North Carolina State University Office of Scholarships and ...

North Carolina State University Office of Scholarships and Financial Aid

go.ncsu.edu/financialaid

What is Financial Aid?

Grants

? generally need-based; no repayment

Employment (Work-Study)

? student earns funds by working; no repayment

Student and Parent Loans

? repayment required

? Subsidized: government pays interest while in school

? Unsubsidized: interest accrues while in school

? Parent PLUS: parents of dependent students can apply for a Parent PLUS loan

Scholarships

? merit only or merit with financial need; no repayment

Applying for Financial Aid

1. Get your FSA ID

? Parents and students need to register for Federal Student Aid ID (FSA ID) at fsaid. ? Do not use a school or employer email you may not have access to in the future ? Remember your FSA ID username and password ? Do not share your FSA ID username and password

? The FSA ID and Password will be used the entire time you are in school: ? Access your information ? Submit your electronic signature ? Apply for federal aid (FAFSA) every year ? Complete federal loan paperwork

2. Complete the FAFSA

? Complete the FAFSA at fafsa.

? FAFSA is FREE ? do not pay completion or submission fees

? Start applying as early as October 1 and no later than March 1 (aid is awarded "first come first served")

? North Carolina State University institutional code: 002972

? Apply with prior prior year tax data (use IRS Data Retrieval function)

? Turn documents in quickly if selected for Verification (audit of your FAFSA)

? Contact your financial aid counselor when you have questions or special circumstances to discuss.

The Results of the FAFSA: EXPECTED FAMILY CONTRIBUTION

(EFC)

? The information you report on the FAFSA is used to calculate your Expected Family Contribution (EFC).

? Your EFC is a measure of your family's financial strength.

? Schools use the EFC to determine your federal student aid eligibility and financial aid award.

Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate the amount of student aid you are eligible to receive.

Cost of Attendance ? estimated annual expenses

Cost of Attendance

(COA)

Expected Family

Contribution (EFC)

Financial Need

?Cost of Attendance varies by institution ?EFC is the same regardless of school (FAFSA results) ?Financial need will vary based on the cost of attendance ?Cost of attendance minus Expected Family Contribution equals Financial Need

DETERMINING FINANCIAL NEED

Compare Schools

Summary of aid offered

Summary of estimated costs

What is the "Financial Aid Award Letter" or the "Financial Aid Package"?

What is the bottom line cost to you?

Do not just look at the aid offered.

Look at the Cost of Attendance less the total aid offered.

Shopping sheet

Scholarships

Apply Apply Apply!!!!!

*Apply Local *Apply *Apply National *Apply NCSU

Learn more at go.ncsu.edu/scholarships

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