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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$31,112
 Expected Family Contribution3,269
 Scholarships and Awards: 
 Carroll Presidential Scholarship11,500
 Carroll Borromeo Guild Grant (awarded based on need)1,600
 Carroll Community Living Grant (awarded based on need)1,500
Federal Pell Grant 2,300
Federal SEOG Grant 500
Federal Perkins Loan 2,000
Federal Work Study Award 2,300
Federal Subsidized Stafford Loan 3,500
Federal ACG Grant 750
Federal Unsubsidized Stafford Loan
 2,000
Total Awards 27,950
 Less work study (not applied to direct costs)$(2,300)
 ________
 Revised total awards$25,650
 
Estimated balance due
$5,462


Payment options for the balance due:

  1. Pay the $2,731 balance each semester.
  2. 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.
  3. Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
  4. 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:

  1. Pay the $2,326 balance each semester.
  2. 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.
  3. Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
  4. 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 Scholarship11,500
Carroll Community Living Grant     1,500
Borromeo Guild Grant 
689
Federal Work Study Award2,300
Federal Subsidized Stafford Loan3,500
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:

  1. Pay the $5,461 balance each semester.
  2. 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.
  3. Take a Parent PLUS loan. Repayment begins after full disbursement of the loan, but the payments are spread over ten years.
  4. 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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