins Loans
  This program, funded by the federal government, provides loans at 5 percent interest to financially-needy students. Loan amounts are determined by college financial aid officers. Interest accrual and payments on these loans are deferred until nine months after the student leaves college.
   

• Federal Stafford Student Loans/Federal Direct Student Loans (formerly Guaranteed Student Loans)
  These loans are available for students who are accepted for enrollment in participating institutions. A student can qualify for federally-paid interest to the extent of demonstrated need. Payments are deferred until six months after the student leaves college. Students without demonstrated need also may borrow money through this program; however, interest is not subsidized by the federal government. Borrowers are required to make interest payments only on a quarterly basis while in college, or they may defer repayment of interest until after graduation.
   
• Parent Loans for Undergraduate Students (PLUS)
  PLUS loans are federally-insured. Through this program, parents may borrow to pay the total cost of a student's education less any financial aid for which they qualify. Interest begins to accrue on the date of the loan. Repayment begins approximately 60 days from the date of the loan. The current interest rate is 8.5%
   
• Institutional and Private Loans
  Many colleges, universities, and financial institutions have loan funds available to students in addition to those offered by state and federal agencies. Amounts, interest, and repayment schedules vary.
   
• Payment Plans
  Variable payment plans, which permit families to spread out tuition payments, are
  available at many institutions.
   

Work-Study

• Federal Work-Study
  These programs are administered by colleges with funds appropriated by the federal government and the college. Students with demonstrated need are given the opportunity to work at approved jobs.
   
• Part-Time Employment
  Most institutions help students find jobs on and off campus. Students are selected for employment based on their qualifications. Need is generally not considered for this service.

READY. SET. GO!

Gaining acceptance into college, not to mention affording it, is no small feat. We hope that you now feel reassured in knowing that an independent higher education is accessible to you, are confident that you can pursue your dreams, and are ready to start a new chapter in your life. So, congratulations to you on joining the thousands of students pursuing a college education! We are sure you will enjoy your quality, student-focused private education. Oh, one more thing…don’t forget your toothbrush!

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