The University of North Carolina at Chapel Hill, also known as UNC Chapel Hill, is a prestigious school with a lengthy history. Founded in 1789, it was among the first public universities in the nation. It’s long since gained a reputation for its rigorous academic program. In fact, U.S. News ranked UNC Chapel Hill as one of the top 10 schools for its value.
If you dream of becoming a Tar Heel, be prepared for a large tuition bill. As of 2018, the total cost of full-time attendance at UNC Chapel Hill for a North Carolina resident is $23,734. However, for out-of-state students, the price increases to a staggering $50,634.
Although the cost of attendance at UNC Chapel Hill is high, you might not have to foot the bill in its entirety. Here’s everything you need to know about how to pay for UNC Chapel Hill.
How to pay for UNC Chapel Hill
There are a number of financial aid options available to you, including scholarships, grants, payment plans, and student loans.
As an incoming student, you might be eligible for one of UNC Chapel Hill’s scholarships. The school offers awards based on financial need, academic merit, athletic performance, and community or military service.
James M. Johnston Awards: A series of need-based scholarships, the James M. Johnston Awards are given to incoming students who also demonstrate leadership skills and academic ability.
Old Well and Founders Scholarship: Students from North Carolina with outstanding grades can receive $3,000 or more through the Old Well and Founders Scholarship.
College Fellows Scholarship: High-achieving students from North Carolina can receive up to $2,500.
MacDonald Community Service Scholarship: Students with a record of community service can receive a renewable award of $5,000.
Athletic scholarships: Student-athletes might be eligible for scholarships based on athletic excellence. However, students must apply through UNC Chapel Hill’s athletics department, rather than the financial aid office.
Military scholarships: Military service-related scholarships are available to Air Force ROTC and Army ROTC participants.
If you’re struggling with how to pay for UNC Chapel Hill, the school offers several grants to undergraduate students with a demonstrated financial need.
There’s no separate process to applying for a grant. The school will automatically consider you for a grant when reviewing your Free Application for Federal Student Aid (FAFSA) and CSS Profile.
3. Payment plan
Rather than having to come up with the entire tuition bill at once, UNC Chapel Hill offers several payment plans. The school offers three plans:
Five-month plan: To pay for one semester, you can spread your payments out over the course of five months.
Ten-month plan: To cover both the fall and spring semesters, you can pay your bill over 10 months.
Twelve-month plan: You can spread your payments even further to reduce how much you owe each month. This plan allows you to pay your bill over the course of 12 months.
4. Tuition Guarantee Program
As of 2016, North Carolina residents who enroll in an undergraduate program within the University of North Carolina school system are eligible for a guaranteed tuition rate.
That means that the tuition you pay for your first semester as a freshman will be the same price of your last semester as a senior. The Tuition Guarantee Program protects you from price hikes while in school.
5. Federal student loans
After grants and scholarships, your next source for financing your education should be federal student loans. Federal loans tend to have lower interest rates, more generous repayment terms, and other benefits than other forms of aid.
For example, you might qualify for an alternative repayment plan after you graduate where you can get a lower minimum payment. Also, you might qualify for loan forgiveness in certain circumstances, such as if you choose to work in public service.
To ensure you get access to all of the federal financial aid you deserve, make sure you complete the FAFSA.
6. Private student loans
Although federal loans are usually the most cost-effective option when it comes to student loans, it’s possible to exhaust your federal options. Most federal loans have a cap on how much you can borrow. If your education costs exceed that maximum, you’ll have to find another way to pay for school.
Private student loans can be an essential tool that fills the gap and allows you to complete your education. When shopping around for a private student loan, compare offers from multiple lenders to ensure you get the lowest interest rate and best repayment terms.
Paying for college
If you have your heart set on attending UNC Chapel Hill, don’t let its price tag scare you away. There are many options available to make it more affordable. When you’re figuring out how to pay for UNC Chapel Hill, make sure you explore all of your scholarship, grant, and loan opportunities to minimize your costs.
Not sure where to find scholarships? This all-inclusive guide for high school seniors can help you navigate through the process.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 11/1/2018. Variable interest rates may increase after consummation.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.94% – 12.78%1||Undergraduate, Graduate, and Parents|
|4.04% – 13.04%3||Undergraduate and Graduate|
|4.34% – 12.99%2||Undergraduate and Graduate|
|4.12% – 10.98%*,4||Undergraduate and Graduate|
|5.03% – 11.23%5||Undergraduate and Graduate|
|4.12% – 13.13%6||Undergraduate and Graduate|
|4.92% – 10.01%7||Undergraduate and Graduate|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents|
|4.26% – 12.13%9||Undergraduate, Graduate, and Parents|