aid - federal
Free Application for Federal Student Aid (FAFSA)
FILING A FAFSA
- Gather your family’s personal and financial information (Federal income tax records)
- Go to FAFSA on the Web at http://www.fafsa.ed.gov/. This website has paper and electronic versions of the necessary forms, instructions and frequently asked questions (FAQs). Carroll's recommended method of filing is electronically in order to expedite processing. The estimated processing time for electronic applications is 72 hours vs. 4 weeks for a paper application.
- Electronic filing of, reapplying for, and checking progress of the FAFSA require a Personal Identification Number (PIN) and may be obtained at http://www.pin.ed.gov/
- To have your information sent to the college you are applying to, enter the college’s Federal school source code -- Carroll’s school source code is 002526
* Errors made in completing the FAFSA and/or supplemental forms may delay application processing and result in the loss of financial aid funds.
Avoid the most common mistakes:
- Leaving a field blank
- Using a pencil instead of a pen
- Not reporting ALL untaxed income
- Not reporting step parent information
- Reporting the wrong “taxes paid”
- Incorrect number in post secondary education
- Not signing the form or filing on time
After your FAFSA is submitted
After your FAFSA is submitted you will receive a Student Aid Report (SAR)
SAR reports your Expected Family Contribution (EFC), the number used in determining your eligibility for federal student aid. Here is a sample of need:
2005-2006 Cost of Attendance (COA)* $26,824 Expected Family Contribution (EFC) (1,678)
Financial Need $25,146
*Need varies based on cost of attendance
The results will be sent to you and to the schools that you listed on your application.
If you file electronically the results are available on-line, and if you filed a paper application you will receive the results in the mail.
Receiving your financial aid package
The college will determine your eligibility for financial aid and send an award notification detailing your financial aid.
Award notifications will be available online for accepted students beginning March 1 or after Carroll receives FAFSA information.
Students should contact the financial aid administrator if there is:
- A loss or reduction of family income
- A death or illness
- Unusual medical or dental expenses not covered by insurance
- Tuition expenses related to private elementary or secondary education for other children
- Other unusual circumstances
- Download the Special Circumstance Application here.
FEDERAL GRANTS
Two types of grants are available
1. Federal Pell Grant
2. Federal Supplemental Educational Opportunity Grant (FSEOG)
Grants are not repaid and are awarded to students with the greatest financial need
To be eligible, you must be an undergraduates pursuing first baccalaureate or professional degree
FEDERAL PERKINS LOANS
Eligible students
- Priority given to students with greatest financial need
- Undergraduate or graduate students
- Must be Federal Pell Grant eligible
Annual and aggregate loan limits -- $4,000 annually for undergraduates; $20,000 aggregate for undergraduates
- Interest rate: 5%
- Nine-month grace period
- Deferment and cancellation provisions available
OTHER TYPES OF FEDERAL LOANS
Subsidized Stafford -- Must qualify for “need” based on your FAFSA filing.
Unsubsidized Stafford -- Need is not a consideration but a FAFSA must be filed
Annual Loan Limits for Federal Stafford loan (subsidized and unsubsidized)
- $2,625 (1st year undergraduates)
- $3,500 (2nd year undergraduates)
- $5,500 (each remaining year of undergraduate study)
- $8,500 (each year of graduate/professional study)
Master Promissory Note (MPN)
In order for money to be disbursed to you, you need to:
1. Sign and return your Financial Aid Award Letter from Carroll College accepting your financial aid package.
2. If you are a first-time borrower, you need to fill-out, sign, and return an MPN
3. If borrowing for a second time and using the same lender, you can use the same MPN.