According to a report released by the College Board, the average tuition at four-year public universities rose by approximately 6.5 percent this year. With budget cuts and times of economic uncertainty at hand, new challenges to schools have been passed on for students across the state and country to worry with.

The average cost of attendance at N.C. State for an in-state student is $16,767 according to the Office of Scholarships & Financial Aid. For an independent student, the cost rises to $17,837. Despite massive budget cuts across all ends on campus, this year’s tuition is still an increase from last year, as the average in-state student paid approximately $700 less than they are currently paying this year. For most students and their families – however you look at it – these are not amounts of money that can simply be charged to a credit card or paid for with the simple flick of a pen. However, with financial aid, some are offered the chance to attend college without breaking the bank, at least right now. In order to finance their educations, students and their parents depend on many different forms of financial aid. The most common forms of aid students take advantage of include grants, scholarships, loans and work options. According to the same report, $180 billion was shelled out for student aid during the last school year. Nearly 65 percent of this money spent financing college educations across the nation came from the government. However, do students who are securing these forms of aid really understand what they are signing up for, particularly with loans? As many experts might suggest, the answer to this question is no. Grants and scholarships are what some refer to as forms of “gift aid,” as they do not have to be repaid. Grants generally come from federal and state governments and individual colleges and universities, while scholarships are mostly awarded on the basis of merit.  ·       Federal Pell Grant: Grant issued by the federal government to students who demonstrate significant financial feed. Using a formula, an Estimated Family Contribution is established for each student who completes a FAFSA (Free Application for Federal Student Aid), which determines how much grant money will be awarded.  ·       Federal Supplemental Education Opportunity Grant: Grant issued by individual institutions to students who demonstrate exceptional financial need. Federal Pell Grant recipients are given first priority.  ·       Academic Competitiveness Grant: Started merely a couple of years ago, this grant program offers additional funding for first- and second-year students who completed rigorous programs of study in college.  ·       National Science and Mathematics Access to Retain Talent:The National SMART Grant, as it is also called, is available to third- and fourth-year undergraduate students who are eligible for the Federal Pell Grant, who are majoring in physical, life or computer sciences, mathematics, technology or engineering or a critical foreign language, or non-major single liberal arts programs. Students must also show adequate progress towards fulfilling requirements of the intended major while maintaining a cumulative grade point average of at least 3.0 in course work  ·       Scholarships: Each college at NCSU offers an assortment of scholarship opportunities available to students. In addition, individual departments also have scholarships that they make available to students. For more information on these scholarships, please visit your college/department’s Web site.  Most financial aid comes in the form of loans, a form of aid that requires repayment. Loans that are sponsored by the federal government – i.e. the Stafford or Perkins loans – often have relatively low interest rates. However, private lenders often have much higher interest rates.  Because federal loans are subsidized by the government, no interest accrues until payment is started after graduation.  ·       Subsidized Stafford Loan: This loan is primarily awarded on the basis of financial need. Financial need is established based off of the Estimated Family Contribution. While enrolled as a student, the Federal Government will pay the interest on these loans and during a six-month grace period upon disenrollment.  ·       Unsubsidized Stafford Loan: If you do not demonstrate financial need and your awarded financial aid does not cover your full cost of attendance, you can apply for an Unsubsidized Stafford Loan. With this loan, however, interest accrued over the time of your enrollment will be your responsibility to pay.  ·       Perkins Loan: Students who demonstrate significant financial need             are automatically considered for this loan. With an interest rate of 5 percent, this is a good option for students, as interest and principal repayments are deferred until nine months after the student graduates or ceases to be enrolled at least at half-time status.  Often times, employment and work-study opportunities finance students’ education. Work-study is a program initiated at the federal level to provide students with part-time employment to assist them in meeting their financial needs while serving their campus and community.  The Office of Scholarship & Financial Aid also maintains a list of part-time job opportunities for students seeking employment. The University Career Center also provides students with work opportunities.