BASIC FINANCIAL AID INFORMATION FOR STUDENTS AT UNIVERSITY OF MOUNT OLIVE
At the University of Mount Olive, we strive to make college affordable for each of our students in Mount Olive, Research Triangle Park, New Bern, Wilmington, and beyond. Whether you choose to attend school as a part-time or full-time student, it is our goal to provide you with the resources you need to successfully pay for college.
We truly believe that every worthy and capable student should have an opportunity to attain a college education. Throw out any ideas you have about not being able to afford a great education — we make college possible for students every day.
HOW TO APPLY FOR FINANCIAL AID
Potential financial aid benefits including state and federal grants, as well as student loans, and are available contingent on eligibility:
- US citizen or permanent resident
- Officially accepted as a degree-seeking student to University of Mount Olive
- 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
If you are a re-admit student, please contact the University of Mount Olive campus location you plan to attend — one of our admissions officers will be happy to discuss your plans to re-enroll, including financial aid options.
If you are a transfer student, you will either be applying as a traditional student/incoming freshman (under 21 years of age) or a nontraditional/adult student (over 21 years of age).
By combining scholarships and grant programs with federal and state assistance, the University of Mount Olive makes college possible for deserving and qualified students like you. For an estimated aid package, complete the University of Mount Olive net price calculator below.
INFORMATION ABOUT THE FREE APPLICATION FOR FEDERAL STUDENT AID
All students at the University of Mount Olive can apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). Once a FAFSA has been processed, one of our friendly financial aid counselors will develop a customized financial aid package showing what federal funds are available and what out-of-pocket expenses will be needed.
WHAT IS FAFSA?
The Free Application for Federal Student Aid (FAFSA) is used to determine what a family or individual can contribute toward educational expenses per academic year.
If you are an incoming freshman, working adult or other student interested in need-based financial aid, you will need to submit a completed FAFSA (school code 002949) to University of Mount Olive. The form is available at public libraries, local high school guidance offices, financial aid offices or online. If you are applying online, you also have the option to sign the FAFSA online with a FSA ID.
NOTE: The NC General Assembly recently changed the Legislative Tuition Grant (LTG) and the NC State Contract program so that all grants are now related to financial need.
The FAFSA asks for financial information about you and your family, including income and asset information, as well as your academic background. Within 3 to 4 weeks of the date you file your FAFSA, you and the financial aid office at the University of Mount Olive 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. University of Mount Olive will develop a financial aid package for you based on the information in your SAR.
The University of Mount Olive strongly advises students and parents to complete the FAFSA using the IRS Data Retrieval Tool. If you have already completed your FAFSA and did not use the IRS Data Retrieval Tool, please view this short video for detailed instructions.
UNIVERSITY OF MOUNT OLIVE FINANCIAL AID PACKAGES
HOW TO COMPLETE YOUR FINANCIAL AID PACKAGE
Documents required to complete your financial aid package are available on the MOC Financial Aid Portal.
- Go to MYUMO.
- Click “Sign In” in the blue bar on the top of the screen.
- Sign in using your email username and password.
- Click on the “Finances” tab and select “MyFinancialAid.” On the next screen click on the green box that says “Click here to access MyFinancialAid.”
BUILDING A FINANCIAL AID PACKAGE
The first step to finding a financial aid package that works for you is knowing what’s available. Students at the University of Mount Olive 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, and NC State grants, University of Mount Olive scholarships based on merit, athletic ability and talent and outside scholarships.
- 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 Direct Loan program. The University of Mount Olive is the lender for a borrower under the Federal Perkins Loan Program. Campus Partners is the service agent of the Federal Perkins Loan.
ADDITIONAL WAYS TO OFFSET THE COST OF PAYING FOR COLLEGE
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 not included in this calculation.
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. Visit the IRS online for more information on tax credits.
LIFETIME LEARNING TAX CREDIT
The Lifetime Learning Credit is for students who are returning to college as juniors, seniors, graduate or professional students. The maximum credit a taxpayer may claim for a taxable year is $2,000. 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, grants, scholarships and other tax-free educational assistance, for amounts paid on or after July 1, 1998 and for post-secondary enrollment beginning on or after July 1, 1998.
STUDENT LOAN INTEREST DEDUCTION
Taxpayers who have loans to pay for the cost of attendance at an eligible educational institution may generally 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 speaking with your financial planner or tax consultant if you believe you are eligible for this benefit.
MONTHLY PAYMENT PLAN
For many students and their families, a monthly payment plan is the best way to budget for school expenses. The University of Mount Olive payment plan is administered by Advanced Education Services. This plan enables you to pay all or part of your tuition and fees in monthly installments without interest charges. Please note that there is a $45 enrollment fee for a yearly plan and a $25 enrollment fee for a semester plan.
BankMobile processes all student refunds for University of Mount Olive for financial aid Title IV refunds, as well as any refunds that you may receive for dropping classes.
As a University of Mount Olive student, you should have received or will soon receive a BankMobile Vibe Account that includes an explanation of the program and a personal code.
Upon receiving your code, you need to go online and select your refund preference.
Student should select a refund preference at www.refundselection.com. If you have not received access to your BankMobile Vibe Account, please contact Jaime Myers via e-mail at firstname.lastname@example.org and include your mailing address.
Choosing your refund preference is the only way to let BankMobile and the University of Mount Olive know how you want to receive your refund money. As soon as you have activated your refund preference, any refund already processed will be delivered based on the method you have selected.
All non-traditional/online/graduate/Seymour Johnson Air Force Base students who drop their course on/before the Friday of their first week of class will receive a tuition credit in the full amount of the tuition that was charged. Traditional students who drop their course will be pro-rated up until the 4th week of class. After the 4th week of class, all tuition charges stay on their account. Any outside scholarships/employer assistance/Tuition Assistance that has paid for this class will be refunded back to the agency in the full amount that was paid originally. Refunds for traditional students as a result of withdrawing from school will be calculated based on the date of withdrawal in the semester. Meal charges will be prorated based on the withdrawal date. Room charges are nonrefundable after the semester drop-add date unless the student completely separates from the university.
Past Due Balances/Collections
If you are a previous student with a past due balance or have had your account submitted to collections, please click the following link for more information. https://myumo.moc.edu/finances/Collections/Pages/default.aspx
Helpful Financial Aid Links for New Incoming Freshmen, Transfer Students, Adult Students, Military Students & International Students
- FAFSA – To complete a current or upcoming academic year Free Application for Federal Student
- PIN – To obtain a PIN number to electronically sign your FAFSA and access other federal sites
- studentloans.gov – to complete entrance counseling and master promissory note for federal
student loans; also to complete Parent PLUS Loan application and
master promissory note
- CFNC – To search outside scholarships and utilize helpful tools
- Campus Partners – Perkins Loan servicer
- college.gov – For helpful tips and answers to questions regarding federal aid
- CollegeIsPossible – To help plan and prepare for college
- FastWeb – To search for other financial aid opportunities
- eduPass – For information about applying to and paying for college
- Nelnet – For payment plan set-up
Contact the University of Mount Olive’s Financial Aid Office Today
At the University of Mount Olive, we strive to develop a personal relationship with each of our traditional and adult students alike. We look at each student individually and package financial aid based on his or her unique needs.
Please take a moment to sit down with one of our financial aid counselors and discuss your options. We’d be happy to help you find the best way to pay for your college education. Call today to get started!
Ms. Katrina Lee, Director of Financial Aid