A HELPFUL GUIDE TO FINANCIAL AID

The Carolina School of Broadcasting is federally accredited by ACCST and approved by the Department of Education to offer certain Title IV programs such as Pell Grants, Stafford Loans and Plus Loans.  These programs can assist you in offsetting the cost of your education through grants and through lending programs that offer the lowest rates possible.  You can learn all about these exciting cost saving opportunities by going to www.fafsa.ed.gov

Step 1: Apply to CSB

You can apply to Carolina School of Broadcasting by calling the school or going online to set up an appointment.  At this appointment, you will apply and test for entrance.  Some forms of financial aid can be awarded only to students who are already holding reservations at a school.  You can begin the CSB application process at any time since Carolina School of Broadcasting begins classes intermittently throughout the year.

Step 2: Complete the FAFSA

You must complete the Free Application for Federal Student Aid (FAFSA) to apply for federal aid.  As a result of this process you will receive a Personal Identification Number (PIN).  Please protect the privacy of this number and do not lose it for all future reference.  You will also need the CSB school code which is 041013 to complete the process. www.fafsa.ed.gov

The FAFSA application process will identify your Expected Family Contribution (EFC) as well as several other key aspects that will be used to determine your overall Title IV financial aid eligibility.

Step3: Complete Virtual Financial Aid Office (VFAO) Interview

The Department of Education will process your FAFSA and email you a Student Aid Report (SAR).  The SAR will contain your Expected Family Contribution (EFC).  With this information, please proceed to https://carolinaschoolofbroadcasting.vfao.com and register on the site. Once registered, you can fill out an interview which will give you an estimate of your financial aid eligibility.  The interview information along with your FAFSA information will be used to process and award your financial aid.

Grants and Loans for CSB Students

One of the most important investments of time and money that you can ever make, if you are interested in broadcasting, is in obtaining a skill, vocation, trade or career through Carolina School of Broadcasting.  Before you decide you cannot afford it, ask yourself if you can afford not to prepare yourself to compete with those who have sought education and practical training?  Your education at CSB is an investment.  It has the potential to repay you many times over for years to come.  But you may need assistance to get started, therefore consider the following:


YOU DO NOT HAVE TO BE DISADVANTAGED TO RECEIVE FINANCIAL ASSISTANCE.

Whether a student is eligible for assistance is determined by need.  Everybody’s needs are different.  The U.S. Department of Education sets the guidelines for the programs and their descriptions.  The information is provided to students and their families in a publication called “Funding Education Beyond High School.”  Copies of this publication are available in the financial aid office or on line at http://www.FederalStudentAid.ed.gov/pubs .  We suggest you read this valuable information and discuss with your family.  If you need help or have questions we suggest you call to make an appointment to talk to a CSB FAO advisor. The CSB Financial Aid philosophy is to help every eligible student receive as much financial aid as they or their family is entitled to receive.  Most students receive aid through the Federal Pell Grant program.  The Pell grant will not cover all of the tuition and fees, therefore most students will seek additional funds through the Federal Family Education Loan (FFEL) program from one of our lending partners.  Sometimes students need further assistance and will need to apply for a Sallie Mae SLM Private Alternative loan.
 

Eligibility and Application
Federal student aid is financial assistance through the U.S. Department of Education that’s available if you decide to enroll at CSB.  Federal student aid may cover school expenses such as enrollment and tuition, room and board, school related materials and supplies, and some transportation expenses.  This aid may also help you pay for a computer and dependent child- expenses.  Eligibility for most federal student aid programs is based on financial need and several other factors. Your eligibility and “need” is determined by the information you provide on the Free Application for Federal Student Aid form.  This is also known by its acronym as FAFSA.  Call the CSB Financial Aid Office and schedule an appointment to complete the form (if you need assistance) which is then sent electronically to the Department of Education or you may apply via the internet at www.fafsa.ed.gov .  Basic eligibility requirements include a student must demonstrate financial need, be a U.S. citizen or eligible noncitizen with a valid Social Security number (SSN), be working toward a degree or certificate in an eligible program, show that you’re qualified to obtain a postsecondary education (have a high school diploma or a General Education Development (GED) Certificate), register (if you haven’t already) with the Selective Service if you’re a male between the ages of 18 and 25 and maintain satisfactory academic progress once in school. *

Assistance Programs:


Federal Pell Grants
The Federal Pell Grant program is funded through appropriations to the U.S. Department of Education from the U.S. Congress.  New appropriations are made each year, and the amounts of student awards may change annually. 

*Eligibility - This is sought by filing a FAFSA form as described above.  Call the CSB Financial Aid Office and schedule an appointment to complete the form (if you need assistance or have questions).  Most students apply on line at www.fafsa.ed.gov .  Basic eligibility may include a total family income at middle class and lower. 

*Guidelines - Through the Federal Pell Grant Program eligible students may receive grants up to $4,310.00.  This amount is currently authorized through 2008.  After a FAFSA is completed, a student will receive a Student Aid Report (SAR).  The Federal Pell Grant program eligibility is conveyed through this report.  The CSB financial aid office will determine to actual amount of your grant award based upon full time or part time enrollment.

 *Student Responsibility - All CSB enrollees must maintain acceptable attendance, a diligent goal oriented work ethic remaining consistently in good standing and in compliance with all requirements as stipulated in the CSB catalog and handbook.  Each student must also sign a Statement of Educational Purpose and a Certification Statement on Refunds and Defaults both of which appear on the FAFSA.  No repayment will be requested when all responsibilities are met.


Federal Family Education Loans
These loans include the Federal Stafford interest subsidized and unsubsidized and Federal Parent PLUS Loans (FPLUS).   Stafford loans are low-interest loans made to students.   A Subsidized Stafford Loan is available to students who have financial need. An Unsubsidized Stafford Loan is an option for students who do not demonstrate financial need.  A Federal PLUS Loan is not based on financial need.  To be eligible for a PLUS loan, parents must not have an "adverse" credit history as defined by federal regulations.  For each child enrolled in school, parents may borrow up to the full cost of attendance each year minus any other financial aid that the student receives.

*Guidelines - Loans through these programs are usually made available by a local or national bank, savings and loan or credit union.  The lender, upon approving a loan for educational purposes, may withhold a small fee to cover a portion of the first year's interest.   No repayment of the loan is due while the student remains in school in good standing.  Upon graduation or withdrawal, a six month grace period is accorded each student before scheduled payments on principal and the remaining interest begins.  Repayment must be made to the lender at a minimum rate of $50.00 per month.  The fixed interest rate for FFEL loans made for the period July 1, 2007 through June 30, 2008 is 6.8% with repayment terms of up to 10 years.  The variable-rate FFEL and PLUS loans made for the period July 1, 2007 through June 30, 2008 is 8.2% with repayment terms of up to 10 years. 

*Eligibility - To be eligible for a subsidized (interest paid by the U.S. Department of Education) Federal Stafford Loan of up to $3,500 per school year, the student's financial need must be evaluated.  You must apply for a Federal Pell Grant and submit an Institutional Student Information Report (ISIR) to evaluate need.  You may be required to verify your family situation.  Students who do not qualify for a Federal Subsidized Stafford Loan (as determined by the CSB financial aid office) should speak to the CSB financial aid office about a Federal Unsubsidized Stafford Loan or Federal Parent PLUS Loan.  These loans may be at a higher interest rate and may require that you or your family have a good credit rating.  Some lenders may defer repayment on the Federal Unsubsidized Stafford Loan until you leave school.  

*Application - A Preferred Lender List will be furnished only upon acceptance by CSB and after the financial aid office have received the applicant SAR or ISIR.  The student applicant or parent if applying for a PLUS loan must complete the on line loan application(s).  Once the application Master Promissory Note has been completed and the appropriate loan applied for, the school will be notified.  You will be required to attest with your signature that you are not in default of any existing student loans or any other Federal Financial Aid and that you will use the loan only for the stated purpose of your CSB education. 

*Student Responsibility - After you remain in good standing with CSB and make the most of your education, you will begin to repay your loan beginning six months after you finish school.  Upon graduation or departure from CSB, please be sure you understand your responsibility to the lender in the form of repayment arrangements.  Keep CSB and your lender informed of any address or name changes and strive to pay your loan on time and preferably in advance of the due date.  Efficient repayment builds your credit rating.  Failure to act responsibly could result in a poor credit standing that will follow you wherever you go.

*Repayment - Federal Stafford Loan repayment begins six months after you leave CSB and both principal and interest are together repaid at a minimum rate of $50 per month.  Examples of repayment schedules are available from the CSB Financial Aid Office.

Foremost, please understand that all loans must be repaid.  The CSB Financial Aid Office will provide you with a review of all loan details upon entrance and departure so you are certain of your rights and responsibilities.

Some Helpful Links:

-Funding Your Education Beyond High School Guide
-FAFSA's website
-College Fund of North Carolina (CFNC)
-APPLY FOR A STUDENT LOAN