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 Fiscal Year 2022-2023, a total of $15.7 million from investment earnings and $37.3 million from the principal of the Escheat Fund was sent to SEAA. The General Assembly mandated that additional principal from the Escheat Fund of $0.5 million go to the State Board of Community Colleges, and $10.9 million to the Department of Military and Veterans Affairs to provide educational assistance for needy and worthy students.

Over the last 20 years, roughly $1,518 million of principal/corpus has been appropriated from the Escheat Fund to support grants, loans and scholarships for North Carolina students attending public universities.