Financial Aid: Types of Aid & Scholarships

Federal Pell Grant

Amount Awarded: $7,395 per academic year

Eligibility Criteria: This award is awarded to undergraduate students based on the results from your Free Application for Federal Student Aid (FAFSA). This information is used to determine your Expected Family Contribution (EFC), which is calculated by a formula established by law. The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that we use to determine how much financial aid you would receive if you were to attend FTCC. If your EFC is below a certain number, you’ll be eligible for a Federal Pell Grant assuming you meet all other eligibility requirements. The amount of your Pell Grant depends on your EFC and your enrollment status (full time, three-quarter time, half time, or less than half time). Eligible students are allowed to receive Pell for up to 12 full-time equivalent semesters.

Federal Supplemental Education Opportunity Grant (FSEOG)

Amount Awarded: maximum of $1,000 for fall/spring and $500 for summer, subject to availability

Eligibility Criteria: FSEOG is awarded to undergraduate students who are Pell grant eligible and who show exceptional financial need. Because FSEOG funds are limited, they are awarded to students who apply and complete their financial aid files early. FSEOG funds are not subject to proration. You must be enrolled in 6 credit hours to receive the awarded amount.

NC Scholarship

Amount Awarded: Varies

Eligibility criteria:

• Be a North Carolina resident as defined by the North Carolina Residency Manual
• Enrolled in at least 6 credits (aid is adjusted based on registration status)
• Be admitted, enrolled and classified as an undergraduate student in matriculated status in a degree, certificate, or diploma at one of the 16 institutions of the University of North Carolina or North Carolina Community College systems

12+ credit hours = full award
6-11 credit hours = half the award
Fewer than 6 credit hours = not eligible

Next NC Scholarship

Amount Awarded: Varies

Eligibility criteria:

• Be a North Carolina resident who is eligible for in-state tuition
• Be a high school graduate (high school equivalency completers are eligible)
• From a household with an annual Adjusted Gross Income (AGI) or $80,000 or less
• Enrolled in an eligible undergraduate curriculum program for the 2024-25 academic year
• Enrolled in at least 6 credits per semester (part-time students will receive partial award)
• Meeting the Satisfactory Academic Progress standards of the school you plan to attend
• A student who has completed the 2024-2025 FAFSA, with a resulting Student Aid Index (SAI) at or below 7,500 (once complete, the financial aid office at the college/university you plan to attend will determine and confirm eligibility.)

Parents for Higher Education Child Care Grant

FTCC is pleased to offer financial assistance to our students through child care grant funding. The Parents for Higher Education Child Care Assistance Program (PFHE) provides financial assistance with child care tuition for full-time FTCC curriculum students. Approval is based on the greatest need. 

Eligibility Requirements 

• Must be enrolled in at least 12 credit hours (half (½) of your total credit hours must be face to face classes)
• Have a 2023-2024 Federal Student Aid (FAFSA) application on file with the Financial Aid office
• Cumulative GPA of 2.0 or higher
• Household income must be at 200% or below the Federal Poverty Level 

Note: If you are currently receiving child care assistance through your county’s department of social services, you are ineligible for the PFHE program. 

For additional information about the childcare grant, please visit: https://www.faytechcc.edu/ccg 

For more information contact:

Dixie Canon
Parents for Higher Education (PFHE)
Tony Rand Student Center Office 109
canond@faytechcc.edu
910-678-8486

Disbursements

In order to receive a loan disbursement, the following must be complete:

1. Student Entrance Counseling Module
2. Master Promissory Note
3. Enrolled in at Least 6 Credit Hours

Loans are dispersed in three installments. Receipt of loans will vary depending on the update policies of your personal bank. Please allow 2-3 business days for the refund to arrive at your bank.

Things to Remember

1. Your financial aid amount is based on the number of hours you are reported attending. If you have a course that begins later in the semester, your financial aid amount will be reduced until attendance is reported in that course.
2. Loans are disbursed in three installments each semester for those participating in the William D. Ford Subsidized and Unsubsidized loan program.
3. Loan disbursement amounts are affected by the number of credit hours taken plus the start dates of the courses taken. Adding or withdrawing from courses may affect your disbursement dates and amount.

For more information, please visit the Financial Aid Service Center in Room 2 of the Tony Rand Student Center.

Interest & Fees

There are a variety of interest rates for Federal Direct Stafford loans, depending on date of disbursement, subsidized/unsubsidized, undergraduate/graduate, fixed/variable rates. The rates can range from around 3%-8%.

Origination Fees

There is a 1% origination fee for Federal Direct Stafford loans. So, if you borrow $1,000 in Federal Direct Stafford loans, you will receive a net disbursement of $990.

Should I Accept My Loan?

If you need additional assistance to fund your education, applying for loans is easier than ever. FTCC automatically provides an estimate of the maximum amount and type of loan(s) that you are eligible to receive.

Important Loan Information

Before accepting a loan, please read and understand the following:

– Loans accrue interest and must be paid back.
– You are under no obligation to use a government loan.
– Even if you accept a loan, there are six things that you must do to receive a disbursement:

1. Confirm that your high school transcript, GED or Adult High School Diploma is on file.
2. Confirm that your program of study is eligible for Financial Aid.
3. Log in to Self-Service and view “My Awards.”
4. Complete the Student Entrance Counseling module at https://studentaid.gov/entrance-counseling/
5. Complete your Master Promissory Note at https://studentaid.gov/mpn/.
6. You must be enrolled in at least 6 credit hours.

Note: Failure to complete all requirements will result in not receiving a loan.

Videos

Review the information in these short videos to educate yourself about student loans:

Overview of Loans

Know Your Loans

Federal Direct Loan Limit

Subsidized VS Unsubsidized Loans

Interest Rates on Direct Loans

What happens to my loan if I do not attend at least half time?

Foundation Book Fund

The Foundation Book Fund assistance is available for students enrolled at least half time (minimum of 6 credit hours). Funds are available one time during an academic year to students with an exceptional need. Students receiving other financial aid, grants and/or scholarships are not eligible for this assistance. Applications are available in the Financial Aid Office.

High Demand/Low Enrollment Programs Scholarship

This scholarship is available to students enrolled during the Fall and Spring semesters in the following programs:

Full-time students are awarded up to $1000 per year, and part-time students are awarded up to $500 per year.

How to Apply

Fall applications are due by August and Spring applications are due by December.

1. Be enrolled in an approved program
2. Complete the Free Application for Federal Student Aid (FAFSA)
3. Submit the completed High Demand/Low Enrollment Scholarship Application to the Financial Aid Office

Note: A student does not have to be receiving financial aid to be awarded a scholarship.