When should I apply for financial aid? 

Students planning to enroll in the 2020-2021 academic year (which includes Fall Semester 2020, Spring Semester 2021 and/or Summer Term 2021) should complete the 2020-2021 FAFSA right away unless they have already done so.

FAFSAs become available every October for the subsequent academic years.  In October 2020, students can begin completing the FAFSA application for the 2021-2022 academic year.

Apply for scholarships in April of each year.

How long does it take to complete the financial aid process?

The length of time needed to complete the financial ad process varies. It is dependent upon whether the US Department of Education selects you for verification and if so, how long it takes for you to respond to requests for additional information. 

You can make changes to your FAFSA by logging on the FAFSA website.  Select “Make a Correction” to make changes to your FAFSA application.  You can update the tax information in your FAFSA by using the DRT process. If you do this, you will not have to submit a copy of your tax return.

How is my eligibility for financial aid determined?

You must complete the FAFSA EVERY YEAR in OCTOBER!

The US Department of Education calculates your expected family contribution (EFC) based upon the information that you report on the FAFSA.

Your eligibility for aid is determined by subtracting the expected family contribution from the cost of attendance.

The financial aid office attempts to fill this gap with a package of: scholarships, grants, grants in aid, loans and/or work study.

How do I receive my financial aid?

Check the status of your application on the Forsyth Tech student portal regularly

Complete and submit all required forms

Send verification form (if required) and supporting documents as soon as possible

Register for required number of credit hours each term.

Credit Hours Pell Grant NC CC Grant NC ELS Loans
1 to 5 ¼ of full amount Not eligible Not eligible Not eligible
6 to 8 ½ of full amount (Full amount

minus $600) times ½

½ of full amount Full amount
9 to 11 ¾ of full amount (Full amount

minus $600) times ¾

½ of full amount Full amount
12 to 14 Full amount Full amount

minus $600

Full amount Full amount
15 or more Full amount Full amount Full amount Full amount
  • If Pell Grant is $1300 or less per term, may not qualify for a reduced award
  • If NC CC State Grant $350 or less per term, must enroll 15 or more credit hours.
  • If NC Ed Lottery Scholarship is $66 or less per term, must be enrolled 12 or more credit hours.

Attend the courses that you register for. Some funds will not disburse until your credit hours attended equals your registered credit hours.

If your financial aid award is not enough to cover your tuition in full, you will receive a bill during the semester for the remaining amount.

Are there any courses that I cannot receive financial aid for?

The following courses are not counted toward enrollment status when determining financial aid eligibility:

  • BSP Courses
  • Economic Workforce and Development (continuing education)
  • Audit courses or courses classified as Special Credit
  • More than 30 hours of developmental or refresher course work
  • Passed courses repeated more than once
  • Courses registered for after the census date of the term
  • Courses outside of the curriculum graduation requirements

What if I am taking courses at another school?

If you cross enroll with another institution, you must complete a consortium agreement form and submit appropriate documentation before your aid will be paid. If serving as the visitor school, Forsyth Tech will review how many credits the student is taking at each school to determine whether to enter into an agreement. When serving as the home school, the student must be enrolled at Forsyth Tech at least half-time (at least 6 credit hours), and the coursework taken at the visitor school must be acceptable for the student’s Forsyth Tech graduation requirements. Students wishing to study abroad may inquire with the Office of Student Financial Services to determine whether a course would qualify.

What if I stop attending or withdraw from any of the courses that I am taking?

You must attend your class(es) to be eligible for aid. Students who stop attending all courses and/or officially withdraw from all courses and are receiving federal financial aid or state grants are only eligible for the portion of financial aid that corresponds to the amount of time they attended as prescribed by federal and state regulations. You may have to repay some of the funds that you received, if you stop attending or withdraw from a course before completing the course.

What if I need to purchase books?

Total Aid Funds Scheduled to be Paid

Less Tuition and Fees charges for the Term

= Eligible amount available for charging books

 

If your financial aid is enough to cover tuition and textbooks, you may begin charging required textbooks and supplies several days prior to the first day of class.  (See Important Dates for more information)

Take a photo ID and a copy of your class schedule to the bookstore for assistance with bookstore charges or order textbooks online by following instructions on their webpage.

How is a “credit balance” amount determined?

Total Aid Funds Scheduled to be Paid

Tuition, Fees, Books, charges for the Term

= Credit Balance

 

If the total aid funds are less than the amount owed, you are responsible for paying the difference

If any financial aid funds remain after those charges are paid, the remaining credit balance is disbursed to you through a company called BankMobile.

 Where does my credit balance go?

When it comes to receiving financial aid refunds and other credit balances, Forsyth Tech has partnered with BankMobile Disbursements to deliver credit balance funds to you.

More information on BankMobile or visit this link: http://bankmobiledisbursements.com/refundchoices/

It is your responsibility to select a refund preference with BankMobile.

It is your responsibility to maintain your address and phone number, and bank account information via the BankMobile website.

If your do not receive your funds, contact BankMobile or the Cashier’s Office

When will I receive my funds?

Class attendance is checked before disbursement

Funds from most aid programs will be disbursed after the 30th day of classes (See Important Dates for more information)

Loans are disbursed in two equal installments for each term and require confirmation of attendance of at least 6 credit hours at the time of each disbursement.

Funds from the Federal Direct Student Loan Program will be released after they have been received from the lender and your eligibility has been verified

New Freshmen Loan borrowers cannot receive their first disbursement until AFTER the 30th day of the first term enrolled

Funds from scholarships and other programs cannot be paid until the funds have been received from the sponsor

What if my aid has not arrived by the tuition payment deadline?

If your application for financial aid is still being processed and you have submitted all the requested items, you will receive an automatic deferment of tuition payment.  If you are offered loans, you must accept the loans and complete the MPN, and entrance counseling requirements for your file to be considered complete.

What if I need emergency financial assistance or assistance with childcare?

Forsyth Tech Cares is a comprehensive approach for connecting students, staff and faculty to the resources and support services they need. They will be able to provide critical support by answering questions, connecting them to emergency financial assistance, and making sure they are doing okay mentally and emotionally.

For more information, go to Forsyth Tech Cares

How do I retain my eligibility?

Complete the FAFSA each year in October for the next year

Each aid program has its own renewal criteria.

Federal regulations require that students receiving financial assistance must maintain satisfactory academic progress. The guidelines can be found at this link:  Satisfactory Academic Progress.

For other programs, check with the awarding organization.

What if I need to work?

  • Complete the FAFSA and a Federal Work Study (FWS) application
  • Awarded based on financial need
  • Forsyth Tech is given limited funds
  • Student works on campus (or in off campus community service job) while in school
  • Funds are paid monthly based on hours worked

What is a Federal Direct Student Loan?

This a loan offered by the US Department of Education.  It is included in most award packages.  In addition to accepting the loan, you must also complete a Master Promissory Note and Entrance Counseling before you can receive the loan.  You must begin repaying your loans once you graduate or reduce your enrollment to less than 6 credit hours per term.

  • Interest rate is determined each spring (2.75% in 2020-21)
  • Each loan has a fixed interest rate for the life of the loan.

Subsidized Loan

  • Government pays the interest on this loan until you enter repayment.
  • Maximum: $3,500 for Freshmen, $4,500 for Sophomores
  • Awarded based on financial need

Unsubsidized Loan

  • Student must pay all interest. This starts as soon as you receive the funds.
  • Combined Maximum (Subsidized & Unsubsidized):
    • Dependent: $5,500 for Freshmen, $6,500 for Sophomores
    • Independent: $9,500 for Freshmen, $10,500 for Sophomores
  • Not need based
  • May use to offset expected family contribution

What is a Parent Loan?

Federal Parent Loans for Undergraduate Students (PLUS) is a loan program for parents offered by the US Department of Education.

  • Yearly loan limit for parents is students cost of attendance less estimated financial aid
  • Loan proceeds sent to school in at least two payments
    • Interest rate is determined each spring (5.30% in 2020-21)
    • Each loan has a fixed interest rate for the life of the loan.
  • Parents must begin repayment 60 days after the final disbursement for the loan

What are my obligations as a loan recipient?

You must repay your loan(s) with all accrued interest and deducted fees

Your loan(s) must be repaid within 10 years after you stop attending school.

You must notify your lender (or current holder) in writing if you:

  • Change your name, address, or phone number
  • transfer to another school
  • drop to less than half-time or withdraw
  • change your graduation date

You must attend an exit interview before you leave Forsyth Tech

You must repay your loan(s) even if you do not complete your education, you are not satisfied with your education or cannot find employment.

Can I postpone repayment of my loan(s)?

Postponements are known as deferments

They may be applied for at any time during your grace or repayment period

contact your lender or the USF financial aid office for a listing of current deferment options

Forbearance is used when you are willing to repay your loan but are financially unable to due so.

Lender may allow you to temporarily stop making payments, extend your payment period, or allow you to make smaller than scheduled payments

What happens if I don’t repay my loan(s)?

If you fail to pay your loan you will be considered in default and the following could result:

  • Your default will be reported to a National Credit Bureau
  • Your entire loan (including interest) may become immediately due and payable
  • Your Federal and State income tax refunds may be withheld
  • Your wages may be garnished
  • You will be ineligible to receive any additional Federal or State aid
  • You will deprive others from having funds available to borrow
  • You will get calls from bill collectors.