Non-Need Based Aid
Glossary
Non-Need Based Aid
Aid that does not require a student to have financial need. Can include Federal Loans, Private Loans, and scholarships that do not include a financial need component.
Outside Scholarship
Any type of funding for college costs that is coming from outside of UNC-Chapel Hill, Federal, or State funding sources. Outside scholarships must be reported to our office.
Pell Grant
The Pell Grant is the largest federal grant program offered to eligible undergraduates. To qualify for a Pell Grant, a student must demonstrate financial need by completing and submitting their FAFSA.
Primary or Custodial Parent
for a dependent student whose parents are divorced or separated, the primary or custodial parent is the parent who provides the greater portion of the student’s financial support and is required to provide their information (and if applicable their spouse’s information) on the FAFSA form.
Prorated
The amount that may be owed back based on when enrollment changes occur. A calculation will be done to see if you owe back any financial aid for the time your enrollment changes since financial aid is given for enrolled students. For example, if you attend class for 25% of the semester, you have earned 25% of your financial aid. The unearned portion of your financial aid will be reduced from your account and returned by the University to the appropriate aid program.
Reconsideration
When our office collects information to determine if we can offer more aid to a student within Federal Student Aid Guidelines due to a change in circumstance.
Repayment
Paying back the money you borrowed in a loan while attending school. Typically six-months from the time you graduate repayment begins, but it can also begin six-months from the time you leave school or are no longer enrolled. You will repay your loan servicer directly.
Scholarships
A scholarship can be money given by a person or group of people to help you pay for college. Scholarships are sometimes called “free money” because they do not have to be paid back later. Scholarships can also be awarded based on academic or merit achievement and through exhibiting financial need.
Student Aid Index (SAI)
A calculation based on the Free Application for Federal Student Aid (FAFSA) that allows us to determine how much need-based financial aid you are eligible for. It provides schools with a picture of your family’s financial strength. Replaced what used to be known as Expected Family Contribution (EFC).
Student Blue Health Insurance
Students must be covered by insurance during their time at UNC. All students are automatically enrolled in Student Blue but can show proof of existing insurance to waive the Student Blue plan. Learn more about insurance requirements, the waiver process and more on the campus health website.