News Updates and Communications
Below you will find recent communications from the Office of Student Financial Planning. This will include deadline notices, upcoming events and news updates that impact your financial aid.
INFORMATION FOR THE PA CLASS OF 2015
How will I receive my financial aid award notification?
Financial aid applicants will receive an email notification from the Financial Aid Office, providing information on logging in to our system. Award information can be viewed and selections made electronically.
What steps to I take when I receive my financial aid award notification?
- Review the awards offered, accept/decline, and submit your selections.
- Read, complete and electronically sign your Master Promissory Notes (MPN's). An MPN must be completed for the unsubsidized Stafford loan. If you also accepted the Graduate PLUS loan, you must complete a separate MPN. The MPN link is provided once you submit your financial aid. If you did not complete the MPN when you clicked submit, go to www.studentloans.gov.
- You must also complete Entrance Counseling online at www.studentloans.gov
How do I decide how much to borrow for school?
The dollar amount you should borrow will depend on the following factors: cost of attendance as established by the school; loan limits established by the federal government and other lenders; your existing financial commitments, such as car loans or mortgages; other resources you may have, such as savings accounts; and the amount of debt you can afford to repay once you graduate. By law, you can borrow up to the cost of attendance (as determined by the school), less other aid you might be receiving. Other aid includes such things as scholarships or grants. Cost of attendance figures are meant to apply to a diverse group of students. You may not need to borrow as much as the school allows. Remember: It is best to borrow the minimum amount possible in order to reduce your overall financial obligations later.
Carefully and honestly assess your current financial status and any financial commitments you've made prior to entering school. Factor in consumer debt, such as auto loans or credit cards, and understand the repayment obligations of each. You will be responsible for these prior obligations in addition to any education debt you take on. Your education loans are not meant to cover these prior obligations.
Another consideration is a realistic determination of your future income. Research the job market and starting salaries in the field you plan to pursue. Remember that you will be paying for your education with your future income. Will you be able to manage your monthly payments, considering your likely starting salary? Student loans can be a valuable investment, but they are also an obligation. In order to ensure successful loan repayment, be sure to approach borrowing carefully and thoughtfully, and be realistic in your budget and salary projections.
What to Expect:
The total amount you accept will be divided into two equal disbursements. The first disbursement will be applied to your student account balance by June 3, 2013. Amounts exceeding your tuition and fees will result in a refund that will be provided to you June 3, 2013. The refunded amount is to be used for health insurance, books/supplies/equipment, and living expenses. You should budget the first disbursement to cover your expenses through November 22, 2013. The second disbursement of your student aid will be disbursed by November 22, 2013 and should be budgeted to cover your expenses through May 2014.
Please remember that the Federal Government charges a loan processing fee on all federal student loans, which is deducted from your loan proceeds at the time of each disbursement. The fee for the Unsubsidized Stafford loan is 1.051% and 4.204% for Grad PLUS loans.
Impact of Sequestration on the Federal Direct Loan Programs
On August 2, 2011, Congress passed the Budget Control Act (BCA) of 2011, which put into place an automatic process of “across-the-board” Federal budget cuts, known as the sequester, to take effect if Congress failed to enact legislation to reduce the Federal deficit by March 1, 2013. As you are aware, Congress failed to enact the needed legislation.
A number of federal student aid programs are impacted, reducing funding and annual award amounts. However, the sequester does not change the annual or aggregate loan limits for the Direct Loan Programs, but does specify that loan fees paid by borrowers will increase.
The Department of Education is preparing more detailed guidance for students and schools. Until such guidance is released, we will continue our normal procedures for Direct Loans with the old fee structure. We will update you when additonal information becomes available.
Public Service Loan Forgiveness
If you aspire to work in the public service sector, you'll find that the reward is not only emotional—but possibly monetary, as well. That's because the College Cost Reduction and Access Act of 2007 established a program that forgives some federal student loans under certain circumstances.
This government program provides forgiveness for the remaining balance (principal and interest) on eligible Direct Loans after the borrower makes 120 qualifying monthly payments while working in a qualifying public service position.
Only qualifying payments made after October 1, 2007 count towards PSLF; therefore, the first forgiveness of loan balances will not occur until October 2017 (at the earliest).
Any non-defaulted loan made under the Direct Loan Program may be eligible. These include:
- Direct Stafford Loans (subsidized and unsubsidized)
- Direct PLUS Loans, including Grad PLUS
- Direct Consolidation Loans
Other Federal Loans:
The following federal student loan programs may also be eligible for PSLF if they are consolidated into the Direct Loan Program*:
- Federal Family Education Loans - (Stafford, PLUS, and Consolidation Loans)
- Federal Perkins Loans
- Federal Perkins Loans
- Certain Health Professions and Nursing Loans
*Only payments made on the Direct Consolidation Loan will count toward the required 120 monthly payments needed for forgiveness.
1. Repayment Plans: Borrowers must not be in default on the loan(s) and must make 120 required monthly payments while in an eligible repayment plan. Eligible repayment plans include:
- Standard Repayment
- Income Contingent Repayment
- Income-based Repayment
- Other Direct Loan repayment plans, if certain conditions are met. For more information review: PSLF Program Q&As for Borrowers
2. Public Service Employment: Borrowers must be employed full-time (at least 30 hours per week) in a qualifying public service position (a) during the period in which he or she made each of the 120 monthly payments, (b) at the time of application for loan forgiveness, and (c) at the time the remaining principal and interest are forgiven.
Qualifying Public Service Jobs
“Qualifying public service jobs” include work in 501(c)(3) non-profit organizations, and most medical schools and teaching hospitals. Sample fields include:
- Emergency management
- Military service (active duty)
- Public safety
- Public health
- and more*
More details about Public Service Loan Forgiveness and Employer Certification Forms can be obtained at Federal Student Aid .
NC Forgiveable Education Loans for Service Program (FELS)
If you were a North Carolina resident one year prior to matriculating into the PA Program, and you plan to work full time in NC after graduation, you qualify for this loan forgiveness program! If you were a North Carolina resident one year prior to matriculating into the PA Program, and you plan to work full time in NC after graduation, you qualify for this loan forgiveness program!
The FELS or Forgivable Education Loan for Service program was established by the NC General Assembly in 2011. The first loans were available for the 2012-2013 academic year. It is a $10,000 forgivable loan to NC PA Students. The ONLY requirement for forgiveness is to work full-time in NC after graduation!
If you are applying for the first time, you may go to www.cfnc.org/FELS.
The deadline for this application is April 1, 2013!
Current FELS recipients will be automatically considered for renewal after spring grades are posted. You do NOT need to submit a new application.
If you need further information check it out on the CFNC website or contact us, we will be happy to discuss it with you.