Exploring Nc State's Institutional Loans Availability

North Carolina State University offers a variety of financial aid options to its students, including scholarships, grants, loans, and work-study programs. The university aims to make its education accessible and affordable for all students. The cost of attendance at NCSU can be intimidating, but financial aid helps bridge the gap between the cost of attendance and what families can afford. The university provides need-based self-help aid, including federal loans and work-study programs, with an average award of $3,112 for first-year students. Additionally, the university offers merit-based aid, also known as non-need-based aid, for specific talents or academic achievements, with an average award of $5,501 for first-year students. NC State also has institutional loans and aid available for students.

North Carolina State University's tuition fees

North Carolina State University (NCSU) is a public research university with over 30,000 students, making it the largest university in Carolina. The university offers a wide range of disciplines, including engineering, agriculture, science, humanities, and education. The acceptance rate of NCSU is around 46%-47%, indicating a selective admission policy.

Tuition fees at NCSU vary depending on the program and level of study. For undergraduate students, the 2021-2022 academic year tuition was approximately $9,421 per year for in-state students and $29,220 per year for out-of-state students. The total cost, including tuition and fees for library services, student gym facilities, student centers, technology resources, and campus health centers, is $26,930 for in-state students and $49,801 for out-of-state students. NCSU also offers various scholarships and financial aid to its students, including need-based and merit-based aid, as well as work-study programs.

For international students, the estimated cost of attendance, including tuition and living expenses, is between $35,000 and $40,000. NCSU offers scholarships specifically for international students, including college-based scholarships, employer-affiliated scholarships, and miscellaneous funding. Additionally, there is an application fee of $100 for undergraduate and $75 for graduate students.

Federal loans and work-study programs

North Carolina State University offers need-based self-help aid, which includes federal loans and work-study programs. The average need-based self-help aid awarded to first-year students is $3,112.

The Federal Work-Study Program is a form of federal student aid that provides college students with financial need the opportunity to gain valuable work experience while attending college, career school, or trade school. It is important to note that work-study funds are not guaranteed each year and are typically intended for day-to-day expenses. Students receive their work-study funds through regular paychecks, and these earnings do not impact future student aid eligibility.

To be considered for the Federal Work-Study Program, students must submit the Free Application for Federal Student Aid (FAFSA®) form as early as possible. Students who file their FAFSA form early usually have a higher chance of receiving Federal Work-Study funds. Once awarded and accepted, students can start looking for a job. Some schools may match students to jobs, but most require students to find, apply, and interview for positions on their own. It is recommended to check with the school's financial aid office and student employment center for guidance.

The Federal Work-Study Program offers part-time jobs, with work hours planned around the student's school schedule. While some work-study jobs are on campus, many nonprofits also offer opportunities to earn wages through community-based work, such as tutoring children at a local school. Each work-study job has a different pay rate and provides a unique work experience.

Scholarships and grants

North Carolina State University offers a range of scholarships and grants to its students. The university's tuition fees are $8,986 for in-state and $33,034 for out-of-state students. The total cost, including food and housing, books and supplies, and transportation and personal expenses, is $26,930 for in-state students and $49,801 for out-of-state students.

NC State University offers grant funding from various sources, including federal government funds, state of North Carolina funds, and institutional funds from NC State itself. Students are automatically considered for grants based on the information provided in their Free Application Federal Student Aid (FAFSA). Examples of grants include the Federal Pell Grant, offered to students with significant financial need, and the Federal Supplemental Educational Opportunity Grant (SEOG) for students with exceptional financial need.

The university also provides merit-based aid, also known as non-need-based aid, which is awarded for specific talents or academic achievements. The average non-need-based scholarship or grant awarded to first-year students, excluding any athletic scholarships, is $5,501. Additionally, some students receive enough scholarship money to cover their tuition and living expenses.

NC State University offers a Distinctive Scholarship Program with specific details and deadlines for each scholarship. The NEXT NC Scholarship, for example, is for North Carolina residents with financial need enrolled in at least six credit hours at one of the 16 UNC institutions or a North Carolina Community College. To be eligible for North Carolina State grants, students must establish and maintain North Carolina residency.

Student loan debt

To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) by the priority deadline of March 1. Financial aid packages at NC State may include a combination of gift aid (scholarships and grants), student loans, and/or employment through the Federal Work-Study program. The university also offers a variety of scholarships for incoming first-year and continuing students, and students can apply for scholarship consideration through the PACK ASSIST portal. Additionally, NC State is G.I. Bill certified, and students can explore other scholarships and grants through private organizations based on their place of residence, background, professional affiliations, or field of study.

To reduce student loan debt, it is recommended that students work during their school term. Schools offer work-study programs and campus jobs, which can help students earn money to cover their expenses. Students can also explore external loan options, such as the NC Assist Loan, which offers a fixed interest rate and covers up to 100% of school costs. Another option is the NC Forgivable Education Loans for Service (FELS), which provides funding for students enrolled in an approved program and requires recipients to work in North Carolina in a designated critical employment shortage profession.

It is important for students to carefully consider their financial options and plan their repayment strategy to manage their student loan debt effectively. Ideally, total student loan debt should not exceed one's anticipated starting salary after graduation. By utilizing a combination of financial aid, scholarships, grants, work-study programs, and external loan options, students can reduce their reliance on student loans and minimize their overall student loan debt.

NC Forgivable Education Loans for Service (FELS)

The North Carolina Forgivable Education Loans for Service (FELS) is a financial assistance program for students who plan to work in North Carolina in designated critical employment shortage professions. To qualify for the loan forgiveness, students must meet the following requirements:

• Enroll and graduate from a FELS-approved program at a FELS-eligible institution. The FELS Advisory Committee reviews eligible programs each academic year.
• Obtain licensure from the relevant licensing board.
• Notify NCSEAA of your intent to repay through loan forgiveness within 90 days of graduation or completion of your approved education program.
• Complete loan forgiveness within ten years of graduation, excluding periods of approved deferments. Generally, a loan for one academic year will be forgiven for one year of full-time employment.
• Seek employment in an approved position.

Recipients of the FELS loan must sign a promissory note agreeing to seek loan forgiveness through employment in an approved position or repay the loan in cash. The interest rate for these loans is 7% per year from the date of loan disbursement. It is important to note that recipients cannot receive FELS funding concurrently with other state-funded loans.

Frequently asked questions