Students who receive loans, grants, or scholarships that are greater than the cost of tuition, fees, and room and board automatically receive a refund after the funds are applied and a credit balance over $1.00 results. Students who choose to have a credit balance remain on their account must sign a request form in the business office.
Enrollment deposits may not be paid using financial aid resources.
Payment in full is due August 1st for the fall semester and January 1st for the spring semester. If payment is received after the due date, a $100 late fee will be assessed. Payments for students on the 5-month payment plan are due the 1st day of each month and delinquent if not received by the 10th day. Delinquent payment plan accounts are subject to a $10 late fee.
As long as a student is attending 12 or more credits there is no change to the financial aid package. Students dropping to 6-11 credits will no longer be eligible for Carroll aid and their Pell grant will be prorated. Students falling below 6 credits are no longer eligible for Federal or Carroll aid. Students dropping classes after the add/drop period will remain packaged with their original number of credits. Dropping a class may impact the student's ability to meet Satisfactory Academic Progress (SAP) standards, see (SAP Brochure) for guidelines.
Federal student aid is financial assistance through the U.S. Department of Education that is available for students enrolled in an eligible program as a regular student at a school participating in federal student aid programs. Federal student aid covers school expenses such as tuition, fees, room and board, books, supplies, and transportation.
There are three types of federal aid: Grants, Work Study, and Loans
Award letters will be available depending on your admission status. For questions, please contact the Carroll Financial Aid Office at (800) 992-3648.
Completed FAFSA results must be received by the Financial Aid Office no later than February 1st annually for full consideration of Carroll College need based aid.
Yes, unless the student meets Independent Student Status as defined on the FAFSA application. The definition of dependency differs for tax filing and FAFSA filing purposes. Dependent students are required to include parent information on the FAFSA. Per IRS Publication 17, the IRS defines the term dependent as a qualifying child or relative. For the FAFSA, several criteria are used to determine dependency status. For more information visit the FAFSA website.
Yes, unless the student meets Independent Student Status as defined on the FAFSA application.
Applicants may go online to a saved FAFSA application to make corrections or the applicant may print a copy of the Student Aid Report, make corrections, sign and submit the report to the Financial Aid Office. If the applicant is a dependent student, both the student and parent must sign the Student Aid Report.
FAFSA results are sent to the school electronically from the Department of Education. Applicants must have the Federal School Code for Carroll College listed on the application in order for the school to receive the electronic processed results.
The IRS Data Retrieval Tool allows certain applicants who have already filed federal income tax returns to update some questions on the FAFSA by transferring data from the federal income tax return via the IRS’ database into the FAFSA. This reduces time, effort and errors when completing the FAFSA. It may also reduce the likelihood that an applicant’s FAFSA will be selected for verification. If selected for verification, successful use of the IRS Data Retrieval Tool may be necessary to complete the process. For additional information, refer to Verification Questions.
The IRS Data Retrieval Tool can be used when filing the initial or renewal FAFSA or when making a correction. If an applicant files the FAFSA using estimated income data, the applicant can use the IRS Data Retrieval Tool after filing his/her federal income tax returns to update the FAFSA form. Generally, the IRS Data Retrieval Tool can be used 1-2 weeks after the federal income tax return is filed if the return is filed electronically and 6-8 weeks after filing a paper return.
It is recommended that applicants file the FAFSA as soon after October 1 as possible.
Verification is a process used to verify certain information on the FAFSA to ensure accuracy. Approximately 30% of all FAFSA applicants are selected for a process called verification by the Department of Education.
In this process, Carroll College will be comparing information from the FAFSA with unaltered IRS data via the IRS Data Retrieval tool (if applicable) or copies of the student (and parent's or spouse's, if applicable) Federal tax return transcripts, W-2 forms, other financial documents, as well as educational records (if necessary). The law requires the college to verify this information before awarding Federal financial aid. If there are differences between the FAFSA information and supplied financial documents, Carroll College will make corrections electronically and notify the student in writing.
Students who have been selected for federal verification cannot have federal aid disbursed to the school until the verification process has been completed. Failure to complete verification will result in cancellation of all federal and institutional need-based aid.
If individuals have been granted an extension, they may provide a copy of the IRS Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return or a copy of the IRS extension approval, along with copies of all W-2 forms, or if self-employed, a signed statement of their Adjusted Gross Income (AGI) and U.S. income taxes paid. Once the tax return has been filed with the IRS, and the tax return transcript is available, Carroll may require a copy of the tax return transcript or successful use of the IRS Data Retrieval tool to re-verify any information provided.
Students will be notified of specific, acceptable documentation needed for one of five custumized verification group(s), however, typical items required include:
- Verification worksheet
- Signed Federal Income Tax Return (student, parent and/or spouse, if applicable)
- W-2 (from all employers) for non-tax filers
* Stipulations may apply in certain cases; therefore the Financial Aid Office will notify you of any additional documentation requirements as applicable.
All verification documents should be submitted to the Office of Financial Aid prior to the start of the semester. Failure to do so can result in a delay in disbursing federal and institutional need-based aid. Verification must be completed no later than 14 days prior to the end of the first semester of enrollment. Failure to complete verification will result in the cancellation of all federal and institutional need-based aid.
Students who are enrolled full-time and have submitted FAFSA results will be put into the eligibility pool for endowed scholarships, in most instances paper applications are not required.
In most cases, endowed scholarships recipients must demonstrate financial need. Eligibility for endowed scholarships is reviewed each year and is awarded based on the current academic year fund availability.
Private Student Loan
It depends on the student borrower's credit, income, and the bank on whether you need a cosigner. Freshmen are generally required to have a cosigner.
Yes, interest begins to accrue when the loan funds are disbursed to the school.
The interest rate depends on the lender, loan, and credit of the borrower and/or cosigner.
Private student loans are an additional resource available to families to assist in meeting college costs.
Most private student loan repayment begins six months after graduation or enrollment of less than 6 credits. However, all bank are different and students should contact the lender to see when their loan repayment begins.
If considering a private student loan to assist with covering your outstanding balance, please allow up to 4-6 weeks for processing.
Yes, if changes are made to the student's financial aid, a revised award letter is sent to incoming freshman. Current students will receive an email.
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. If additional Carroll aid—for example athletic aid—is received after the initial award offer, need-based Carroll aid may be reduced or cancelled.
If you choose to live off-campus, in Carroll apartments or are granted permission to live off-campus, and you have an institutional need-based Community Living Grant or Community Athletic Award, you will no longer be eligible for the award and it will be cancelled. If you choose to live at home with your parent(s), your room and board budget will be adjusted and aid may be revised. Students need to maintain Satisfactory Academic Progress to retain aid.
The Higher Education Act of 1965 as amended (HEA) suspends aid eligibility for students who have been convicted under federal or state law of the sale or possession of drugs, if the offense occurred during a period of enrollment for which the student was receiving federal student aid.
Students must complete only the steps that apply to them.
Only first-time students are requested to qualify their award letter.
If you are a current student you will receive an e-mail when your financial aid award is complete. The email will provide you with instructions to go online to the Financial Aid Award Page, and select Step 1 "Accepting or Rejecting Your Financial Aid." If you are an incoming freshman you will receive an award letter in the mail along with a cover letter. Please accept or decline each award by checking Yes or No and sign and date it at the bottom. Send the completed Award Letter back to the Financial Aid Office. Go online to to the Financial Aid Award Page, to complete additional steps as necessary as listed in the cover letter.
After the award letter is received, students are generally provided with two weeks to review and accept their financial aid award. However, May 1st is the priority deadline date.
If you received notice that you need to go online to review you award, this means that revisions were made to your initial Financial Aid Award and the updated award was sent to the MyCarroll portal.
Federal Work Study
Carroll College has a wide variety of student positions. Positions are available within nearly every academic and administrative department on campus. A number of off-campus positions with various community service organizations are also available to work study eligible students. A list of current student job openings is available online at https://www.carroll.edu/student-employment/student-internships-jobs. Student employment applications may also be downloaded from this page.
All work study jobs pay minimum wage. Minimum wage is currently $8.30 per hour.
Federal work-study is awarded to students who have demonstrated financial need as a result of the FAFSA. Students who are eligible for federal work-study will see the award listed in their financial aid package. Work-study positions are competitive and students must apply for the jobs just like in the normal job market. Positions are limited based upon the amount of federal funding Carroll College receives each year.
Work study is not credited on a student's billing statement. Students who are employed under the Federal Work-Study program, and have completed hours during the previous month, receive a monthly paycheck which is issued on the 10th of each month. Students who are eligible for the Federal Work-Study program generally work 10 hours per week.
Parent PLUS Loan
Federal Direct Parent PLUS Loan application may be completed through links listed on the Carroll College Financial Aid Award Page (STEP 3). Please note that students must have the processed results of the FAFSA (Free Application for Federal Student Aid) received by Carroll College prior to processing a Direct Parent PLUS Loan. Read and follow all instructions listed on STEP 3 to process a Federal Direct PLUS Loan.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a low interest loan offered through the Federal Government. The interest rate is a fixed 7.0% and repayment begins 60 days after funds are disbursed. Deferment while the student is enrolled in school is available with most lenders.
Federal DirectParent PLUS Loans take approximately 2 weeks to process. If you are in need of the funds to assist with an outstanding balance at the college, please allow for adequate processing time.
Summer school is funded primarily through private loan resources, unless a student is still eligible for Federal aid.
Students must first register for summer classes. If the student is eligible for aid, they will be notified by the Financial Aid Office.
NO, summer school is generally funded by private loan resources.
Changes in family income may be considered for review of special circumstances. Requests must be submitted using the Special Circumstances Form along with copies of current taxes and supplemental loss of income documentation. Special Circumstance Forms are available on the Financial Aid Forms Bank.
Excess medical expenses may be considered for review of special circumstances. Requests must be submitted using the Special Circumstances Form along with copies of current income tax transcripts, specified medical expense documentation, and other supplemental doucmentation. Medical/Dental expenses paid (not covered by insurance) that exceed 11% of the Adjusted Gross Income reported on current federal income taxes may evaluated for special circumstance review. Special Circumstance Forms are available on the Financial Aid Forms Bank.
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.
Dropping a class may affect the amount and type of funding for which you will be eligible. The effect will depend on the date you drop the class, the aid you’ve received, and the number of credits you drop. Dropping a class may also prevent you from maintaining compliance with SAP requirements. Before dropping any class, consult the Financial Aid Office. Please note: Dropping or withdrawing from a course after the drop/add period usually has no effect on your billing statement and/or financial aid award.
Completely withdrawing from all of your classes can have many different effects on your financial aid, depending on the date of the withdrawal. You may be required to repay all or part of your financial aid, you may be ineligible to receive any future financial aid funds, and you may be placed on Financial Aid Suspension for failure to maintain compliance with SAP requirements. Before completely withdrawing from Carroll College, consult the Financial Aid Office.
If you fail all of your classes in one term because you stop attending, your last date of documented attendance will be determined and the effect on your financial aid will depend on that date. These effects include having to repay all or part of the financial aid that has been disbursed to you, inability to receive future financial aid until repayment has been made, and being placed on Financial Aid Suspension for failure to maintain compliance with SAP requirements. If you are in danger of failing a class or classes or wish to withdraw from the College, contact your academic advisor and consult the Financial Aid Office to determine the effect it will have on your financial aid.
A failed class may affect your ability to comply with SAP requirements. You may be placed on Financial Aid Probation or Suspension, which may affect your ability to receive financial aid in future terms. If you are in danger of failing a class or classes, contact your academic advisor and consult the Financial Aid Office to determine the effect it will have on your financial aid.
An incomplete is treated the same as other non-completion grades such as W or F. This can negatively affect your compliance with SAP requirements. If you plan to take an incomplete, consult the Financial Aid Office.
Federal regulations limit the amount of time you may be eligible to receive Federal financial aid. This limit is based on the number of credits required for your program of study. You may receive financial aid for up to 150% of those required credits. All attendance at Carroll College is included in your maximum time frame whether aid is received or not, including transfer credits. Regardless of this time frame, you must comply with all other SAP requirements.
In most cases, alternative loans are the only source of funding available. In some cases, if eligibility remains, Federal Direct Stafford Loans can be awarded. Federal Direct Stafford Loan eligibility requires that a student be enrolled at least half-time (6 credits.)
Start at the Study Abroad Office. Contact the Study Abroad Office to complete the required paperwork. If you are looking at receiving Federal Financial Aid, a FAFSA application must also be on file with the Financial Aid Office.
As soon as possible. The Study Abroad Office will forward completed paperwork to the Financial Aid Office. Paperwork can be processes as soon as trip costs are set by the Study Abroad Office. Do not wait until the last minute as loans take approximately 4 weeks to process.
Please notify the Financial Aid Office and request that your financial aid be canceled for the trip expense.