Lana Oconnell
North Carolina State University offers a variety of scholarships, grants, and loans to its students. The average federal loan amount is $5,254, while the average private loan amount is $9,891. 43% of incoming students take out loans, averaging $6,834, including both private and federally-funded loans. The average federal loan for freshmen is $5,072, while the average undergraduate loan is $5,963. The median federal loan debt among undergraduate borrowers is $20,121, while 7% of graduates took out private loans, averaging $31,324 in debt. The university also offers need-based and merit-based financial aid, with 44% of first-year students receiving need-based aid, averaging $3,112. NC State provides scholarships for incoming freshmen, continuing students, and those demonstrating financial need, with an average non-need-based grant of $5,501. The university's strong financial aid program and competitive institutional aid make it a high-value school, with 78% of its students' financial needs met.
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Federal loans
At NC State, 43% to 45% of students take out federal loans, which is lower than the average for public schools (57%). This suggests that the university has a strong financial aid program and that students may have access to more competitive funding options. The average annual federal loan amount for NC State students is $5,072 to $5,254. This is 92.2% of the first-year borrowing cap of $5,500 for a typical first-year dependent student. However, it's important to note that independent students and those with parents who do not qualify for PLUS loans may have higher borrowing caps.
There are two main types of federal loans available to NC State students: Direct Subsidized Loans and Direct Unsubsidized Loans. Subsidized loans are based on financial need, and interest is not paid on these loans until the borrower enters repayment, which starts after the borrower is no longer enrolled at least half-time. On the other hand, unsubsidized loans are available to students regardless of their financial need. Interest on unsubsidized loans accrues if not paid while the borrower is enrolled, and repayment terms are similar to those of subsidized loans.
Parents of dependent undergraduate students may also apply for Federal Direct PLUS loans. PLUS loan borrowers must pass a credit check, and repayment begins 30 days after the loan is fully disbursed. If a parent is denied a PLUS loan due to their credit history, the dependent student may be eligible for an additional unsubsidized student loan. Graduate and professional students may apply for Graduate PLUS loans after exhausting their Federal Direct Loan eligibility, and they must also pass a credit check.
It is recommended that students consider their anticipated future income before taking out loans and never borrow more than they need. Students at NC State can use the Loan Payment Calculator to estimate their monthly payments. Additionally, students must complete entrance loan counselling before receiving loan funding and exit counselling when they cease attendance. Federal loans should be considered a last resort, as students may have to pay them back for many years after graduation, impacting their financial life.
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Private loans
Private student loans are available to students at North Carolina State University (NC State). However, federal loans are generally preferable to private loans as they tend to have lower interest rates and other perks such as loan forgiveness.
At NC State, 45% of all students take out federal loans, while only 3% take out private loans. This is lower than the average for public schools, which is 5%. The average private loan amount at NC State is $9,891, while the average federal loan amount is $5,254.
It is recommended that students do not borrow more than they need to attend school and consider their anticipated future income before taking out a loan. Private loans can have higher interest rates and may not offer the same benefits as federal loans.
NC State offers a variety of scholarships, grants, and work-study programs to help students finance their education. The university is also G.I. Bill certified and offers other forms of financial aid to help students cover the cost of attendance.
The average need-based self-help aid awarded to first-year students at NC State is $3,112. The university also offers merit-based scholarships for specific talents or academic achievements, with an average non-need-based scholarship of $5,501 awarded to first-year students.
Overall, NC State has a strong financial aid program and is committed to making its education affordable and accessible to students.
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Scholarships
NC State University offers a range of scholarships for students to help them fund their education. The university is known for its strong financial aid program, which means that students may not need to take out as many loans to pay for their college education. The average non-need-based scholarship or grant awarded to first-year students at North Carolina State University was $5,501, excluding any athletic scholarships.
The university offers a limited number of competitive scholarships for entering freshmen to recognize and encourage academic ability and talent. To be considered for these scholarships, students must apply for admission by November 1 and indicate 'early admission' on the application. Some of these prestigious scholarships include:
- Park Scholarships: This scholarship is awarded to students who demonstrate exceptional academic ability, leadership and service potential, and exemplary character.
- General Hugh Shelton Leadership Initiative Scholarship: This scholarship promotes the mission of the Shelton initiative, which is "to inspire, educate and develop value-based leaders committed to personal integrity, professional ethics, and selfless service."
- Chancellor’s Leadership Scholarship: This scholarship is for students who demonstrate leadership potential, academic achievement, personal talents, unique work or service experience, and financial need.
NC State University also offers the Goodnight Scholars Program, a unique scholarship for outstanding students in STEM and education disciplines. This scholarship is available to students from low- and middle-income North Carolina families and covers the cost of tuition, fees, room, and board for up to four years. Another scholarship program is the Caldwell Fellows, which invests in students selected during their first year at NC State who share a passion for learning, growing, and serving others.
Additionally, the College of Education at NC State University offers scholarships to freshmen following decisions about Park Scholarships and other university-wide scholarships. These scholarships are given to outstanding undergraduate students who reside in North Carolina, preferably in the rural western part of the state, and have demonstrated leadership potential. The recipients are selected based on academic excellence and financial need.
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Work-study programs
The median federal loan debt among borrowers who have completed their undergraduate degrees at North Carolina State University is $20,121. The median monthly federal loan payment for students who graduated is $213. Additionally, 7% of graduating students took out private loans, with an average debt of $31,324.
The Federal Work-Study (FWS) Program at North Carolina State University provides undergraduate students with the opportunity to work part-time, gain valuable work experience, and contribute to the cost of their education. Earnings from work-study positions are paid directly to the student every two weeks. Students must complete a Free Application for Federal Student Aid (FAFSA) to qualify for work-study. If a student qualifies, they will receive a financial aid offer that includes Federal Work-Study. Students can view work-study job postings through the MyPack Portal.
Students can work one work-study position per term and another non-work-study position simultaneously. The hourly wage for all FWS and non-FWS students is calculated based on job responsibilities and level of experience. Some positions are located off-campus with nonprofit community service organizations, and all off-campus community service positions are paid $14.00 per hour.
To receive Federal Work Study, students must be enrolled full-time and maintain good academic progress. Students are required to submit their time worked online every two weeks, and supervisors must approve timesheets by the Monday deadline. Students may not work more than 20 hours per week.
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Average loan amount
The average student loan amount at North Carolina State University (NC State) varies depending on the type of loan and the student's year of study. For instance, the average federal loan amount for first-year students is $5,072, which is 92.2% of the first-year borrowing cap of $5,500 for dependent students. On the other hand, the average private loan amount at NC State is $9,891, which is higher than the public school average of $9,546.
Overall, 43% of first-year students at NC State take out loans, with an average loan amount of $6,834, including both private and federally-funded loans. This is slightly higher than the average federal loan amount of $5,072, indicating that some students may be taking out larger private loans. It's worth noting that NC State has a strong financial aid program, and 44% of first-year students received need-based financial aid in 2022, with an average award of $3,112. The university also offers scholarships, grants, and work-study programs to help students cover their educational costs.
For undergraduate students at NC State, the average federal loan amount is $5,963 per year. This is based on data that includes freshmen and other undergraduate students. The average annual federal loan amount at NC State is $5,254, which is lower than the average for public schools, indicating that NC State may offer competitive financial aid. The university also has a lower percentage of students taking out private loans (3%) compared to the public school average of 5%.
The median federal loan debt among NC State borrowers who completed their undergraduate degrees is $20,121. This would result in a median monthly federal loan payment of $213 if repaid over 10 years at 5.05% interest. Additionally, 7% of graduating students at NC State took out private loans, with an average debt of $31,324 at graduation.
It's important to note that the average loan amounts may not include all types of loans, such as parent loans, and that the actual loan amounts can vary depending on individual financial circumstances and the cost of attendance. Students at NC State are encouraged to apply for scholarships and explore different financial aid options to minimize their reliance on loans.
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Frequently asked questions
The average student loan amount for freshmen at NC State University is $6,834, including both private and federally-funded student loans. The average federal loan is $5,072, which is 92.2% of the first-year borrowing cap of $5,500.
43% of incoming students take out loans to help defray freshman year costs. 45% of all students take out federal loans, and 3% take out private loans.
The average federal loan amount is $5,254 per year.
The average private loan amount at NC State University is $9,891.
