Becca - with a little help from her family
Her family’s adjusted gross income is $42,500 and Becca is an only child. She has a 3.7 GPA and 27 ACT. After filing a FAFSA, Becca received the following financial aid package from Carroll College:
Becca's Aid Package:
| Total estimated direct cost for 2010-11 | $31,112 |
| Expected Family Contribution | 3,269 |
| Scholarships and Awards: | |
| Carroll Presidential Scholarship | 11,500 |
| Carroll Borromeo Guild Grant (awarded based on need) | 1,600 |
| Carroll Community Living Grant (awarded based on need) | 1,500 |
| Federal Pell Grant | 2,300 |
| Federal SEOG Grant | 500 |
| Federal Perkins Loan | 2,000 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| Federal ACG Grant | 750 |
| Federal Unsubsidized Stafford Loan | 2,000 |
| Total Awards | 27,950 |
| Less work study (not applied to direct costs) | $(2,300) |
| ________ | |
| Revised total awards | $25,650 |
| Estimated balance due | $5,462 |
Payment options for the balance due:
- Pay the $2,731 balance each semester.
- Payment arrangements may be made with the Business Office. Additional information on payment arrangements is available on the Payment Plan Options Brochure. Students can choose to work while attending college and make the monthly payments or parents may offer assistance.
- Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
- The student can take out an alternative loan with a co-signer. Interest accrues while the student is in school but repayment generally begins 6 months after graduation and payments are spread over 10 years.
*The above sample is based on actual family size, adjusted gross income and calculations for a financial aid package.
Trey's Financial Aid Package
Trey was concerned about college costs because his family’s adjusted gross income for four people was $24,500. After filing a FAFSA, his Student Aid Report (SAR) reported a $0 expected family contribution (EFC). He qualified for Federal grants, Federal subsidized loans, and work-study. In addition, he received a $10,000 Carroll Trustee Scholarship and a Carroll Community Living Grant. Here is Trey’s financial aid package.
Trey's Aid Package:
| Total estimated direct costs for 2010-11 | $31,112 |
| Expected family contribution | $0 |
| Scholarships and Awards: | |
| Borromeo Guild Grant | 660 |
| Carroll Trustee Scholarship | 10,000 |
| Carroll Community Living Grant (awarded based on need) | 1,500 |
| Federal Pell Grant | 5,550 |
| Federal SEOG Grant | 500 |
| Federal ACG Grant | 750 |
| Federal Perkins Loan | 2,000 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| Federal Unsubsidized Stafford Loan | 2,000 |
| ________ | |
| Total Awards | $28,760 |
| Less work study (not applied to direct costs) | $(2,300) |
| _________ | |
| Revised Total Awards | $26,460 |
| Estimated balance due | $4,652 |
Payment options for the balance due:
- Pay the $2,326 balance each semester.
- Payment arrangements may be made with the Business Office. Additional information on payment arrangements is available on the Payment Plan Options Brochure. Students can choose to work while attending college and make the monthly payments or parents may offer assistance.
- Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
- The student can take out an alternative loan with a co-signer. Interest accrues while the student is in school but repayment generally begins 6 months after graduation and payments are spread over 10 years.
*The above sample is based on actual family size, adjusted gross income and calculations for a financial aid package.
Jill's Aid Package
Jill knew she would be responsible for financing her college education, so financial aid was a big concern. After filing a FAFSA (the family’s adjusted gross income was $64,000, with three family members), the SAR indicated she was not eligible for Federal grants but did receive a subsidized loan. Carroll awarded Jill the Presidential Scholarship for $11,500 and a Carroll Community Living Grant. She also had a $1,000 scholarship from her local Rotary organization. Jill’s financial aid award is outlined below.
| Total estimated direct costs for 2010-11 | $31,112 |
| Expected family contribution: | $9,282 |
| Scholarships and Awards: | |
| Carroll Presidential Scholarship | 11,500 |
| Carroll Community Living Grant | 1,500 |
| Borromeo Guild Grant | 689 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| Federal Unsubsidized Stafford Loan | 2,000 |
| _________ | |
| Total Awards | $21,489 |
| Less work study (not applied to direct costs) | $(2,300) |
| Rotary Scholarship | $1,000 |
| _________ | |
| Revised total awards | $20,189 |
| Estimated balance due | $10,923 |
________________
Payment options for the balance due:
- Pay the $5,461 balance each semester.
- Payment arrangements may be made with the Business Office. Additional information on payment arrangements is available on the Payment Plan Options Brochure. Students can choose to work while attending college and make the monthly payments or parents may offer assistance.
- Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
- The student can take out an alternative loan with a co-signer. Interest accrues while the student is in school but repayment generally begins 6 months after graduation and payments are spread over 10 years.
*The above sample is based on actual family size, adjusted gross income and calculations for a financial aid package.
QUESTIONS?
Please contact us at fao -is-at- carroll -dot- edu.