First year Fellows will receive $30,000. The money will be allotted from the NC State Education Assistance Authority to each Fellow’s campus at the rate of $15,000 per semester. At the beginning of each semester, each Fellow's tuition and fees will be deducted from the $15,000. Once the deduction is made at the beginning of the semester, each Fellow will be able to access the remainder of the $15,000 from the financial aid office for other expenses.
Second year Fellows will receive $42,380. The money will come from two sources.
Each amount is based on a percentage of the state salary of a first year assistant principal, plus $4,100 for tuition and fees. For 2013-14 the monthly state salary of a first year assistant principal is $3,828 and the annual salary is $38,280.
Here is how each amount is determined:
Source #1- Scholarship Loan: 60% of the 2013-14 state salary of a first year assistant principal (60% of $3,828 = $2296.80 per month multiplied by ten, plus $4,100 for tuition and fees) for a total of $27,068. These funds will be sent from the NC State Education Assistance Authority (SEAA) to each Fellow's university at the rate of $13,534 per semester. Tuition and fees will be deducted from the $13,534 amount at the beginning of each semester and the Fellow will be able to access the remainder of the $13,534 from the financial aid office.
Source #2 - Stipend: 40% of the 2013-14 state salary of a first year assistant principal (40% of $3,828= $1,531.20 per month multiplied by ten for a total of $15,312) will be allotted from the State Board of Education to each Fellow’s internship school system. Each Fellow will receive a monthly check from the school system for $1,531.20 less all applicable taxes.
When you combine funding from both sources the total amount is $42,380.
Questions - contact Diane Payne at: cdpayne@northcarolina.edu
(c) 2015