Types of Financial Aid & Determining Aid Awards

Pell Grant
SEOG
NCSIG
NC Community College Grant
The North Carolina Education Lottery Scholarship
Academic Competitiveness Grant
Education Access Rewards NC Scholars Fund Program (EARN Program)
Work Study
Family Education Loan
General Information
Jim Wrenn Emergency Loan
Child Care Program
Determining Aid Awards
Receiving Your Aid 

Federal Pell Grant Program 

The Pell Grant is the Federal Government's largest aid program and is awarded to students who have not earned a bachelor's degree, demonstrate financial need, and meet the federal eligibility requirements.  Pell Grant awards range from $400 to $4731 for the 2008-2009 year.  Pell Grants do not have to be repaid as long as the student attends his or her classes for the enrollment period. Students may apply for this grant by completing the Free Application for Federal Student Aid.  A Federal Student Aid Report will be received by the student within approximately four to six weeks of the mailing date.  These should be brought by the Financial Aid Office to assure that their award will be processed. 

If student is attending less than 12 credit hours, Pell award will be reduced according to the number of hours attending.  

2009-2010 Pell Grant Policy

Supplemental Educational Opportunity Grant (SEOG)

The Federal Supplemental Educational Opportunity Grant (SEOG) program awards grants to students who demonstrate the most need. Awards range from $600 to $1200 per year at Craven Community College. You must be enrolled for at least 6 credit hours to be eligible. Priority is given to Pell Grant recipients. This grant does not have to be repaid. Preference is given to students who have a completed aid application on file by March 31.

North Carolina Student Incentive Grant (NCSIG)

The North Carolina Student Incentive Grant (NCSIG) is awarded to legal residents of North Carolina who are enrolled as full-time undergraduates in postsecondary colleges in North Carolina and who can demonstrate substantial financial need.  Students may apply for this grant by completing the Free Application for Federal Student Aid.  Applications must be processed  by March 15 to have reasonable assurance of consideration before NCSIG funds run out.

North Carolina Community College Grant

North Carolina Education Lottery Scholarship

The North Carolina Education Lottery Scholarship program was created by the 2005 General Assembly to provide financial assistance to needy North Carolina students attending eligible colleges and universities located within the state of North Carolina.   An applicant must 1) be a North Carolina resident for tuition purposes; 2) meet all eligibility requirements for a Federal Pell grant, except the Expected Family Contribution (EFC) requirement; and 3) enroll for at least six credit hours per semester as an undergraduate student in a degree, certificate or diploma program at an eligible North Carolina post-secondary institution.  Award amounts vary according to information that is generated from the Free Application for Federal Student Aid (FAFSA); award amounts will be prorated for recipients enrolled less than full-time. For the 2008-2009 academic year, individual awards will range from $100 to $2,500 for the year.

Academic Competitiveness Grant

The Academic Competitiveness Grant will provide up to $750 for the first year students and up to $1,300 for the second year students who are eligible for a Federal Pell Grant and who had successfully completed a rigorous high school program, as determined by the state or local education agency and recognized by the Secretary of Education.  Second year students must also have maintained a cumulative grade point average (GPA) of at least 3.0.  The program was available for the first time for the 2006-07 school year students who graduated from high school after January 1, 2005.  This grant is in addition to the student's Pell Grant award.

Education Access Rewards NC Scholars Fund Program (EARN Program)

The EARN Grant is for NC residents classified as dependents for purposes of eligibility for federal financial aid.  They must have completed high school or home school, received a GED or AHSD within seven months of starting college.  The student must be Pell eligible and enrolled full-time (12 or more credit hours).  The total family income must not exceed 200% of the applicable federal poverty guideline for the student's family size under the poverty guidelines published annually by the federal Department of Health and Human Services.  The maximum timeframe for receiving the grant is two academic years.

Federal Work Study Program

The Federal Work Study Program provides jobs for students who demonstrate financial need. Students may generally work up to 20 hours per week, depending on the amount of work study funds awarded for the academic year. Students are paid minimum wage per hour and receive wages on the last day of the month. Work Study jobs are available in many academic and administrative departments on campus. Applicants are interviewed prior to job placement where job requirements and individual responsibility for job performance are stressed. Monthly time sheets are submitted with supervisor's signature.

Family Education Loan Program

The Family Education Loan Program includes the Federal Stafford Loan (subsidized and unsubsidized) and Federal PLUS Loans to parents. A subsidized loan means that the borrower is eligible for federal interest benefits and the interest on the loan is paid by the Federal Government while the borrower is enrolled and attending college at least half time. An unsubsidized loan means that the borrower is not eligible for this benefit. Applicants must remember loans have to be repaid and should borrow as little as possible. Students must complete an FAFSA, student loan application and participate in entrance and exit counseling. Loan repayment generally begins six months after the student ceases to be enrolled at least half time. As a borrower, you are obligated to repay the loan in accordance with the lenders' guidelines. You must repay the loan even if you do not complete your program of study.

General Information

• Annual limits for (Subsidized Loan)
  First year students (0-29 hours earned)   $3500.00
  Second year students (30 or more hours earned)  $4500.00
  Your maximum eligibility for a subsidized Stafford loan may be less based on your Effective Family Contribution (EFC) figure, other financial aid and scholarships received.  Your maximum subsidized Stafford loan will be determined when you complete the loan application.
  Independent students may be able to apply for an unsubsidized Stafford Loan.  The combined total of subsidized and unsubsidized annual debt cannot exceed $7,500 for freshmen and $8,500 for sophomores.  Contact the Financial Aid Office for more information.
• The total amount of Stafford Loan debt (both subsidized and unsubsidized) you can accumulate as an undergraduate student is:
                                      Dependent students                                   $23,000.00
                                      Independent Students                                $46,000.00
• Interest rates are fixed as of July 1, 2006.  The interest rate is 6.8% for the Federal Stafford loans and 8.5% for the Plus loans.  Remember, the interest on a subsidized Stafford loan is paid by the government until the student enters repayment.
• The lender may charge the borrower an origination fee of up to 3% on the loan principal.  The fee will be deducted proportionately from each disbursement.  In addition, an insurance fee of up to 3% of the loan principal may be deducted from each disbursement.
• Stafford loan application forms are available in the Financial Aid Office.  The student borrower should first complete the Stafford loan entrance counseling at http://mappingyourfuture.org and forward to the Assistant Financial Aid Director certification that the entrance counseling has been completed.  Then come by the Financial Aid Office to complete the loan application.  When completing the reference section (item #10), be sure to list people at two different addresses and telephone numbers.  Once the loan application is certified, the student borrower will receive notification from the lender of their loan approval within thirty days from submission.
• Loan disbursement checks will be mailed to the school.  You may pick up your check according to the listed disbursement dates in the front of this handbook. You must present a valid picture identification at the cashier's window to pick up the check.  The cashier's window hours are 8:30 a.m. to 4:30 p.m.  If a student is taking distance education courses and does not live close to the college, the loan check can be mailed upon student's written request.
• The Stafford loan is made in "multiple disbursements."  Normally, the student borrower will receive two equal disbursements, one during each regular enrollment period (Fall and Spring).  Different circumstances may alter the disbursement dates, so check with the Financial Aid Office if you have any questions.  Before the student borrower can receive the second loan disbursement, he or she must complete the Stafford Loan exit counseling at http://mappingyourfuture.org and forward certification of completion to the Assistant Director of Financial Aid.
• First time, first year borrowers, those students attending Craven Community College for the first time who have not previously received a Stafford or SLS loan, may not receive their first loan disbursement until they have been enrolled at Craven Community College for at least thirty days.
• Student borrowers must be maintaining satisfactory academic progress, as defined by Craven Community College, to receive a loan check.
• It is the student borrower's responsibility to notify the lender and the school of any change in his/her address.
• If the student borrower transfers to another school, it is his/her responsibility to contact the lender to receive a deferment form to avoid going into repayment.
• Student borrowers have a six month grace period from the day the student graduates, drops below half time or withdraws completely from school before repayment begins.  If the student returns to school before six months have elapsed, he/she will once again have a six-month grace period when enrollment is terminated.
• If the student borrower withdraws completely prior to the 60 percent point of the semester, he or she will owe a portion of the loan money received to the college once notification is received.  Repayment will begin according to lender guidelines.
• Student borrowers are required to complete exit counseling at http://mappingyourfuture.org before leaving Craven Community College.

Jim Wrenn Emergency Loan Fund

Craven Community College has been given funds over the years to use as educational loans for students in emergency situations. A student must be, or have the intent to be, enrolled at least half-time in a degree, certificate, or diploma program. A student cannot be admitted as special
or provisional. Borrowers must have a cumulative quality point average of no less than a 2.0 or have a cumulative 2.0 average from high school or other colleges attended. The borrower must sign a promissory note and make satisfactory arrangements with the Financial Aid Office for repayment. This is a short-term loan (90 days or less) and must be repaid before the student can register for a subsequent term.

Child Care Program

The North Carolina General Assembly appropriates funds for child care services for student parents in community colleges. This is approved for a year at the time only. Single parents receive first priority. Applicants must have demonstrated financial need, be enrolled at least half time in a college transfer, technical or vocational degree or diploma program at Craven Community College and be willing to complete a Free Application for Federal Student Aid. Applicants must not be receiving child care funds from the Department of Social Services. Child care must be provided by a legal child care provider. Interested students must complete a Child Care Program application and submit a copy of their notification from the Department of Social Services, documenting their application status. Students must also maintain satisfactory progress according to Craven Community College.

Determining Aid Awards

• Aid from most of the major federal programs is awarded based on financial need.  Financial need is defined as the difference between what it costs to attend school and the amount of money a student and his or her family/spouse is expected to pay.  The financial aid application form completed by the student determines the expected family contribution amount.
  
• When the cost of attendance exceeds the family contribution, then need exists for financial aid.  Priority is given to students with the greatest financial need and who complete the application process by the deadline.  Additional awards will be made to late applicants as long as funds are available.   A financial aid award "package" may consist of several types of aid, such as federal and state grants, loans, college workstudy, and scholarships.

Receiving Your Aid

• Students who have completed the aid process and are eligible for financial assistance will be required to sign their award letter.  The award letter will indicate the types and amounts of aid for which the student is eligible.  Pell award will be adjusted according to the number of credit hours attending; i.e. three-fourths time (9-11 hours), half-time (6-8 hours) and less than half-time (1-5 hours).  Grant checks will be mailed according to the dates listed in the front of this handbook.
• Students receiving the Pell Grant, the Education Access Rewards NC Scholars Grant (EARN), the North Carolina Community College Grant (NCCCG) and the North Carolina Education Lottery Scholarship (NCELS) may charge their tuition, fees, and books against their grants during pre-registration and registration.  For students to charge against the NCCCG and the NCELS they must go by the financial aid office for funds to be released. Note that students will be responsible for any amount owed that aid does not cover.  This must be paid by the end of preregistration/registration.  
• Work Study payment is made on the last day of each month.

NOTE:   Make sure your address is correct in Student Services.