Financial Aid

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Types of Aid Available

Grants

You may be eligible for a Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), National Science and Mathematics Access to Retain Talent Grant (National SMART), North Carolina Lottery Scholarship (ELS) and North Carolina System Need-Based Grant (UNC Need-Based Grant). For more information about these grants, read the US Department of Education's Publications or visit the CFNC.org web site. For more information, contact the Office of Scholarships & Financial Aid, 910.962.3177.

Scholarships

The largest source of scholarships at UNCW are institutional merit scholarships. Institutional merit scholarships are generally awarded based on stated criteria such as a high grade-point average, SAT or ACT score, or exceptional talent. Other institutional scholarships are awarded based on affiliation with a certain group such as a sorority or fraternity, interest in a specific subject area like math or science, etc.

Need-based scholarships and grants are awarded based upon a student's financial need. Some scholarships are awarded based on both merit and financial need. Primarily, there are five areas of scholarship awards, i.e., Athletic Scholarships/Grants-In-Aid, Honors Program, Diversity Scholarships, Named Scholarships, and scholarships administered by the various academic departments. Further questions should be referred to the UNCW entity which administers the scholarship awards:

• Athletic Scholarships: Recipients of athletic scholarships are determined by the UNCW Athletic Department. Contact the appropriate coach or the Athletic Department for further information.
• Honors Program Scholarships: After review of all incoming student applications, UNCW's Office of Admissions submits its recommendations to the Honors Program. From this list of names, the Honors Program chooses those students who will be offered UNCW Honors Scholarships.
• Diversity Scholarships: Students from under-represented cultural populations will automatically be considered for this award by the UNCW Admissions Office. Students must maintain a 3.0 GPA for renewal.
• Named Scholarships: UNCW has a limited number of scholarships that have been generously donated in honor of individuals and organizations. Each of these scholarships has specific and unique criteria. While some are available each year to one or more students, many only become available every four years, once the current recipient has graduated. For more information, contact the Office of Scholarships & Financial Aid, Warwick Center 140, and review the UNCW Undergraduate Catalogue and Graduate Catalogue. Students who believe they meet minimum eligibility requirements for specific named scholarships are advised to complete the web-based application that is available November 15 through April 1.
• Departmental Scholarships: These scholarships for specific majors are typically awarded during spring semester to currently enrolled students for the upcoming academic year. Contact the academic department directly for application instructions.
• Outside Scholarships. Many UNCW students receive outside scholarships from private foundations, civic organizations, church groups, etc., within their own home communities. We encourage students to check with high schools, local civic organizations and religious institutions to see what scholarships are available. Students may also want to perform a scholarship search using a web-based scholarship search engine. Application for scholarships identified through web searches, since they will be more competitive, since many of these scholarships are available on a state or national level.

Employment

At UNCW, we offer both the Federal Work-Study Program (FWS) and a Work-Assist Work Program for those students who would like to work while enrolled in school. Research shows that students who work while attending college generally have higher grades, graduate faster and find jobs more easily after graduation. For these reasons and the financial benefits, we encourage students to consider employment as an option for financing education. UNCW also has a strong community service program that enables students to work with off-campus agencies, while receiving Federal Work-Study funds. Federal Work-Study is a financial aid award that allows students to accept jobs that work around their class schedules. Earnings are not applied to students' accounts. Students receive a paycheck the 15th of each month for the hours they worked the previous month. The monies may be used for incidental expenditures or saved for future college costs. Students may not earn more than the amount of their work-study award. For more information on the Federal Work-Study Program, read the US Department of Education's Student Guide. UNCW is also committed to the America Reads/America Counts Program and offers students paid opportunities to tutor elementary and middle school children in reading and math.

FWS is a need-based, federally funded program and not all students will qualify. Many departments hire students under the work assist program and financial need is not a consideration. For more information on work assist positions, contact the UNCW Office of Career Services.

Loans

There are several loan options available to assist you in financing your education including Federal Perkins Loan, Federal Student Loans, and Federal Parent PLUS Loans for Undergraduate Students (PLUS).

Beginning fall 2010, all federal student loans are borrowed through the William D. Ford Federal Direct Student Loan Program (Direct). The lender of Direct Loans is the U.S. Department of Education. Federal student loans are awarded to the student, and the student is responsible for repaying federal student loans. There are two types of federal student loans--subsidized and unsubsidized. Students must be enrolled at least half-time in a degree-seeking program to be eligible for federal student loans.

A subsidized loan is a loan in which the federal government subsidizes (pays) the interest for the borrower during the time that the student is enrolled at least half-time in a degree-seeking program. Subsidized loans are “need based” which means the student must demonstrate need by completing the FAFSA and the results must indicate the student has “need.” If that “need” is not met by scholarships and grants, the remainder may be met with a Subsidized Loan. There is a cap on how much in Subsidized Loan funds a student may borrow each year, based upon the student's academic level. A small origination fee is assessed by the federal government at the time of disbursement.

An unsubsidized loan is also available to students; however, the government does not subsidize the interest for the student at any time. The unsubsidized loan is not “need based,” which means the student does not have to have any remaining “need.” The student must apply with the FAFSA, be enrolled in classes at least half-time and be degree-seeking. An unsubsidized loan may be borrowed to attain the reminder of the initial eligible loan amount not met by the subsidized Loan. In some cases, a student may borrow an additional unsubsidized Loan when the student is independent or if a dependent student’s parents are denied a parent PLUS loan.

Federal student loan eligibility is tied to the student's grade level. Depdendent freshmen students may borrow up to $5,500 per academic year; sophomores, up to $6,500; juniors and seniors, up to $7,500.

Students are offered federal student loans each year they complete the FAFSA and are determined to be eligible. Students may accept a partial loan amount in writing, by making changes to the Award Notification, or contacting their financial aid counselor.

Before a federal student loan is finalized, the student must accept the student loan via financial aid award information on SEANET, by signing and returning the printed award notification, by sending an email to their financial aid counselor.

Federal regulations require all federal student loan borrowers complete loan entrance counseling to ensure that all borrowers understand the rights and responsibilities associated with borrowing the student loan. The entrance counseling session must be completed before federal student loan funds can be disbursed to the student's account.

Direct Loan Borrowers Entrance Counseling Requirement

Loan Limits:

PLUS loans are offered to parents to assist with their student’s costs when the student does not have enough other types of financial aid to meet the university’s cost of attendance. Students must be enrolled at least half-time to be eligible for PLUS Loan funds.

PLUS loans are unsubsidized, which means that interest accrues while the student is in school. PLUS Loan repayment normally begins 60 days after the last disbursement of loan funds is made each year (the award is normally for two semesters, half the amount of the loan is disbursed in fall and the other half in spring).Parents may request deferment of loan repayment until the student graduates. A small origination fee is assessed by the federal government at the time of disbursement.

As of fall 2010, all federal education loans are processed through the William D. Ford Direct Loan Program with the U.S. Department of Education. Parents may go to www.studentloans.gov to begin the parent PLUS Loan process.

The PLUS loan application process consists of:

• File the FAFSA each year at www.fafsa.gov.
• Apply. Initiate the parent PLUS Loan application process at www.studentloans.gov.
• Credit Check: Direct Loans performs a credit check for the parent borrower. If credit is approved, the application process continues and UNCW certifies the loan. If credit is denied, the parent borrower has the option to appeal the decision or obtain an endorser. If the parent borrower does not wish to appeal or secure an endorser for the loan, the student is eligible for an additional unsubsidized loan. The parent borrower and/or student must complete the PLUS Loan Origination Rejection Form on our Forms page to notify UNCW of the family’s intentions regarding the loan process should the credit decision be a denial. Additional unsubsidized loan limits for students whose parent loans have been denied are $4,000 for freshman and sophomores and $5,000 for juniors and seniors.

All loans have one common factor which distinguishes them from the other forms of aid; they must be repaid. To determine your monthly payments considering various circumstances, we suggest you use a Monthly Repayment Calculator. We encourage students and parents to make informed decisions about borrowing – having an estimate of what your payments will be should help in budgeting for loan payments.

Reporting to Credit Bureaus

Federal law requires lenders to report loan information and the subsequent monthly payment information to credit bureaus. There has been some concern about what a credit bureau can do with a borrower’s information. A borrower has the right to prohibit a credit bureau from using information in the borrower’s credit record in connection with any credit or insurance transaction not initiated by the borrower. The borrower may exercise this right by calling 888-567-8688, option 2.

Every year the State of North Carolina awards some students Loans for Health, Science and Mathematics. This includes students in the nursing program. Applications may be obtained from the School of Nursing, the Office of Scholarships & Financial Aid, or by calling the NCSEAA at 1-800-700-1775, option 1. Applications are due by June 1.