A comprehensive guide to financing your education at one of America’s top public universities
With an estimated total cost of attendance ranging from $25,000 (in-state) to $53,000 (out-of-state) per year, financing your education at the University of North Carolina at Chapel Hill requires careful planning. This guide breaks down your best loan options, helping you make an informed decision about funding your Tar Heel dreams.
Quick Facts: UNC Chapel Hill
- In-state tuition: VisitOfficial Rates
- Out-of-state tuition: SeeCurrent Rates
- Average financial aid package: $15,900+
- 47% of students receive need-based aid
Federal Student Loans: Your First Stop
Always start with federal student loans before considering private options. Here’s why:
Direct Subsidized Loans
- • Interest covered while in school
- • Need-based qualification
- • Fixed interest rate set annually
- • Up to $5,500 per year
Direct Unsubsidized Loans
- • Available regardless of need
- • Interest accrues during school
- • Fixed interest rate set annually
- • Up to $12,500 per year
Best Private Student Loan Options
Sallie Mae
- • Competitive variable rates
- • No origination fees
- • 4-month grace period after graduation
- • Special rates for UNC students
Discover Student Loans
- • Competitive variable rates
- • Cash rewards for good grades
- • No fees of any kind
- • 6-month grace period
Student Experiences
“The Carolina Covenant made it possible for me to attend UNC without taking on any loans. The financial aid office was incredibly helpful throughout the process.”
– Sarah M., Class of ’24
Political Science Major
“As an out-of-state student, I combined federal loans with private loans from Sallie Mae. The fixed rates on federal loans helped me budget better.”
– Michael R., Class of ’23
Business Administration Major
Lender Reviews
Federal Direct Loans
Best starting point for all students. Fixed rates, income-driven repayment options, and potential loan forgiveness make these the most flexible and affordable option.
Sallie Mae
Good option for students who need additional funding. Competitive rates and no origination fees make it attractive for UNC students.
Frequently Asked Questions
How do I apply for federal student loans at UNC?
Submit your FAFSA as early as possible after October 1st. UNC’s FAFSA code is 002974. The priority deadline is March 1st.
What is UNC’s average student loan debt?
The average student loan debt for UNC Chapel Hill graduates is approximately $22,000, significantly lower than the national average of $29,000.
Are there UNC-specific scholarships available?
Yes, UNC offers numerous merit-based and need-based scholarships. The Carolina Covenant program guarantees eligible low-income students can graduate debt-free.
What is the Carolina Covenant?
The Carolina Covenant is UNC’s commitment to help eligible low-income students graduate debt-free through a combination of scholarships, grants, and work-study opportunities.
Can international students get federal loans?
No, federal student loans are only available to U.S. citizens and eligible non-citizens. International students should explore private loans with a U.S. co-signer or international student loans.
How does work-study function at UNC?
Federal Work-Study provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Jobs are available both on and off campus.
What is the Parent PLUS loan?
Parent PLUS loans are federal loans that parents of dependent undergraduate students can take out to help pay for college costs not covered by other financial aid.
Can I appeal my financial aid award?
Yes, if your financial circumstances have changed, you can submit a financial aid appeal to UNC’s Office of Scholarships and Student Aid for reconsideration.
Are there loan forgiveness programs for UNC graduates?
Yes, UNC graduates may be eligible for various loan forgiveness programs, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.
How do I compare private loan offers?
Compare APRs, repayment terms, grace periods, and borrower protections. Consider both fixed and variable rates, and always read the fine print regarding fees and penalties.
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