A financial aid checklist for NC parents of students heading to college

Kimberly Cataudella
Julia Wall/jwall@newsobserver.com

College is more expensive than ever. That’s why we put together a comprehensive guide to snagging financial aid, which can include scholarships, grants and loans.

The News & Observer talked to student aid officials at UNC-Chapel Hill and Duke University to learn how North Carolina students can snag some tuition assistance, no matter where they plan to go for college.

How to get financial aid / federal student aid

All students seeking aid need to complete the FAFSA — the Free Application for Federal Student Aid.

Here’s what the experts at Duke and Carolina recommend:

• Complete the FAFSA: It’s so important, we said it twice. In bold.

“I always tell families to submit the FAFSA even if they don’t believe they will qualify for financial aid,” said Jackie Copeland, director of UNC-Chapel Hill’s Office of Scholarships and Student Aid.

“Low-interest student loans are available by completing the FAFSA, and it will save time if students already have an application on file when the need to borrow arises.”

• Use the ‘import’ option: It makes the process easier (and more accurate).

“A hint: It’s a lot easier if you use the option to import your tax information from the IRS, so don’t skip that step! It will improve the accuracy of the aid offers and save you time,” said Miranda McCall, director of Duke’s Karsh Office of Undergraduate Financial Support.

• See what else your school offers because using the FAFSA isn’t the only way to get aid.

“Schools might have other applications for merit scholarships or institutional aid, so visit each college’s aid website and review their specific steps to apply,” McCall said.

• Check out online resources: McCall recommends the College Foundation of North Carolina.

“There are a number of helpful websites for applying to college, and one of the best is from the College Foundation of North Carolina,” she said. “Students and families can visit cfnc.org for helpful tips and guides for applying for financial aid.”

• Use the Net Price Calculator: A few minutes with this tool can give you an aid estimate.

“All universities will have a Net Price Calculator on their websites,” McCall said. “If you take ten minutes to put in your family’s financial information, you can get an estimate of how much financial aid you might be eligible to receive, and what your real cost to attend might be at that school. Try it!”

Here’s where you can find this tool for the Triangle’s major universities:

• Ask for help: Financial aid and student support offices at your university are there to lend a hand.

UNC-Chapel Hill, for example, offers FAFSA-completion appointments to local students, Copeland said. And anytime circumstances change — like household income or enrollment status — get in touch with your aid office.

“Sometimes we can help and offer more financial aid to help with extra documented college costs or increase a grant when the family’s income is drastically reduced,” Copeland said. “We are here to help.”

What exactly is FAFSA? What’s a CSS Profile?

The FAFSA and the CSS Profile are two applications used by colleges to determine financial aid. High school seniors will want to fill these out.

• FAFSA: The Free Application for Federal Student Aid is used to, as the name says, apply for student aid. You’ll need to complete the FAFSA to apply for federal grants, work-study and loans. It comes out on Oct. 1 each year.

North Carolina colleges use information provided on the FAFSA to determine awards, and some private financial aid providers might use it, too.

In North Carolina, you’ll want to submit your FAFSA as soon as possible after Oct. 1 for the 2023-24 academic year, as money is provided on a rolling basis.

For more information, visit studentaid.gov/help/FAFSA.

• CSS Profile: The CSS Profile is used by colleges and scholarship programs to give out their own aid. (The FAFSA awards federal aid.)

Deadlines vary by school, and a list of participating colleges can be found online. (UNC-Chapel Hill and Duke University are on this list.)

For more information, visit cssprofile.collegeboard.org.

What parents need to know about financial aid

Parents are essential to the aid process, student aid officials agree.

Here’s what they want you to know about involvement:

• Parent information is required: So it’s a good idea to sit with your child to carefully read the questions and learn what information is needed of you.

“The Department of Education requires high school-aged applicants to provide parent information on the FAFSA to receive aid, so this is an area where parents need to take an active role,” Duke’s McCall said.

Especially if you’re filling out the CCS Profile, UNC-Chapel Hill’s Copeland said. “This application will ask for more details than the FAFSA, so I highly recommend having your parents with you through the process.”

• Get some time on the calendar: And the earlier, the better.

“Set aside some time on an evening or weekend and start completing the application. It will be available Oct. 1 for the 2023-24 academic year, and the earlier you file, the better!” McCall said.

• Gather materials: Students will need a copy of their own and their parents’ federal tax returns to complete the FAFSA.

“I recommend to students to sit down to do this with your parents if you can, because there will be questions about income from the taxes, as well as assets and how many people are in your household,” Copeland said.

• Be honest — even if money talks can get uncomfortable.

“We also encourage parents to have frank, open conversations with their children about how much financial support the parent may be able to provide to the child for each year of college,” said David Wiltshire, Duke’s assistant director of communications.

“We know that these can be uncomfortable conversations, but they are so important! This will help the whole family plan and understand their options for additional resources, like loans, moving forward.”

How to get a grant for college

A Pell Grant is one of a few Federal Student Aid grants that may be awarded to students who demonstrate extreme financial need. To learn more about all available grants, visit studentaid.gov/understand-aid.

The Department of Education offers grants to students attending four-year colleges, four-year universities, community colleges and even career schools.

To be considered for all grants offered, fill out a FAFSA. Note: This needs to be completed every year to remain eligible for student aid.

Most grants don’t need to be repaid, though your school will let you know if you need to pay back a portion of the one you receive.

Here are some reasons why you’d need to pay back a grant, per Federal Student Aid:

  • You withdrew early from the program for which the grant was given to you.

  • Your enrollment status changed in a way that reduced your eligibility for your grant.

  • You received outside scholarships or grants that reduced your need for federal student aid.

  • You received a TEACH Grant, but you did not meet the requirements of your TEACH Grant service obligation.

(Source: studentaid.gov)

What’s a Pell Grant? How to get one

A Pell Grant is a federal award usually given to undergraduate students who display exceptional financial need. This is determined by a congressionally established need-analysis formula that measures a family’s ability to pay for educational costs, NC State’s website says.

Grant amounts can change yearly. The maximum Federal Pell Grant award is $6,895 for the 2022–23 award year (between July 1 of this year and June 30 of next year).

According to Federal Student Aid, the amount you get depends on:

  • your Expected Family Contribution (which is calculated by the information you provide on the FAFSA)

  • the cost of attendance (which is determined by your school for your specific program)

  • your status as a full-time or part-time student

  • your plans to attend school for a full academic year or less

(Source: studentaid.gov)

Financial aid at HBCUs

At the federal level, there aren’t any HBCU-specific applications or requirements, said Allie Bidwell Arcese, communications director for the National Association of Student Financial Aid Administrators.

But HBCU applicants should head to BestColleges.com for a scholarship guide specifically for HBCU students, she said.

For more information, visit sites.ed.gov/whhbcu.

How to get a college scholarship

A large number of outside scholarship organizations provide support, and many institutions have scholarship programs that provide aid to students based on their academic or other types of achievements, Duke’s McCall said.

Here’s what you can do to find (and snag) these:

• Talk to your college: As they’d be the best resource to tell you what they may be able to offer you.

“Your college can provide information about their specific options for scholarships that can help in addition to the aid on the FAFSA,” she said.

• Start local: Community organizations often offer scholarships for their own people.

“We find students have the best success when connecting with organizations they know already, such as community organizations, parent employers and their high schools,” she said.

• Look for grant funding: This kind of funding is often given from information provided on the CSS Profile.

“This can enable students to receive much more than is available through the FAFSA alone, so be sure to check if additional forms are required at the institutions you are considering,” she said.

The N&O put together a lengthy list of local scholarships and grants last year. Check it out to start your search: newsobserver.com/news

State grants available for North Carolina residents

North Carolina residents who attend schools in the UNC System are considered for state grants when they submit the FAFSA application, Copeland said.

She encourages students to visit the UNC System website for in-depth information on scholarships, as there are a few awards handled by the System Office. For more, visit northcarolina.edu.

NC State Student Services breaks down these grants:

• Educational Lottery Scholarship: The ELS was created by the 2005 General Assembly to provide financial assistance to North Carolina resident students attending eligible North Carolina colleges and universities who demonstrate exceptional financial need.

• UNC Need-Based Grant: Available for eligible students attending one of the 16 campuses of the UNC System.

With some exceptions, students who are NC residents for tuition purposes qualify for state grants and scholarships. To establish and retain eligibility for North Carolina State grants, students must obtain and maintain North Carolina residency, as determined by the State of North Carolina.

(Source: studentservices.ncsu.edu)

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