§ 115D-40.1. Financial Assistance for Community College Students. - North Carolina Statutes

§ 115D‑40.1.  FinancialAssistance for Community College Students.

(a)        Need‑BasedAssistance Program. – It is the intent of the General Assembly that theCommunity College System make these financial aid funds available to theneediest students who are not eligible for other financial aid programs thatfully cover the required educational expenses of these students. The StateBoard may use some of these funds as short‑term loans to students whoanticipate receiving the federal HOPE or Lifetime Learning Tax Credits.

(b)        TargetedAssistance. – Notwithstanding subsection (a) of this section, the State Boardmay allocate no more than ten percent (10%) of the funds appropriated forFinancial Assistance for Community College Students to:

(1)        Students who do notqualify for need‑based assistance but who enroll in low‑enrollmentprograms that prepare students for high‑demand occupations, and

(2)        Students withdisabilities who have been referred by the Division of VocationalRehabilitation and are enrolled in a community college.

(c)        Administration ofProgram. – The State Board shall adopt rules and policies for the disbursementof the financial assistance provided in this section. Degree, diploma, andcertificate students must complete a Free Application for Federal Student Aid(FAFSA) to be eligible for financial assistance. The State Board may contractwith the State Education Assistance Authority for administration of thesefinancial assistance funds. These funds shall not revert at the end of eachfiscal year but shall remain available until expended for need‑basedfinancial assistance.

The State Board shall ensurethat at least one counselor is available at each college to inform studentsabout federal programs and funds available to assist community college studentsincluding, but not limited to, Pell Grants and HOPE and Lifetime Learning TaxCredits and to actively encourage students to utilize these federal programsand funds. The interest earned on the funds provided in this section may beused to support the costs of administering the Community College Grant Program. (1999‑237,s. 9.4(a), (b); 2001‑229, ss. 1, 2; 2003‑52, s. 1; 2003‑385,s. 1; 2009‑451, s. 8.4.)