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 2013 fiscal year, a total amount of $2.4 million from interest earned and $27.5 million from the principal was sent to SEAA to be used for needy and worthy students. A total of 90,836 students were assisted through SEAA with scholarships from the Escheats Fund during the 2012-2013 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.