Financial Aid will post time-sensitive information on this page. Announcements are listed with the most recent posting on top. Please check back frequently.

North Carolina Initiative Grant 

Salem College is offering free tuition to in-state, Pell-eligible students whose families have an Estimated Family Contribution of $0-$5,000 (per FAFSA). You must be an incoming first-year student to qualify for the North Carolina Initiative Grant. We believe that financial circumstances should not prevent you from pursuing your education. Complete your FAFSA today to see if you qualify for the North Carolina Initiative Grant. 

FASFA Renewal Process

Big changes have been made for the 2017-2018 FAFSA. Please visit the 2017-2018 FAFSA page to learn more!
 

Phone Scam

Please be aware of a phone scam where the caller poses as an FBI agent and threatens to arrest student loan recipients.

The Associated Press is reporting Tuesday, October 13, 2015, that the FBI is warning that the scammer spoofs the FBI’s phone number on the victim’s phone, poses as an FBI agent, and demands that money be paid through MoneyGram.  The caller threatens the victim that they will not graduate if money is not paid and sometimes threatens arrest.

The FBI wants people to know that in no circumstance do FBI agents do not call citizens to request money.

New FSA ID Process Begins May 10, 2015

Beginning May 10, 2015, you will be prompted to create a new FSA ID to be used on all federal websites. This will replace the PIN number you currently use. Instructions on how to create your ID are available.

New Direct Loan Interest Rates Effective July 1, 2014

Please refer to the following for information on new Direct Loan interest rates.

Direct Loan Interest Rates and Changes to Student Eligibility for the Direct Subsidized Loans

On July 6, 2012, President Obama signed Public Law 112-141 that included a one-year extension of the 3.4 percent interest rate that has applied to Direct Subsidized Loans made to undergraduate students since July 1, 2011. With this action, the interest rate on any Direct Subsidized Loan first disbursed on or after July 1, 2012 and before July 1, 2013 will be 3.4 percent.

The 3.4 percent interest rate applies only to Direct Subsidized Loans made to undergraduate students. The interest rate on Direct Unsubsidized Loans made to both undergraduate and to graduate or professional students remains at 6.8 percent.  As explained in an earlier announcement, graduate and professional students are not eligible for Direct Subsidized Loans for loan periods beginning on or after July 1, 2012.

Public Law 112-141 also includes a new limit on eligibility for Direct Subsidized Loans for new borrowers on or after July 1, 2013.  A new borrower on or after July 1, 2013  will not be eligible for new Direct Subsidized Loans if the period during which the borrower has received such loans  exceeds 150 percent  of the published length of the borrower’s educational program. The law also provides that a borrower reaching the 150 percent limit becomes ineligible for interest subsidy benefits on all Direct Subsidized loans first disbursed to that borrower on or after July 1, 2013.  We will provide further information on this as it becomes available.