Step 1 - Student Financial Aid and Award Information
Read and respond to the following regarding your Financial Aid Award.
What does a financial aid award letter include?
Your financial aid award letter includes, for your period of enrollment as a degree-seeking student at Carroll College items such as:
- Your Direct Cost. At Carroll, this includes tuition, fixed fees and room & board. For 2019-2020, the estimated Direct Cost is $46,316. All students are originally packaged to this amount.
- The amount and types of financial aid for which you are eligible.
What is the Cost of Attendance?
Your estimated Cost of Attendance (COA) for the 2019-2020 academic year is $50,838 which includes the following:
- Full-time Tuition - $35,300
- Room & Board - $10,036
- Fixed Fees - $980
- Books & Supplies Allowance - $1,250
- Transportation Allowance - $1,500
- Personal Expense Allowance - $1,700
- Loan Fees $72
Is my aid renewable?
Federal financial aid is renewed based upon the results of a yearly FAFSA (Free Application for Federal Student Aid) submission prior to our February 1st priority deadline. If your FAFSA results change, your federal aid eligibility may change. In general, if your income, assets and household size stay relatively the same, your FAFSA results should also stay relatively the same; therefore, your federal aid and Carroll College need-based aid would also stay relatively the same. Carroll has an Institutional Need-Based Gift Aid Guarantee. For more information view the Need-Based Gift Aid Guarantee Policy.
Carroll College merit scholarships are intended to cover your four year degree at Carroll. Merit awards are limited to five (4) years of study. Institutional activity and athletic awards are based on your continued involvement in these programs and awards are renewed based on department head or coach approval. Most major and academic related scholarships and grants are limited to your four year degree at Carroll. Students must be enrolled full-time (12 or more credits each semester), and maintain Satisfactory Academic Progress standards as outlined in the Carroll catalog in order to retain institutional aid. Satisfactory Academic Progress standards also apply to federal aid.
How do you determine my financial aid package?
The Expected Family Contribution (EFC) is the amount determined by Federal calculations that your family can contribute toward your Cost of Attendance during the enrollment period. This amount is calculated through needs analysis using the information you submitted on your Free Application for Federal Student Aid (FAFSA). Your EFC can be found on the Student Aid Report (SAR), which details your FAFSA results. Your Demonstrated Financial Need is the Cost of Attendance minus the EFC. This amount determines the types and amount of Federal and institutional financial aid for which you may be eligible.
Financial aid, excluding Federal Work-Study, is credited to your student account at the beginning of each semester.
Federal Work-study funds are paid directly to the student each month for the hours worked.
What is the Parent PLUS option listed on my award letter?
All students' financial aid awards are originally packaged with a federal Direct Parent PLUS loan option up to an estimated Direct Cost of $46,316 (Full-time Tuition, Fixed Fees, and Room & Board).
If you accept a federal Direct Parent PLUS loan on your financial aid award, your lender will be the federal government. Students may also choose to take out a private education student loan with a borrower of their choice.
The Office of Financial Aid encourages all students to borrow responsibly.
What if I am awarded Federal Work-Study?
The Federal Work-Study Program allows you to obtain a Work-Study job, usually on-campus, for 10 hours per week. If you are awarded Work-Study and do not wish to accept this award, reject the award on the your financial aid award. If your package includes Federal Work-Study and you accepted the award please read the Work-Study Guidelines. The Federal Work-Study Award is paid monthly based on actual hours worked. Work-Study is not deducted from the billing statement. View a list of work-study positions.
What if I have questions regarding my Financial Aid?
If you need general information regarding financial aid, please select of the following link:
This document contains general information regarding Financial Aid at Carroll College. If you still have any questions, please contact the Financial Aid Office at 1-800-992-3648, ext. 5425.
What if the information on my award letter is inaccurate?
Your award is based on factors as indicated on the FAFSA you completed. Unless otherwise indicated, it has been assumed that you will be enrolled for a minimum of 12 credit hours (full-time at Carroll) for fall and spring terms. If this assumption is not correct or if you find other inaccurate information, please notify our office immediately. Part-time students may not be eligible for need-based Carroll aid and merit awards.
How will I receive my loan funds?
Federal Direct Stafford and PLUS Loans are transferred through an electronic funds transfer (EFT) process where your proceeds are sent to the college and deposited directly into your student account and credited to your outstanding fees. Any credit balance remaining will be available for you to pick up in the Business Office beginning the second Friday after classes start.
What will my bill be?
Your Carroll College bill will depend on the number of credits for which you enroll, the types of classes in which you enroll, and your selected room & board plan. You will receive a bill each term based on that particular term's charges. Questions about your bill and/or payment plans should be directed to the Business Office. Direct costs billed to the student include but are not limited to tuition, fixed fees, course/lab fees, room/board, health insurance, and incidental fees. Additional personal/transportation/book expenses and loan fees are estimated at $4,522 for the year but can vary from student to student and are not billed to the student. A listing of all course fees is available on the academics page in the Class Schedule section.
What if my financial aid does not cover my bill?
You must pay any tuition, fees, room or board charges not covered by your financial aid, by the payment deadline. Payment arrangements can be made with the Business Office for charges not covered by financial aid. Find out more about payment plans.
Disbursement for Books and Supplies (Return of Credit Balances)
Students who receive loans, grants, or scholarships that are greater than the cost of tuition, fees, and room and board receive a refund after the funds are applied and a credit balance over $100 results. During drop/add week, students with a credit balance may request to use their credit, up to $625, at the Bookstore by obtaining a Book Voucher from the Business Office. Students who choose to have a credit balance remain on their account must sign a request form in the Business Office every academic year. Questions regarding processing of refund checks should be directed to the Business Office at (406) 447-5547.
What if my Financial Aid is more than my bill?
If your Federal Financial Aid is more than your costs for tuition, fees, room and board you will receive these funds to help with living expenses. If there are any funds remaining after the institutional charges are applied, a refund will be available for pick up at the Business Office.
If you live off-campus, you may not receive Carroll Institutional Aid in excess of charged tuition and fees. If you live on-campus, you may not receive Carroll aid in excess of charged tuition, fees and actual room and board charges.
The Business Office will begin issuing checks AFTER the start of classes each term. Questions regarding processing of refund checks should be directed to the Business Office at (406) 447-5547.
What is 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. Additional questions are answered on the SAP Frequently Asked Questions handout.
What if I receive resources from an outside source after I am packaged and it is not listed on my financial aid award?
Any outside educational funding must be reported to the Financial Aid Office as soon as possible. Prompt reporting of additional funding could prevent having to repay a portion of your federal financial aid. Private scholarships, when received, are applied one-half to each semester, unless the donor specifies differently.
Will my award ever change?
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 you choose to live off-campus or are granted permission to live off-campus, and you have an institutional need-based Community Living Grant, you will no longer be eligible for the grant and it will be canceled.
If you choose to live at home with parents your room and board allowance will be adjusted to $3,124 for the year ($1,562 a semester) and your aid may be revised.
Carroll College merit scholarships, awards and need-based grants are often funded through the generosity of alumni and friends of the college. You may be notified in the fall of a specific donor's name and then be requested to write a thank you letter to the donor.
A student may not receive financial aid to repeat a class more than one time. Financial aid is also not available for audit courses.
If additional Carroll need-based aid, for example athletic aid, is received after the initial award offer, need-based Carroll grants may be reduced.
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 (grants, loans, and/or work-study).
The Office of Financial Aid will notify you of any changes to your award by sending you a revised award letter notification. Revised awards can be viewed on the Carroll College portal.
What if my Financial Aid situation changes dramatically during the year?
If your financial situation changes dramatically during the academic year, such as loss of a job, you may be eligible for a special circumstance consideration. Completion of a Special Circumstances Form is required. Special Circumstance Forms are available on the Financial Aid Forms Bank.
Notice of availability of institutional and financial aid information is located on our Consumer Information Directory.
Information in the directory will include statistics similar to the following:
- Graduation Rate- Percentage of full-time students who graduate within 6 years is 71% at Carroll College, which compares favorably to the national average and much higher than public institutions.
- Loan Default Rate- Percentage of borrowers entering repayment and defaulting on their loan is only 4.2% which compares to the National Average of 11.5%.
- Median Borrowing- Students at Carroll College typically borrow $24,246 in Federal loans over 4 years. The federal loan payment over 10 years for this amount is approximately $270 per month. Your borrowing may be different.
- Grant Aid- The percent of full-time, first-time students that receive grant aid is 69%.
- Repaying Your Loans - To learn about loan repayment choices and to work out your Federal Loan monthly payment, visit the Federal Student Aid Repayment Estimator.
I HAVE READ AND COMPLETELY UNDERSTAND THE ABOVE INFORMATION
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