How to Pay for UNC Chapel Hill: Aid and Student Loan Options

Written by Kat Tretina

September 17, 2020September 17, 2020Paying for CollegeFeatured, Student Loans858Kat TretinaJamie YoungSEO

Updated on September 17, 2020

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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The University of North Carolina at Chapel Hill (or “UNC Chapel Hill”) is a prestigious school that has gained a reputation for its rigorous academic program. If you’re planning to become a Tar Heel, you’ll need to be prepared for a large tuition bill. Fortunately, a UNC loan can help.

Although the cost of attendance is high, you might not have to foot the bill in its entirety. To help you, we’ll explain UNC loans and how to pay for your education at 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.

1. Scholarships
2. Grants
3. Payment plan
4. Tuition Guarantee Program
5. Federal student loans
6. Private student loans

1. Scholarships

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.

Johnston Scholars Program Scholarship: A series of need-based scholarships, the James M. Johnston Awards are given to incoming students who also demonstrate strength in various areas and financial need.
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.
Community Service Scholarships: 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 ability. 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 Army ROTC and Air Force ROTC participants.

2. Grants

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 coming 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 for Fall or Spring.
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.

With a federal student loan, you might qualify for an alternative repayment plan, such as an extended payment plan after you graduate, where you can get a lower minimum payment. You might also 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 — so 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 your best deal. Also be aware that private loans don’t usually come with the same protections as federal loans, so be sure to use those first in most cases.

Some final tips on paying for college

Many options are available to help pay for UNC Chapel Hill, such as UNC loans, grants and scholarships, to make it more affordable. When you’re figuring out how to pay for UNC Chapel Hill, make sure you explore all of your opportunities to minimize your costs.

Not sure where to find scholarships? This guide for high school seniors can help you navigate through the process.

Christina Majaski contributed to this report.

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²Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

³Rate range above includes optional 0.25% Auto Pay discount.

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Citizens Bank Disclosures

Undergraduate Rate Disclosure: Variable interest rates range from 1.15% – 11.01% (1.15% – 10.24 APR)Fixed interest rates range from 4.18% – 11.70% (4.18% – 10.83% APR).

Graduate Rate Disclosure: Variable interest rates range from 1.89% – 10.66% (1.89% – 10.41% APR). Fixed interest rates range from 4.64% – 11.23%% (4.64% – 10.95% APR).

Business/Law Rate Disclosure: Variable interest rates range from 1.89% – 9.22% (1.89% – 8.50% APR). Fixed interest rates range from 4.38% – 10.44% (4.38% – 9.72% APR).

Medical/Dental Rate Disclosure: Variable interest rates range from 1.89% – 8.02% (1.89% – 7.72% APR). Fixed interest rates range from 4.28% – 9.24% (4.28% – 8.94% APR).

Parent Loan Rate Disclosure: Variable interest rates range from 1.97% – 7.06% (1.97% – 7.06% APR). Fixed interest rates range from 4.94% – 8.58% (4.94% – 8.58% APR).

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Variable Rate Disclosure: Variable Rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 1, 2021, the one-month LIBOR rate is 0.09%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.

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Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.

Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.

Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

How to Pay for UNC Chapel Hill: Aid and Student Loan Options

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