Financial Aid 101

The Free Application for Federal Student Aid, or FAFSA, is used by colleges and the federal government to determine your eligibility for grants, need-based scholarships, loans and workstudy programs.

The FAFSA

If you see a note on your Student Aid Report or Queens tells you that you've been selected for FAFSA verification, don't worry: nearly one in three FAFSAs are!

FAFSA Verification

Parent PLUS loans are one way to help your child pay for college, but they’re not for everyone. Here’s a quick overview of PLUS loans to help you decide if they’re a good option for you and your family.

Parent PLUS Loans

At Queens University of Charlotte, we understand that financials are an important part of the equation. That's why we're here to be a resource for you during your college search.

Check out our video or watch the playlist series on YouTube to learn more about how to fill out the Free Application for Federal Student Aid (FAFSA).

Grants and scholarships are gifts offered by schools as well as the federal and state government that do not have to be repaid. For this reason, they are the first aid to consider as you begin researching what you might qualify for. The spectrum is broad and funds are awarded in many ways for a variety of accomplishments.

Loans are another way to invest in your education. Many have low interest rates which make them appealing - but make sure you understand the payment terms. These funds come from the federal government as well as private lenders. All federal loans are administered by The Department of Education directly through the student’s school.

Federal work-study offers part time employment for eligible students who need supplemental income during college. Students get resume boosting experience while getting paid for meaningful work. Typically those with the greatest needs get priority. These funds do not have to be repaid.

Merit or Talent-Based Scholarships are given to students regardless of their financial circumstances. Merit and talent awards are typically the first type of aid one receives. The amount will vary and can cover up to the cost of attendance. These gifts are presented for academic or athletic success, community service or program-specific excellence. Grants may come from the school or another outside organization.

Undergraduate Scholarships

Graduate Student Aid: While we do offer some business school fellowships, most graduate students depend upon loans for their financial aid package.

McColl School of Business Fellowships

Need-Based Aid: Determined by a student and his or her family’s financial situation, this aid helps cover the gap between the cost of attendance (COA) and the expected family contribution (EFC). Some schools require additional applications for need-based financial aid. Queens only requires the Free Application for Federal Student Aid (FAFSA) and in a few circumstances, a family resources worksheet.

An example of need-based aid for an academic year:

Pell Grants: These grants are assigned to students working on their first undergraduate degree. In the 2019-20 award year students with an EFC of less than $5,577 were eligible for up to $6,195 per year depending on the COA of the institution.

Federal Supplemental Educational Opportunity Grant Program (FSEOG): FSEOG grants are awarded to students with exceptional financial need. Priority is given to Pell Grant recipients. The award amount is based on need and available funds.

North Carolina Need-Based Scholarships: These scholarships are awarded to state residents enrolling in an independent college in North Carolina (like Queens). Students with an EFC of $15,000 or less can receive up to $7,840 per year, based on a sliding scale.

Institutional Need-Based Grants: After all other grants have been awarded, these grants are awarded by the college or university to help offset the student’s remaining financial need.

Outside Scholarships: This type of need-based aid comes from other sources like civic groups, businesses, foundations, churches, synagogues and other religious organizations. Some schools will reduce institutional need‑based aid as a result of outside scholarships; make sure to ask. Queens adds these scholarships on top of all other grant and scholarship aid.