Financial Aid: Types of Aid & Scholarships - Fayetteville Technical Community College (2024)

910-678-8242

finaid@faytechcc.edu

A Minute to Learn

Grants are a type of financial aid that are typically need-based and do not have to be repaid (unless you withdraw from school and owe a refund).

Federal Pell Grant

Amount Awarded: $7,395 per academic year

Eligibility Criteria: This award is awarded to undergraduate students based on the results from your Free Application for Federal Student Aid (FAFSA). This information is used to determine your Expected Family Contribution (EFC), which is calculated by a formula established by law. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that we use to determine how much financial aid you would receive if you were to attend FTCC. If your EFC is below a certain number, you’ll be eligible for a Federal Pell Grant assuming you meet all other eligibility requirements. The amount of your Pell Grant depends on your EFC and your enrollment status (full time, three-quarter time, half time, or less than half time). Eligible students are allowed to receive Pell for up to 12 full-time equivalent semesters.

Federal Supplemental Education Opportunity Grant (FSEOG)

Amount Awarded: maximum of $1,000 for fall/spring and $500 for summer, subject to availability

Eligibility Criteria: FSEOG is awarded to undergraduate students who are Pell grant eligible and who show exceptional financial need. Because FSEOG funds are limited, they are awarded to students who apply and complete their financial aid files early. FSEOG funds are not subject to proration. You must be enrolled in 6 credit hours to receive the awarded amount.

NC Scholarship

Amount Awarded: Varies

Eligibility criteria:

• Be a North Carolina resident as defined by the North Carolina Residency Manual
• Enrolled in at least 6 credits (aid is adjusted based on registration status)
• Be admitted, enrolled and classified as an undergraduate student in matriculated status in a degree, certificate, or diploma at one of the 16 institutions of the University of North Carolina or North Carolina Community College systems

12+ credit hours = full award
6-11 credit hours = half the award
Fewer than 6 credit hours = not eligible

Next NC Scholarship

Amount Awarded: Varies

Eligibility criteria:

• Be a North Carolina resident who is eligible for in-state tuition
• Be a high school graduate (high school equivalency completers are eligible)
• From a household with an annual Adjusted Gross Income (AGI) or $80,000 or less
• Enrolled in an eligible undergraduate curriculum program for the 2024-25 academic year
• Enrolled in at least 6 credits per semester (part-time students will receive partial award)
• Meeting the Satisfactory Academic Progress standards of the school you plan to attend
• A student who has completed the 2024-2025 FAFSA, with a resulting Student Aid Index (SAI) at or below 7,500 (once complete, the financial aid office at the college/university you plan to attend will determine and confirm eligibility.)

Parents for Higher Education Child Care Grant

FTCC is pleased to offer financial assistance to our students through child care grant funding. The Parents for Higher Education Child Care Assistance Program (PFHE) provides financial assistance with child care tuition for full-time FTCC curriculum students. Approval is based on the greatest need.

Eligibility Requirements

• Must be enrolled in at least 12 credit hours (half (½) of your total credit hours must be face to face classes)
• Have a 2023-2024 Federal Student Aid (FAFSA) application on file with the Financial Aid office
• Cumulative GPA of 2.0 or higher
• Household income must be at 200% or below the Federal Poverty Level

Note: If you are currently receiving child care assistance through your county’s department of social services, you are ineligible for the PFHE program.

For additional information about the childcare grant, please visit: https://www.faytechcc.edu/ccg

For more information contact:

Dixie Canon
Parents for Higher Education (PFHE)
Tony Rand Student Center Office 109
canond@faytechcc.edu
910-678-8486

Types of Loans

Federal Direct Stafford Loans

The Federal Direct Stafford loan program allows students to borrow low-cost educational loans from the federal government. To be eligible for a Direct Stafford loan, students must be enrolled at least 6 hours. Repayment of these loans begins 6 months after students leave school or fall below half time enrollment.

There are two types of Federal Direct Stafford loans: subsidized and unsubsidized. For detailed information about Federal Direct Stafford loans, visit the U.S. Department of Education.

1. Subsidized Loans (Undergraduates Only)
   Federal Subsidized Direct Stafford loans are need based loans. They are subsidized in that the federal government pays the interest on the loan until repayment begins.
2. Unsubsidized Loans
   Federal Unsubsidized Direct Stafford loans are not need based. Interest begins accruing from the date of first disbursem*nt. You can choose to pay the interest quarterly while in school, or you can allow it to accumulate and be capitalized when repayment begins.

FTCC has teamed up with Solutions at ECMC to answer all of your student loan repayment questions. Solutions is a service of the non-profit organization ECMC and is dedicated to helping students manage educational loans. Their resources are available to you free of charge. To contact a Solutions Student Loan Repayment Advisor, you can email or web chat or call them at 1-877-331-3262. (NOTE: ECMC’s website may not be ADA compliant).

Department of Education Student Loan Repayment Estimator
The Department of Education provides a student loan repayment estimator to help students plan for loan repayment: Loan Repayment Estimator

Disclaimer

If students choose to use an outside lender, FTCC is prohibited from selecting or recommending any specific outside lenders to students. Students can search for a complete list of national lenders who participate in the Federal Stafford Loan Programs through the Department of Education website at www.ed.gov.

Disbursem*nts

In order to receive a loan disbursem*nt, the following must be complete:

1. Student Entrance Counseling Module
2. Master Promissory Note
3. Enrolled in at Least 6 Credit Hours

Loans are dispersed in three installments. Receipt of loans will vary depending on the update policies of your personal bank. Please allow 2-3 business days for the refund to arrive at your bank.

Things to Remember

1. Your financial aid amount is based on the number of hours you are reported attending. If you have a course that begins later in the semester, your financial aid amount will be reduced until attendance is reported in that course.
2. Loans are disbursed in three installments each semester for those participating in the William D. Ford Subsidized and Unsubsidized loan program.
3. Loan disbursem*nt amounts are affected by the number of credit hours taken plus the start dates of the courses taken. Adding or withdrawing from courses may affect your disbursem*nt dates and amount.

For more information, please visit the Financial Aid Service Center in Room 2 of the Tony Rand Student Center.

Interest & Fees

There are a variety of interest rates for Federal Direct Stafford loans, depending on date of disbursem*nt, subsidized/unsubsidized, undergraduate/graduate, fixed/variable rates. The rates can range from around 3%-8%.

Origination Fees

There is a 1% origination fee for Federal Direct Stafford loans. So, if you borrow $1,000 in Federal Direct Stafford loans, you will receive a net disbursem*nt of $990.

Should I Accept My Loan?

If you need additional assistance to fund your education, applying for loans is easier than ever. FTCC automatically provides an estimate of the maximum amount and type of loan(s) that you are eligible to receive.

Important Loan Information

Before accepting a loan, please read and understand the following:

– Loans accrue interest and must be paid back.
– You are under no obligation to use a government loan.
– Even if you accept a loan, there are six things that you must do to receive a disbursem*nt:

1. Confirm that your high school transcript, GED or Adult High School Diploma is on file.
2. Confirm that your program of study is eligible for Financial Aid.
3. Log in to Self-Service and view “My Awards.”
4. Complete the Student Entrance Counseling module at https://studentaid.gov/entrance-counseling/
5. Complete your Master Promissory Note at https://studentaid.gov/mpn/.
6. You must be enrolled in at least 6 credit hours.

Note: Failure to complete all requirements will result in not receiving a loan.

Videos

Review the information in these short videos to educate yourself about student loans:

William D Ford Federal Direct Loan Program

A Federal Direct Subsidized Loan is made by the Department of Education to students enrolled at least half time (six (6) credit hours at FTCC) whom demonstrate financial need. Financial need is determined based on the information the student submits on their Federal Application for Student Aid (FAFSA) application. Students may borrow up to $3,500 per academic year as a freshman (less than 31 credit hours earned) and $4,500 per academic year as a sophom*ore (31 or more credit hours earned). The federal government pays the interest while the student is in school at least half time, during the six-month grace period and during all deferment periods for the Federal Direct Subsidized Loan. If a student requests a Federal Direct Subsidized Loan, based on financial need and academic eligibility, the Financial Aid Office will award the maximum amount authorized. Students may decline either part or the entire award amount if so desired.

Federal Direct Unsubsidized Loan

A Federal Direct Unsubsidized Loan is a low interest loan made by the Department of Education which allows students to borrow who are not eligible or have reduced eligibility for a Federal Direct Subsidized Loan. The maximum amount a student may borrow is the same as the Federal Direct Subsidized Loan. Independent students may borrow up to an additional $6,000 per academic year, depending on eligibility. Dependent students may borrow up to an additional $2,000 per academic year, depending on eligibility. The interest rate for both loans is the same; however, the federal government DOES NOT pay the interest for the student receiving an Unsubsidized Loan. This means the student is responsible for paying the interest during all school semesters, during the six-month grace period, and during all deferment periods for the Federal Direct Unsubsidized Loan. The Financial Aid Office will award the maximum amount authorized. Students may decline either part or the entire award amount if so desired.

Department of Education Loan Repayment Estimator

The Department of Education provides a student loan repayment estimator to help students plan for loan repayment.

Federal Direct Parent Loan

Federal Direct Parent Loans for Undergraduate Students are government loans made to parents of dependent students who do not have an adverse credit history. Maximum loan amounts cannot exceed the Cost of Attendance (COA) minus other financial aid. The interest rate on the Federal Direct Parent Loan is a variable rate not to exceed 9 percent. Payment begins 30 days after the first disbursem*nt.

Short Term Loans for Tuition, Fees and Books

Short Term Loans for Tuition, Fees and Books

Students who are enrolled at least half-time may borrow funds on a 90-day note to cover cost of tuition and fees up to a maximum of 12 credit hours or up to a maximum of $500.00 for required textbooks until funds are exhausted. Supplies are not covered under this loan program.

The student must be in good financial standing with the College. Based upon the discretion of the Financial Aid Office, a student may be awarded a short term loan for both tuition and fees and textbooks.

Foundation Book Fund

The Foundation Book Fund assistance is available for students enrolled at least half time (minimum of 6 credit hours). Funds are available one time during an academic year to students with an exceptional need. Students receiving other financial aid, grants and/or scholarships are not eligible for this assistance. Applications are available in the Financial Aid Office.

High Demand/Low Enrollment Programs Scholarship

This scholarship is available to students enrolled during the Fall and Spring semesters in the following programs:

Full-time students are awarded up to $1000 per year, and part-time students are awarded up to $500 per year.

How to Apply

Fall applications are due by August and Spring applications are due by December.

1. Be enrolled in an approved program
2. Complete the Free Application for Federal Student Aid (FAFSA)
3. Submit the completed High Demand/Low Enrollment Scholarship Application to the Financial Aid Office

Note: A student does not have to be receiving financial aid to be awarded a scholarship.