YOU MUST READ AND RESPOND TO THE FOLLOWING REGARDING YOUR FINANCIAL AID AWARD
What is my financial aid award?
Your Financial Aid Award lists, for your period of enrollment as a degree-seeking student at Carroll College:
- Your Direct Cost. At Carroll, this includes tuition, fixed fees and room & board. For 2009-2010, the estimated Direct Cost is $29,612. All students are originally packaged to this amount.
- The amount and types of financial aid for which you are eligible.
What is the Cost of Attendance?
Your estimated Cost of Attendance (COA) for the 2009-2010 academic year is $33,612 which includes the following:
- Full-time Tuition - $22,044
- Room & Board - $7,188
- Technology & Activity Fees - $380
- Books & Supplies Allowance - $800
- Transportation Allowance - $1,600
- Personal Expense Allowance - $1,600
How do you determine my financial aid package?
The Expected Family Contribution (EFC) is the amount determined by Federal calculations that your family can contribute toward your Cost of Attendance during the enrollment period. This amount is calculated through needs analysis using the information you submitted on your Free Application for Federal Student Aid (FAFSA). Your EFC can be found on the Student Aid Report (SAR), which details your FAFSA results. Your Demonstrated Financial Need is the Cost of Attendance minus the EFC. This amount determines the types and amount of Federal and institutional financial aid for which you may be eligible.
Financial aid, excluding Federal Work-Study, is credited to your student account at the beginning of each semester.
Federal Work-study funds are paid directly to the student each month for the hours worked.
If you have recieved an MTAP or MHEG grant they have been classified by the U.S. Department of Education as eligible programs under the Leveraging Educational Assistance Partnership Grant Program. These grants are funded by the Federal Government, the State of Montana, and, where applicable, other contributing partners.
What is the Parent PLUS option listed on my award letter?
All students' financial aid awards are originally packaged with a federal Parent PLUS loan option up to an estimated Direct Cost of $29,612 (Full-time Tuition, Fixed Fees, and Room & Board).
If you accept a federal Parent PLUS loan on your financial aid award, you can borrow from any lender you choose. Students may also choose to take out an alternative student loan with a borrower of their choice. The alternative loan worksheet, available in step 4, may be helpful in determining the amount you will need to borrow for the year as well as helpful with the application process.
The Office of Financial Aid encourages all students to borrow responsibly.
What if I am awarded Federal Work-Study?
The Federal Work-Study Program allows you to obtain a Work-Study job, usually on-campus, for 11 hours per week. If you are awarded Work-Study and do not wish to accept this award, reject the award on the on-line financial aid award notification. If your package includes Federal Work-Study and you accepted the award please read the Work-Study Guidelines . The Federal Work-Study Award is paid monthly based on actual hours worked. Work-Study is not deducted from the billing statement.
If you were not awarded Work-Study and are interested in receiving it, contact the Financial Aid Office. If you are eligible, you may be placed on a waiting list for Work-Study funding. This list is reviewed on a first-come, first-served basis after each semester (Fall/Spring) begins.
What if I have questions regarding my Financial Aid?
If you need general information regarding financial aid, please select of the following link:
This document contains general information regarding Financial Aid at Carroll College. If you still have any questions, please contact the Financial Aid Office at 1-800-992-3648, ext. 5425.
What if the information on my award letter is inaccurate?
Your award is based on factors as indicated on the FAFSA you completed. Unless otherwise indicated, it has been assumed that you will be enrolled for a minimum of 12 credit hours (full-time at Carroll) for fall and spring terms. If this assumption is not correct or if you find other inaccurate information, please notify our office immediately. Part-time students may not be eligible for need-based Carroll aid and merit aid may be pro-rated.
How will I receive my loan funds?
Federal Perkins Loans are electronically transferred from the Financial Aid Office to the Business Office on the first day of classes. Federal Stafford and PLUS Loans are, in most cases, transferred through an electronic funds transfer (EFT) process where your proceeds are sent to the college and deposited directly into your student account and credited to your outstanding fees. Please note that if you are using a lender not listed on Carroll College's lender list, your loan disbursement may be delayed if they are not disbursed to Carroll electronically. Any credit balance remaining will be available for you to pick up in the Business Office.
What will my bill be?
Your Carroll College bill will depend on the number of credits for which you enroll, the types of classes in which you enroll, and your selected room & board plan. You will receive a bill each term based on that particular term's charges. Questions about your bill and/or payment plans should be directed to the Business Office. Direct costs billed to the student include but are not limited to tuition, fixed fees, course/lab fees, room/board, health insurance, and incidental fees. Additional personal/transportation/book expenses are estimated at $4,000 for the year but can vary from student to student and are not billed to the student. A listing of all course fees for 2009-2010 in the Registrar's Office late spring.
What if my financial aid does not cover my bill?
You must pay any tuition, fees, room or board charges not covered by your financial aid, by the payment deadline. Payment arrangements can be made with the Business Office for charges not covered by financial aid. The Payment Plan Options for Fall 09 and Spring 10 are listed in a summary for your review.
What if my Financial Aid is more than my bill?
If your Federal Financial Aid is more than your costs for tuition, fees, room and board you will receive these funds to help with living expenses. If there are any funds remaining after the institutional charges are applied, a refund will be available for pick up at the Business Office.
If you live off-campus, you may not receive Carroll Institutional Aid in excess of charged tuition and fees. If you live on-campus, you may not receive Carroll aid in excess of charged tuition, fees and actual room and board charges.
The Business Office will begin issuing checks AFTER the start of classes each term. Questions regarding processing of refund checks should be directed to the Business Office at (406) 447-5547.
What is satisfactory academic progress?
Satisfactory Academic Progress (SAP) is the minimum standards you must maintain to continue receiving financial aid funding. A complete copy of this policy is available in the Carroll College catalog. You are responsible for reading and understanding this policy. Additional questions are answered on the SAP Frequently Asked Questions handout.
What if I receive resources from an outside source after I am packaged and it is not listed on my financial aid award?
Any outside educational funding must be reported to the Financial Aid Office as soon as possible. Prompt reporting of additional funding could prevent having to repay a portion of your federal financial aid. Private scholarships, when received, are applied one-half to each semester, unless the donor specifies differently.
Will my award ever change?
Your award may be affected by many factors, including changes in Federal, State, or institutional regulations, or the number of credits for which you enroll.
Beginning with the incoming 2006, freshmen class, if you choose to live off-campus or have been granted permission to live off-campus, your institutional need-based aid (Community Living Grant) may be reduced. Your financial aid package is based on full-time attendance and your housing status at Carroll. If you change your housing status or your enrollment status, notify the Financial Aid Office immediately.
Throughout the year, portions of your Carroll College scholarships and/or grants may be replaced dollar for dollar with endowed or restricted scholarships. If such replacement occurs, it will not be in addition to the original amount.
Financial aid is not available for repeat courses with a grade other than an "F". Financial aid is also not available for audit courses.
Federal ACG and SMART Grants are awarded tentatively until all eligibility requirements have been determined (GPA, credit load, 8th semester high school transcript). If you do not meet all the requirements the grants will be canceled and a revised award will be sent to you. A list of the requirements is available at: http://www.carroll.edu/finaid/prostudents/federal.cc
The Office of Financial Aid will notify you of any changes to your award by sending you a postcard informing you of your revised financial aid package that can be viewed on the Carroll College website.
What if my Financial Aid situation changes dramatically during the year?
If your financial situation changes dramatically during the academic year, such as loss of a job, you may be eligible for a special circumstance consideration. Completion of a Special Circumstances Form is required.
I HAVE READ AND COMPLETELY UNDERSTAND THE ABOVE INFORMATION
NOTE: You must answer YES to the above question to continue to Step 2 of your Financial Aid Award. By clicking YES, you read and completely understand the above information.
REMEMBER TO GO BACK TO THE HOME PAGE AND COMPLETE YOUR OTHER STEPS AFTER YOU COMPLETE YOUR AWARD LETTER PROCESS.
IF THE GREEN "YES" BUTTON DOES NOT APPEAR ON YOUR SCREEN, PLEASE CLICK HERE.