When considering a Mount Olive College education, your first concern should not be the burden of how to pay for it. Certainly, paying for it is important. However, finding the “right fit,” the best education, and the most positive environment should be your top priority. Making college as affordable as possible is one of our major goals at Mount Olive College.
At Mount Olive College we believe every worthy and capable student should have an opportunity to attain a college education. So, throw out any ideas you have about not being able to afford a great education - we make college possible for students every day.
What is FAFSA?
The Free Application for Federal Student Aid (FAFSA) is used to determine what a family can contribute toward educational expenses per academic year.
To apply for need-based financial aid, you will need to submit a completed FAFSA. It is available at public libraries, local high school guidance offices, financial aid offices, or online at www.fafsa.ed.gov. You may complete the FAFSA any time after January 1.
The FAFSA asks for financial information about you and your family, like income and asset information, as well as your academic background. Within three to 4 weeks of the date you file your FAFSA, you and the financial aid office will each receive a Student Aid Report (SAR), based on the information you reported in your application. Be sure to check your SAR for errors and let us know if there are any corrections. We will develop a financial aid package for you based on the information in your SAR.
What are the requirements for receiving financial aid?
To be eligible for financial aid, you must meet the following general requirements:
US citizen or permanent resident
Officially accepted as a degree-seeking student to Mount Olive College
Maintain satisfactory academic progress in a major course of study
Not be in default on an educational loan or owe a refund on a grant received at another college
Administering over $12 million dollars annually in financial aid, Mount Olive College solidly proves that financial aid is making college possible for many students.
Financial Aid for International Students
International students wishing to study at Mount Olive College will be considered for academic scholarships based on merit and academic ability. Athletic scholarships may also be available to qualified athletes. Special talent scholarships in music and art may also be available. However, an audition or review of your portfolio is required. International students are not eligible to be considered for any federal or state financial aid programs.
All international students are required to show proof of financial support prior to issuing the I-20. If you are considering financial aid options for your studies in the United States, you may consider an alternative loan through a variety of lenders.
Building a Financial Aid Package
The first step to finding a financial aid package that works for you is knowing what’s available. You have three major options: Gift-aid, which is made up of scholarships and grants; self-help, which incorporates work-study; and loans.
Gift-aid includes grants and scholarships from resources that do not need to be repaid. Some of those resources include Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, North Carolina Legislative Tuition Grant, North Carolina State Contractual Scholarship, North Carolina Student Incentive Grant, Mount Olive College scholarships based on merit, athletic ability and talent and outside scholarships. Priority for North Carolina funds is given to applicants who submit the Free Application for Federal Student Aid (FAFSA) by March 15.
Self-help funds are reserved for needy students who are eligible for Federal Work Study. Most students choose to work to help offset their tuition cost.
Loans must be repaid. Usually, repayment does not begin until at least 6 months after the last day of full-time enrollment. Some of those programs include the Federal Perkins Loan and the Federal Stafford Loan program.
By combining institutional scholarships and grant programs with federal and state assistance, Mount Olive College makes college possible for deserving and qualified students like you.
What Else is Working in Your Favor?
North Carolina residents may receive financial assistance based on their state residency. For classes starting after February 1, 2008 you will need to complete the 2008-2009 NC Residency Form, click here . Mail the signed form to MOC Financial Aid Office, 634 Henderson Street, Mount Olive, NC 28365. No electronic forms or faxes please.
Several changes in the Taxpayer Relief Act of 1997 are specifically designed to benefit you as a student. It’s important to know what these laws are so you can take full advantage of them.
The Hope Scholarship Tax Credit
The Hope Scholarship tax credit allows families to claim an annual tax credit of up to $1,500 for each of the first two years of college for each eligible student. An eligible student is one who is carrying at least one-half the normal full-time course load at a qualified educational institution and is enrolled in a degree program.
A student or a taxpayer may claim the credit for his or her spouse or dependent children. Expenses for books, room, board, athletics, and insurance are excluded.
The Hope Scholarship tax credit is phased out for joint filers with $85,000 to $105,000 of annual adjusted gross income, and for single filers earning between $42,000 and $52,000 yearly. The credit can be claimed in two taxable years of college and by students who are enrolled at least half time for any portion of the years. For more information on tax credits, visit the IRS web site.
Lifetime Learning Tax Credit
The Lifetime Learning Credit is for students who are returning to college as juniors, seniors, graduate and professional students. The maximum credit a taxpayer may claim for a taxable year is $1,000 per family through 2002, and $2,000 thereafter. Also unlike the Hope Credit there is no limit to the number of years in which a Lifetime Learning Credit may be claimed.
The credit is available for tuition and required fees, less grants, scholarships and other tax-free educational assistance, for amounts paid on or after July 1, 1998, for post-secondary enrollment beginning on or after July 1, 1998.
Education IRA
Beginning January 1, 1998, taxpayers may deposit up to $500 per year into an Education IRA for a child under age 18. Parents, grandparents, other family members, friends, and a child may contribute to the child’s Education IRA, provided that the total contributions for the child during the taxable year do not exceed the $500 limit. Amounts deposited in the account grow tax-free until distributed, and the child will not owe tax on any withdrawal from the account if the child’s qualified higher education expenses at an eligible educational institution for the year equal or exceed the amount of the withdrawal.
Student Loan Interest Deduction
Beginning January 1, 1998, taxpayers who have loans to pay for the cost of attendance at an eligible educational institution generally may deduct interest they pay on student loans for themselves, their spouse, or their dependent(s).
The deduction is available only during the first 60 months in which interest payments are required on the loan-for payments due and made on or after January 1, 1998. The maximum interest that may be deducted varies from one tax year to another. We recommend that you to see your financial planner or tax consultant if you believe that you are eligible for this benefit.
Tuition and Fees
For information on tuition and fees by location and program visit the Student Accounts webpage or contact your location’s admissions staff below.
Mount Olive Traditional College: 1-800-653-0854
Mount Olive Evening College: 1-800-653-0854
Goldsboro (SJAFB): 919-735-5052
New Bern: 1-800-868-8479
Research Triangle Park: 1-888-258-5188
Washington: 1-866-316-1757
Wilmington: 1-800-300-7478
Other typical expenses traditional students will want to take into consideration when planning your budget include books, clothing, and entertainment. Traditional students usually spend between $500 and $600 on books per semester.
Students and their families should consider the cost of a college education as an investment that provides personal and financial dividends for a lifetime. Census Bureau statistics have consistently shown the annual income for a person with a college degree is more than 80 percent higher than for a high school graduate. In both earning potential and learning potential, you can’t beat the value of a college education.