How Financial Aid Works
Financial aid helps makes your education at UNC more affordable by combining federal, state, and institutional resources - including grants, scholarships, work-study, and student loans. Your aid eligibility is determined by several factors, including your Cost of Attendance (COA), your Student Aid Index (SAI) from the FAFSA or CASFA, and your academic progress.
Financial Aid Resources
Financial Aid Timeline
Here’s a general overview of when to apply for aid and what to expect throughout the year.
Start Planning for Next Year
October 1 – Financial aid applications open for the next academic year. Complete the FAFSA or CASFA to be considered for all types of aid.
- Visit Apply for Aid to get started.
November 1 – UNC Scholarship Application opens in Ursa. Submit one application to be considered for multiple UNC Scholarships..
Priority Deadlines and Aid Offers
February 1 – Priority deadline for new and continuing students to submit the UNC Scholarship application.
March – New students begin receiving financial aid offers through Ursa.
April – Continuing Students begin receiving financial aid offers.
Tip: Check your BearMail regularly for updates or request for additional information.
Get Ready for the Semester
June 1 – Priority Deadline to submit your FAFSA and CASFA applications. New transfer, international, and graduate students UNC Scholarship application priority deadline.
June 15 – Review your Aid Offer in Ursa and take action to accept, decline, or reduce awards so your aid is ready on time.
July 1 – Complete any outstanding verification items or loan requirements before your aid is disbursed.
August – Review your student bill in Ursa
- Financial Aid is applied to your account the Friday before classes begin. Refunds are issued if your aid exceeds your charges.
How Financial Aid Eligibility is Determined
Determining Financial Need
Financial Aid is designed to supplement, not replace, what students and families can contribute toward college costs.
Your financial aid eligibility is calculated using this basic formula:
Cost of Attendance (COA) – Student Aid Index (SAI)
= Eligibility for Need-Based Aid
- COA (Student Budget) is your estimated yearly cost of attendance, including tuition, fees, housing, meals, books, transportation and personal expenses.
- SAI is a number calculated from the information you report on your FAFSA or CASFA.
- The difference between these two numbers determines your eligibility for need-based aid programs such as grants, some scholarships and work-study.
The U.S. Department of Education (for FAFSA filers) or the Colorado Department of Higher Education (for CASFA filers) reviews your application to determine your SAI using factors like family income, assets, and household size.
The only way to know your true eligibility is to submit your FAFSA or CASFA each year.
Financial Aid Qualifications
To receive aid from programs administered by UNC, you must:
- Complete the FAFSA or CASFA, and any follow-up documents requested each year.
- (FAFSA applicants) Be a U.S. citizen or an eligible noncitizen and have a valid Social Security Number.
- Have a high school diploma, GED, or equivalent recognized credential.
- Be enrolled or accepted for enrollment as a regular student into an eligible degree program.
- Maintain Satisfactory Academic Progress (SAP) toward your degree.
- Use financial aid only for educational purposes.
- Not be in default on a federal student loan or owe a refund on a federal grant.
Unsure whether you should complete the FAFSA or CASFA? Our Apply for Aid page explains which form is right for you.