Announcements and News
Will
I receive a refund to pay for my books, rent at my off-campus apartment, etc?
You’ll need to check your
financial aid award information and compare it to your bill. You can see both
the award information and current charges on your student account using the
MyPack Portal (Student Self Service >
Campus Finances). If your bill is less than your financial aid, you will
receive a refund. Please be aware that if additional charges (meal plan, cable,
health center charges) are added to your bill after you receive your refund, you
will need to save your refund to pay for those expenses.
How
and when will my aid be disbursed to me?
Financial aid is awarded by the
Office of Scholarships and Financial Aid, but is disbursed by the University
Cashier's Office. Financial aid funds cannot be disbursed until the first day
of classes each semester/term. Aid must first be used to pay any charges that
you owe the University. Once your university charges have been paid in full,
any additional money will be refunded to you.
Manual checks sent to the University (some Stafford Loan checks, alternative
loan checks, and private scholarship checks made payable to you) will be mailed
to your university correspondence address by University Cashier's Office. Your
Federal Work-Study wages are paid to you every two weeks and can be picked up
from your employer on campus. These funds are not disbursed by the University
Cashier's Office.
I’m
expecting a refund. Can I come by your office and pick it up?
No, refunds are processed by the
University Cashier’s Office. The fastest way to receive your refund is to set
up Direct Deposit so that your funds can be deposited into the checking account
of your choice. You can do so online using the MyPack portal (click on Student
Self Service > Campus Finances > Account Summary > Direct Deposit). If you have
not set up direct deposit, a paper check will be mailed to the correspondence
address that you have on file with the University.
How
can I buy my books before I get my refund?
The NCSU
Bookstore will allow you to get your books before you receive your refund.
1) Pick up. Take your class schedule and financial aid award letter with you when you go to the bookstore to select and pick up your textbooks
2) Charge. NCSU Bookstores will charge your books to a bookstore account.
3) Pay. By October 3, 2008, return to the bookstore to pay for your books. Payment can be from your financial aid refund, outside scholarships, or personal funds. If your books are not paid for by this date, a hold may be placed on your university account.
Why
haven’t I gotten my refund yet?
Before your aid can be disbursed,
you must be enrolled in the appropriate number of hours. If your award is based
on full-time and you’re only in 11 hours, your financial aid will not disburse
to you. You should either adjust your schedule or let us know you plan to be
part-time so we can adjust your aid. Be aware that it may take 1-2 days
before courses that you add are reflected in the financial aid system.
What
is Entrance Loan Counseling, and why do I have to complete it?
Federal
guidelines require that all first time borrowers complete a loan counseling
session to help you understand your rights and responsibilities as a borrower.
Prior to receiving your first disbursement of Federal Perkins and Federal
Stafford Loan funds, you will be required to complete an entrance loan
counseling session. Entrance counseling can be completed online at:
www.mapping-your-future.org
Quarterly STATEments Volume 1, issue 2
Recently, a number of NC State students and families have received letters in the mail soliciting money to apply for scholarships and financial aid.
NC State’s Office of Scholarships and Financial Aid would like to remind you that you should never pay to apply for scholarships, grants or any type of financial assistance. Please contact us immediately if you have any questions regarding mailings or emails that ask for you to pay money in order to receive a scholarship. Our staff is always available to help direct you to free scholarship search resources and to assist you in the process of applying for federal, state, and institutional aid. Our Scholarship Resources web page is a great way to search for outside scholarships and grants.
In addition, always go to www.fafsa.ed.gov to submit your Free Application for Federal Student Aid. NC State does not require any applications that charge a fee to apply for financial aid.
The letters and emails you receive may claim an affiliation with NC State, but our university does not use or work with these companies. Again, if you have any doubt please check with our office.
The US Department of Treasury and the Ad Council have created a website to share information about credit and borrowing. Visit ControlYourCredit.gov to view public service announcements and play an interactive game to learn about personal finance.
Choosing to borrow an educational loan, whether a Stafford loan, a PLUS loan or a private loan, is a decision that you should consider seriously before entering into a loan agreement. Loans can be a wonderful way to make attending college possible, but many students enter into loan agreements without fully understanding the consequences of their decisions.
First, is this the best loan for me?
Federal loans, including Stafford loans, PLUS loans, and Perkins loans, are generally the best options and should be your first consideration. The maximum interest rates and fees on these loans are set by federal law, so the terms and conditions for these loans are clearly defined and will not change over time.
Private loans, also known as alternative loans, offer another type of loan. Sometimes students choose to borrow private loans because they believe it’s a simpler option. You don’t have to fill out a FAFSA in order to borrow, the funds are sometimes sent directly to you, and our office may not even have to certify the loan. But you will pay a price for that convenience – in the form of very high interest rates and high loan fees. Often, students commit to these loans without even knowing the interest rates or repayment terms. Before you apply for a loan that you don’t fully understand, contact our staff to see if there might be better options for you.
How much should I borrow?
You should never borrow more than you absolutely need to attend school. While the Office of Scholarships and Financial Aid cannot certify a loan that exceeds the estimated cost of attendance figures used for all students for financial aid purposes, many students find they can live even less expensively than that. Look carefully at your spending habits to see if there are things you can do to save money. Are you really using all of the meals you’ve purchased with your meal plan? Are you looking for ways to save on books and supplies? If you’re living off-campus, are there less expensive housing options that you could consider? Are you taking advantage of the free & inexpensive weekend activities you can do on campus?
Loans must be repaid when you’re no longer enrolled in school, and you need to be very honest about your ability to repay student loan debt based on what you anticipate your future annual income will be. Check out the “Loan Payment Calculator” available on FinAid.org to see what your monthly payments might be at various borrowing levels.
Questions about loans? You’re always welcome to contact our staff with any questions you have as you make these important decisions.