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 2. Complete the FAFSA • Parents and students need to register • Complete the FAFSA at for Federal Student Aid ID (FSA ID) at fafsa.ed.gov fsaid.ed.gov • FAFSA is FREE – do not pay – Do not use a school or employer completion or submission fees email you may not have access to • Start applying as early as October in the future 1 and no later than March 1 (aid is – Remember your FSA ID awarded “first come first served”) username and password • North Carolina State University – Do not share your FSA ID institutional code: 002972 username and password • Apply with prior prior year tax • The FSA ID and Password will be data (use IRS Data Retrieval used the entire time you are in school: function) – Access your information • Turn documents in quickly if – Submit your electronic signature selected for Verification (audit of – Apply for federal aid (FAFSA) your FAFSA) every year • Contact your financial aid – Complete federal loan paperwork 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 Expected Financial Attendance Family Need (COA) Contribution (EFC) •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 What is the “Financial Aid Summary of aid offered Award Letter” or the Summary of estimated “Financial Aid Package”? costs 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 CFNC.org *Apply National *Apply NCSU Learn more at go.ncsu.edu/scholarships University-Wide and College-Specific Scholarships – apply after being admitted go.ncsu.edu/packassist • Pack ASSIST Scholarship application portal – University-Wide Scholarships – College-Specific Scholarships *College of Textiles excluded* – Apply immediately after being admitted (Apply by Feb 15th for priority consideration) – go.ncsu.edu/packassist Contact us Contact us if you have questions! We are here to help you. Phone: (919) 515-NCSU Email: [email protected] Web: go.ncsu.edu/financialaid QUESTIONS?.