Financial Aid Types & Determining Aid Awards

• Pell Grant
• Supplemental Educational Opportunity Grant
• North Carolina Student Incentive Grant
• NC Community College Grant
• The North Carolina Education Lottery Scholarship
• Academic Competitiveness Grant
• Education Access Rewards NC Scholars Fund Program (EARN Program)
• Work Study
• Federal Direct Loan Program
• 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.

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 post secondary 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

The North Carolina Community College Grant is a need-based grant established to help meet the educational costs of NC residents attending community colleges. The student must be a NC resident, be enrolled at least half-time (6 credit hours), be enrolled in an eligible curriculum program, must be meeting the Satisfactory Academic Progress requirements and must be meeting the Federal Pell eligibility requirements (except for the EFC requirement) established by the federal government.This award will be adjusted according to the number of credit hours attended. This grant does not have to be repaid. To qualify, a student must complete the Free Application for Federal Student Aid by the published deadline and list a NC Community College as one of the top three choices of institutions. Annual awards will be made based on student's established need and enrollment status.

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.

Federal Direct Loan Program

Federal Direct Loan Program Information

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. Students will be responsible for any amount owed that aid does not cover, this must be paid by the end of pre-registration/registration.

NOTE: Work Study payments are made on the last day of each month

NOTE: Make sure your address information is correct at Student Services.