There are basically 3 types of need-based aid: grants, loans, and work-study. Below is a brief description of each of these types of money.
Pell Grant:
- Maximum for 2009-2010 was $5,500
- Need based for undergraduates only
- If your EFC is 0 you will receive the maximum Pell Grant.
FSEOG:
- This grant is for undergraduates only.
- The amount is usually $100-4,000.
- It is need based and awarded by school (at WCU only $1,200).
NC Student Incentive Grant:
- Only for those with EFC of 0.
- Must apply ASAP, by Feb 15 or sooner.
- Max is $700.
UNC Need Based Grant:
- Need based with an EFC of less than 5,000.
- Public schools only.
- Award is from $100- $3,800 as determined by the institution.
NC Legislative Grant:
- Amount varies.
- For Private schools only.
NC Lottery Scholarship:
- Need based with an EFC of less than 5,000.
- Has a floor of $3,400 combined with the PELL.
Federal Work-Study:
- Campus jobs for undergraduates pay minimum wage.
- These are need based.
- Does not have to be repaid.
Federal Stafford Loan:
- First year undergraduate maximum $3,500
- Increases to maximum of $5,500
- Interest rate does not exceed 8.25%.
- Repayment begins 6 months after graduation.
- If you qualify for subsidized loan, the government pays the interest while you are in school, during the 6-month“grace period”, and during any deferment periods. You are responsible for paying all of the interest that accrues on an unsubsidized Stafford Loan.
Federal PLUS Loans:
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These Loans are made to parents; (not to exceed 9%).
-
Maximum is based on your ability to repay.
-
Repayment begins immediately.
Perkins Loans:
- Low interest (5%) loans
- Max loan for undergraduate student $4,000
- These are need based
- Max loan for graduate student $6,000
Other sources:
Hope Tax credit:
- Maximum per year $1,500
- First 2 years of college or vocational school you can recieve a 100% tax credit for the first $1,000 of tuition & fees and 50% credit on your second $1,000 in tuition & fees.
National & Community Service:
- A maximum of $4,725 per year can be earn by working for Americorps before, during or after college.
- For more info go to americorps.gov