Supporting Education for North Carolina Students
The North Carolina State Education Assistance Authority (SEAA) is an
agency of the State of North Carolina and is authorized by the General
Assembly to administer post-secondary education programs of student
financial assistance created under Federal or State law.
North Carolina General Statute 116B-7 provides that the interest
earnings from the Escheat Fund, minus administrative expenses, be
deposited with the SEAA. The law further provides that this money will
be utilized to provide grants and low interest loans to worthy and needy
North Carolina students in State-supported schools of higher education.
At the end of the 2016 fiscal year, a total amount of $5 million
from interest earned and $32.2 million from the principal was sent
to SEAA to be used for needy and worthy students. A total of
79,647 students were assisted through SEAA with scholarships from the
Escheats Fund during the 2015-2016 academic year.
The General Assembly has mandated that additional funds from the
principal be sent to the Department of Veterans Scholarship Fund in the
amount of $6.5 million and the Community College Program in the amount
of nearly $16.3 million.