Paying for college can be daunting, but there is plenty of support and funding available to students with just a few clicks on your computer.
Devon McCarthy James, Western North Carolina Regional Director for the University of North Carolina Foundation, spoke on “How to Pay for College” to an audience of high school students, their parents and grandparents at the Transylvania County Library earlier this month. and local volunteers.
“There are a lot of misconceptions about how financial aid works, and a lot can depend on financial decisions,” McCarthy-James said. “I want my students to have as many options as possible, so getting your finances in order often allows for more options, and therefore more options.”
CFNC is a free service that facilitates access to higher education in North Carolina and assists students with educational and career planning, college application and payment. It is a collaboration between the North Carolina Educational Assistance Agency, Pathways (UNC System, North Carolina Community College System, North Carolina Independent Colleges and Universities, North Carolina Department of Public Instruction), and College Foundation, Inc.
According to the U.S. Department of Education's Office of Federal Student Aid, $112 billion in grant, work-study, and loan funds are available annually to help students attend college and career school. The federal agency has also developed a free application for the Federal Student Application, which processes more than 17.6 million FAFSA forms annually. Students attend approximately 5,600 schools across the country.
McCarthy James said the FAFSA has been revised for the first time in 40 years. The process has been reduced from 108 questions to 36 questions, and tax documents can now be transferred directly from his IRS to the form.
To receive financial need-based aid, students and the adults they live with must complete the FAFSA, listing all income and assets they own using their tax return information. You can also enter the university or vocational school you wish to attend, and once you complete it, you will be offered financial aid options.
Students will be offered what McCarthy-James calls “free,” “earned,” and “borrowed” college tuition payments.
“Free funding” comes in the form of grants that do not have to be repaid based on financial need.
For the 2023-2024 school year, the maximum federal aid was $7,395 per student per year of full-time enrollment.
When a student works in college and is paid a salary by the federal government, the “money earned” is allocated in the form of work study.
“This is a needs-based program,” McCarthy-James said. “Depending on your family's financial situation, you may be given the opportunity to work at the university you attend for no more than 15 hours a week.”
“Research shows that students who actually work while in college have, on average, a higher GPA than those who don't,” she says. “I can't say exactly why, but what I suspect is structure. They say that working more than 15 hours a week dramatically reverses that.”
Loans are also available from the federal government and come in two different forms. Subsidized loans begin accruing interest after a student finishes attending college. Unsubsidized loans begin accruing interest as soon as the student receives them. Funding is first-come, first-served, so it's important that he submits his FAFSA as soon as possible.
McCarthy-James also explained how to apply for scholarships based on personal attributes and accomplishments, with a focus on merit, athletic ability, religious affiliation, and the arts.
– Community colleges, public universities, and private universities also have their own scholarships.
She says students have a better chance of receiving funding when applying to local scholarships offered by county organizations, clubs and businesses than applying to larger national groups.
Forgivable Education Loans for Service are available to eligible students who enroll in an approved program and commit to working in-state in fields such as nursing, education, allied health fields, and medicine. Students sign a promissory note agreeing to work in an approved position in North Carolina after graduation and receive loan forgiveness. If you work for one year, the loan you took out for one year will be repaid.
For more information, please visit the University of North Carolina Foundation website (www.cfnc.org). Devon McCarthy James welcomes questions from students, families, and community members. Call (828) 712-9840 or devon.mccarthy-james@cfi.org.
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Laura Denon can be reached at (828) 862-5749 or by email at ldenon@transylvaniatimes.com.