Financial Aid

Financial aid is monetary assistance provided through various sources to help you meet your financial needs while attending college.

1. Grants – This is money that you do not have to repay.
2. Work Study Program – This is money you actually earn. The college provides employment opportunities that will help pay for college.
3. Scholarships – These funds do not have to be repaid; however, there are often stipulations attached to the award. Contact the Financial Aid office for scholarship information and applications.

To be considered for federal and state aid, as well as federal campus-based programs (Federal SEOG and Federal Work Study), you must complete the Free Application for Federal Student Aid (FAFSA). The college may request additional information to complete the award. You will be notified through email about what information is needed. Our priority deadline for processing of financial aid for the fall semester is June 1 each year. All information is required by this date to meet the deadline.

You are encouraged to obtain a Federal Student Aid (FSA) ID in order to sign your FAFSA electronically. If you are a dependent, your parent(s) are also encouraged to obtain an FSA ID.

Our Title IV School Code is 008086. In order for us to receive your application electronically, it is important that you include our school code on your application.

Yes. Financial need is determined each academic year, so you must complete a new FAFSA each academic year. The FAFSA opens December 1 each year and now requires tax information from two years ago. For example, the 2024-2025 FAFSA will require 2022 tax information.

Financial aid is based on the principle that you and your parent(s) have the primary responsibility for paying for your post-secondary education if you are a dependent student. This is why you may be required to report your parent(s)’ income. However, the federal government will consider you independent of your parent(s) if one of the following requirements is met: you are 24 years old, married, enrolled in a graduate program (e.g., master’s or doctorate), have legal dependents other than a spouse that you are supporting, are an orphan or ward of the court, are a veteran, active duty, are an emancipated minor or under legal guardianship, or are homeless or at risk of becoming homeless.

Your financial aid may come from a variety of sources and may contain a combination of the three types of aid available (grants, scholarships, and work study). Once your FAFSA is submitted and processed, the Expected Family Contribution (EFC) will be computed. The EFC is determined by considering the number of persons in the household, the household income, and the number of persons from the household in college. The EFC is then subtracted from the cost of attendance. The remaining amount is the financial aid award need. We do not package students in the work study program; work studies will have to complete separate in-house applications.

After all financial aid information has been received and the requirements for admissions completed, you should receive notification via your student email account. You are also able to review grant information on the Self-Service portal.

While the process of determining financial aid eligibility is basically the same for all applicants, there is some flexibility for specific circumstances. Situations which might merit special circumstances include 1) unusual medical and dental expenses, 2) income reduction or nonrecurring income, and 3) a family and financial situation where a student normally considered dependent could be considered independent. If you feel you have any special circumstances that might affect the amount you and your family are expected to contribute, speak with the Financial Aid office.

All Pell Grant awards are based on full-time status (12 credit hours or more). However, if you attend less than 12 credit hours, your Pell Grant will be prorated down to the number of hours you are attending. You could be eligible for a small Pell Grant even if you are enrolled less than 6 credit hours (depending on eligibility). You may also be able to become a federal work study and receive SEOG if you attend less than full time.

If you have aid in excess of your tuition/fees and bookstore charges, a refund will be distributed to you through BankMobile Disbursements, a technology solution, powered by BMTX, Inc. for the balance after all semester charges have been made. Refunds will be generated once enrollment has been confirmed and received in the Financial Aid office. You can view the disbursement dates or view our third-party servicer contract for refund management.

Craven Community College does not participate in the Federal Loan program. The student can choose to use private student loans which are non-federal loans made by a lender such as a bank, Credit Union or state agency.

Summer aid is limited to students who have remaining Federal Pell Grant eligibility from the current academic year because of less than full-time enrollment during the previous fall and spring terms.

If you are receiving financial aid, federal and state regulations require you to maintain satisfactory academic progress. One requirement is that you must complete at least 67% of the total cumulative credit hours attempted (e.g., for 50 attempted credit hours, you must complete at least 33). A second requirement is that you must maintain a cumulative 2.0 GPA in all coursework. Therefore, withdrawals, failing grades, and incompletes will count against you. Also, if you completely withdraw from college before the 60% point of the semester, you may be required to return all or part of the aid awarded to you.

Return of Title IV Policy

Student financial aid and withdrawing from classes:

Title IV Federal Financial Aid is awarded to students under the assumption that they will attend school for the entire period for which financial assistance is provided. Students receiving financial aid who withdraw, or stop attending, may be required to return a portion of financial aid received.

Title IV Federal Financial aid students who withdraw, or stop attending the college, during the first 60% of the semester will have their financial aid recalculated. Once notified of a total withdrawal, Craven Community College is required to apply a federally mandated formula to determine how much of the federal funding was ‘earned’ by the student up to the time of withdrawal. Some grant recipients may owe repayment to both the institution and the Federal Government as a result of this recalculation. This review and recalculation is called a “Return of Title IV Aid Calculation.”

The Return of Title IV Funds shall apply to all students who withdraw, or stop attending Craven Community College, and receive financial aid from Title IV funds. The term “Title IV Funds” refers to the Federal Financial Aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs at Craven CC:

• Federal Pell Grant
• Federal Supplemental Education Opportunity Grant (FSEOG)

Whether students withdraw officially, or unofficially, the college must determine if students earned all federal or state aid received. The student’s withdrawal date is their last date of attendance. Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their eligibility for aid recalculated based on the percent of the term completed. For example, a student who withdraws completely, only completing 30% of the term will have “earned” 30% of Title IV aid received. The remaining 70% must be returned by the school and/or student.

If a student enquires about withdrawing from all classes prior to completing 60% of the term, they are required to contact Craven CC’s Financial Aid Office, or an academic advisor, to see how the withdrawal will affect their financial aid. Withdrawing can negatively affect a student’s overall academic progress as well as possibly creating a debt to Craven CC, the Department of Education, or both, that the student is responsible for paying. Once a student has completed more than 60% of the term, they have earned all the Title IV assistance they were scheduled to receive for that period.

Official Withdrawals

Student completes withdrawal form with a Craven CC Academic Advisor. The Financial Aid Office verifies the last date of attendance provided by instructor on the class rosters.

Unofficial Withdrawals

If a student stops attending a course, but does not officially withdraw (as outlined above), the Financial Aid Office uses the last date of attendance to determine the student’s withdrawal date. When a student receives all Fs or Us, or a combination of these grades for a term, the student may be defined as "unofficially withdrawn" for Title IV purposes. At the end of each term, if the last date of attendance is before the 60% of the term, the Return of Title IV calculation will be based on the last date of attendance.

Whether students withdraw officially, or unofficially, the college must determine if students earned all federal or state aid received. The student’s withdrawal date is their last date of attendance.

The percentage of Title IV aid students earn is determined on a pro rata basis by taking the number of calendar days completed in the period of enrollment divided by the total calendar days in the period of enrollment. The total number of calendar days in a term of enrollment shall exclude any scheduled breaks of five days or more.

Though student’s aid is posted to their account at the start of each term, students can earn the funds as they complete the semester. The percent of the term completed is the percentage of Title IV aid earned by the student. If the percentage is greater than 60%, the student earns 100% of the disbursed Title IV aid. If the student withdraws from all coursework on or before the 60% of the term, Craven CC is required to return a portion of the student’s financial aid that is unearned. (Return of Title IV) As a result of this calculation, Federal funds may not cover all unpaid school charges due to Craven CC upon student’s withdrawal.

If a student received less assistance than the amount that they earned, they may be able to receive those additional funds. This is a post-withdrawal disbursement. These grant funds must be disbursed within 45 days. All post-withdrawal disbursements are applied to a student’s account first towards outstanding tuition and fees. If the Return to Title IV calculation results in a credit balance on the student’s account, the credit balance will be disbursed as soon as possible, but no later than 14 days after the calculation of Return to Title IV.

If the student received more assistance than they earned, the excess funds must be returned by the school and/or student. Craven CC will return the amount to the federal program on behalf of the student, and the student must repay the funds to Craven CC. All Title IV fund returns must be completed no later than 45 calendar days after the date of determination that the student withdrew. Funds are returned to the appropriate federal program based on the percentage of aid earned, and the order of return dictated by the U.S. Department of Education.

Unpaid debts to Craven CC will prevent students from receiving an official academic transcript and will also prevent students from registering for future coursework at Craven CC until the debt is paid in full.
If a student is considering withdrawing or has any questions about the financial aid consequences of withdrawing, please contact Craven CC’s Financial Aid Office at 252-638-7216 or financialaid@cravencc.edu.

They should both be done simultaneously. Since applying for financial aid is a very extended process, you need to begin applying as soon as possible. However, financial aid will not be awarded if you have not been accepted to the college and completed all admission requirements.

No. A program must lead to a degree or diploma in order to be eligible for financial aid. Our Basic Law Enforcement Training (BLET) and Esthetics programs are the only acceptable certificate programs. Special credit students are not eligible for financial aid. If you are unsure about aid eligibility and the program you are considering, contact the Financial Aid office for clarification.

According to the Federal Trade Commission, dishonest companies guarantee or promise scholarships or grants. Some guarantee that they can get scholarships on behalf of students or award scholarships in exchange for an advance fee. Most offer a “money-back guarantee” but include conditions that make it impossible to get the refund. Others provide nothing for the student’s advance fee—not even a list of potential sources. Some companies ask for a student’s checking account to “confirm eligibility,” then debit the account without the student’s consent. Even if the company does provide the student with an award source(s), most often the same information is available at the Financial Aid office for free.

You must have a high school diploma, GED, or adult high school transcript and be accepted for admission into an approved college program of study in order to receive financial aid. You cannot be in the GED or adult high school program while taking college classes and receive financial aid. Once you earn your GED or adult high school diploma, you are eligible to apply for financial aid, including the Pell Grant.

Financial Aid TV is a great source of financial aid information that answers questions parents or students may have. It has dozens of short videos that explain various financial aid topics and is accessible 24/7.