student aid stories
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 2008-09 | $28,028 |
| Expected Family Contribution | 3,269 |
| Scholarships and Awards: | |
| Carroll Presidential Scholarship | 10,500 |
| Carroll Borremeo Guild Grant (awarded based on need) | 469 |
| Carroll Community Living Grant (awarded based on need) | 1,000 |
| Federal Pell Grant | 1,060 |
| Federal SEOG Grant | 500 |
| Federal Perkins Loan | 2,500 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| Federal ACG Grant | 750 |
| Total Awards | 22,579 |
| Less work study (not applied to direct costs) | $(2,300) |
| ________ | |
| Revised total awards | $20,279 |
| Estimated balance due | $7,749 |
Payment options for the balance due:
- Pay the $3,875 balance each semester.
- Establish a 10-month payment plan and make monthly payments of approximately $775.00. 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 Air 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 $8,500 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 2008-09 | $28,028 |
| Expected family contribution | $0 |
| Scholarships and Awards: | |
| Borromeo Guild Grant | 854 |
| Carroll Trustee Scholarship | 8,500 |
| Carroll Community Living Grant (awarded based on need) | 1,000 |
| Federal Pell Grant | 4,310 |
| Federal SEOG Grant | 500 |
| Federal ACG Grant | 750 |
| Federal Perkins Loan | 2,500 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| ________ | |
| Total Awards | $24,214 |
| Less work study (not applied to direct costs) | $(2,300) |
| _________ | |
| Revised Total Awards | $21,914 |
| Estimated balance due | $6,114 |
Payment options for the balance due:
- Pay the $3,057 balance each semester.
- Establish a 10-month payment plan and make monthly payments of approximately $612. 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 $10,500 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 2008-09 | $28,028 |
| Expected family contribution: | $9,282 |
| Scholarships and Awards: | |
| Carroll Presidential Scholarship | 10,500 |
| Carroll Community Living Grant | 773 |
| Federal Work Study Award | 2,300 |
| Federal Subsidized Stafford Loan | 3,500 |
| _________ | |
| Total Awards | $17,073 |
| Less work study (not applied to direct costs) | $(2,300) |
| Rotary Scholarship | $1,000 |
| _________ | |
| Revised total awards | $15,773 |
| Estimated balance due | $12,255 |
________________
Payment options for the balance due:
- Pay the $6,128 balance each semester.
- Establish a 10-month payment plan and make monthly payments of approximately $1,226. 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.
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