Types of Aid

What’s an “award package”?

An award package is a combination of types of aid from different sources you may be offered to help pay for educational costs, after you are accepted for admission and have completed all financial aid steps and requirements.

Types of Aid:  

• Scholarships and Grants: given to you to assist with your educational costs.
• Loans and Federal Work Study: offered to you to help yourself financially by borrowing and working.  

Sources of Aid:

• Federal: U. S. Department of Education
• State: North Carolina or your state of residence
• Institutional: UNCSA
• Private: Opportunities you seek on your own

Awards may be based on demonstrated need, merit, or both. Merit-based aid is awarded based on talent and abilities. At UNCSA, each of the five arts schools may award institutional scholarships because of artistic merit demonstrated by your audition or interview. Need-based awards are based on need, demonstrated with your application for financial aid. 

Eligibility

To be eligible to receive need-based aid:

• Complete your Free Application for Federal Student Aid (FAFSA)
• Be a U. S. citizen or eligible non-citizen. For international students, only limited merit scholarship funds may be available.
• Have a Social Security Number
• Be enrolled at least half-time (for most aid) in an eligible program: Bachelor’s Degree, Master’s Degree, Professional Artist Certificate. Undergraduate Arts Certificates are not eligible programs.
• Be registered for Selective Service, if you are a male.
• Maintain satisfactory academic progress according to the Satisfactory Academic Progress (SAP) Policy.

Award Specifics

Scholarships

Scholarships can be awarded based on need as a result of your FAFSA, can be awarded based on talent or combination of talent and need, or can be awarded by private sources you seek on your own.

If you are awarded a scholarship from a source outside of UNCSA, report it to the Office of Student Financial Aid. It is possible your award package may need to be adjusted. See the UNCSA Bulletin listing specific scholarships offered by the University of North Carolina. Here are a few of our scholarships:

• James Lee Love Scholarship
• C.M. and M. D. Suther Scholarship
• A.P. and Frances Dickson Scholarship
• William R. Kenan, Jr. Excellence Scholarship

Federal Grants
Federal Pell Grant Program

• For undergraduate college students, pursuing their first Bachelor's degree
• Based on their EFC (Expected Family Contribution) from the FAFSA (Free Application for Federal Student Aid)
• Awards vary each academic year according to federal funding.
• Pell Grants currently range from $740 to $7,395

Federal Supplemental Educational Opportunity Grant (FSEOG)

• For undergraduate college students with exceptional financial need receiving Pell Grant. 
• The award amount varies, depending on the student's financial situation.  Funding is limited.

North Carolina State Grants 

• Next NC Scholarship

To find application deadlines for grants from your state.

Campus-based Grant
Awarded from UNCSA, based on categories of demonstrated need.

Loans

Federal Direct Loans

• Loans are borrowed from the U.S. Department of Education.
• Students must be enrolled at least half-time to qualify.
• Direct Subsidized Loans are made to eligible undergraduate students with financial need.
• Direct Unsubsidized Loans are made to eligible undergraduate and graduate students, but the student does not have to demonstrate financial need.
• Direct PLUS Loans are made to graduate students and parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid.

To receive loan funds:

• Student borrowers need to complete Entrance Counseling to help understand their obligation to repay the loan.
• Student and parent borrowers need to sign a Master Promissory Note (MPN), agreeing to the terms of their loans.
• Entrance Counseling and Master Promissory Notes are completed online.
   

Alternative (Private) Student Loans 

These loans are borrowed from a private educational lending company selected by the student and/or parent, and the student and/or parent then contacts the lender directly to submit an application.

Private education loans are credit-based loans offered by private lenders to help students bridge the gap between the cost of attendance and the amount of federal, state, and institutional aid that is awarded. 

They are generally more expensive than Federal Direct Loans for students and parents.  Students must complete and submit the FAFSA each year and respond to all aid offers before a private loan can be certified. The Office of Student Financial Aid is available to provide information and guidance to help students plan financially, in order to make the most informed borrowing decisions. 

Federal loans are generally the best option and should be your first consideration. Laws passed by Congress set federal loan interest rates and fees and define clear terms and conditions for these types of loans.

However, private loans provide another borrowing option. Private loans may have varying interest rates and limited repayment options. You should consider private loans as a “last resort” lending option.

Private loans often require a good credit history and/or a co-signer with a good credit history.  These loans are usually more costly than federal education loans with interest rates and repayment terms that generally are not as advantageous to the borrower.

An option that you can use to review and compare private lenders is available at this link: Elm Select 

The Office of Student Financial Aid has partnered with ELM Select to provide this loan comparison tool for our students. UNCSA does not endorse any lender or its loan products listed on this page. Students and families are encouraged to choose the loan option that best fits their individual needs. This list is provided as a resource to support that decision-making process. UNCSA will certify private loans from any lender you select, even if the lender is not included on this list.

The lender you choose will provide you with current interest rates, processing fees, and co-signer requirements. The lender determines loan interest rates based on the student's and co-signer’s creditworthiness.

Federal Work Study

• Federal Work-Study (FWS) is a federal need-based program
• College students are offered job opportunities to earn wages to meet expenses. 
• Students participating in this program at UNCSA work an average of 4 hours per week.