General Financial Aid Information

Financial aid consists of grants, scholarships, loans and employment. The funding for these programs comes from the federal government, state government, Carroll University and a variety of private sources. A Carroll University financial aid offer is generally a combination of various types and sources of financial aid. In order to be eligible to receive financial aid, you must:

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The Financial Aid Office has determined the types and amounts of grants, scholarships, loans and work you are eligible to receive. Financial aid is determined by using your Expected Family Contribution (EFC) as calculated by the U.S. Department of Education using the Free Application for Federal Student Aid (FAFSA). We followed all applicable federal, state and institutional awarding guidelines to determine the awards shown on your financial aid award letter.

Census Date and Financial Aid Eligibility

The financial aid census date is one week after classes begin for the Fall and Spring terms. Census Day is the last day students are permitted to add classes and change their enrollment status. Financial aid will be based upon enrollment as of this date.

Key Items

Cost of Attendance

Cost of attendance includes all direct costs while attending school, as well as indirect costs (transportation, books and supplies and miscellaneous expenses). Cost of attendance budgets were constructed based on a student survey as well as fixed costs set by Carroll. These budgets are available upon request to all students. Students have the right to review their budget and request that their budget be re-evaluated based on additional expenses (i.e. study abroad programs, child care expenses, disability related expenses, etc). An increase in your educational budget may enable you to become eligible for additional student loans. Below are the most common budgets for full-time undergraduate students.

2020-2021 Full-time Undergraduate Students (Academic Year Budget)

RA budget is the same as on-campus budget minus the room and board component; therefore, RA cost of attendance budget is $37,664.

**Remember, cost of attendance budgets are not what you owe to Carroll University. These are budgets constructed to help with cost of attending college.

Disbursement of Financial Aid

Your financial aid award lists the aid for which you are eligible by term. Your aid will be disbursed to your student account accordingly. The university will not disburse any aid prior to the beginning of a term. To have your aid disbursed during the second week of classes (the third day after the last day to add), you must complete the following steps, and they must be completed by the following dates. If you complete the process any time after the specified dates, we will disburse your financial aid as soon as possible.

Summer Term: May 1, 2020
Fall Term: August 1, 2020
Spring Term: January 1, 2021

Reminder: We cannot guarantee that all of your funds will be disbursed to your account during the second week of classes. Federal, state and private funds are not always available during the first week. Those funds will be disbursed to your account as soon as they are received.

Things That May Affect Your Financial Aid

Generally, there are four reasons that would warrant a revision to your financial aid award.

  1. Outside resources. Federal regulations require that the Financial Aid Office be notified of ALL forms of financial assistance a student might be receiving (i.e. outside scholarships, employer reimbursements, etc). Complete the Outside Scholarship/Resource form (located online) if you receive any outside resources.
    Note: If the total of your awards from Carroll, plus outside awards, exceeds your calculated need or budget, a portion of your award must be reduced. We will first reduce loan and work award before reducing grant awards.
  2. Change in living arrangements. If your living arrangements (on-campus, off-campus or with parents) are different than what your financial aid award indicates, please notify the Financial Aid Office to update its records. Appropriate adjustments will be made.
  3. Change in enrollment status. If your enrollment status changes (full-time to part-time, etc.), please notify our office. In addition, if a student is enrolled in courses that do not count toward his/her degree, they cannot be used to determine enrollment status. The Financial Aid Office will work with the Registrar’s Office to determine eligible coursework needed for graduation.
  4. Unusual circumstances. If you and/or your spouse/parents have an unusual circumstance, you might qualify for a re-evaluation of your financial aid. If you believe you have an unusual circumstance, review the Request for Special Circumstance form. These circumstances must be communicated in writing and sent to the Financial Aid Office.

Withdrawing From Carroll

Students who receive federal financial aid and who withdraw from Carroll University prior to completing 60 percent of the semester will be subject to the federal return of Title IV funds policy in which the student will retain financial aid based on the percentage of the semester they’ve completed. The remainder of their financial aid must be returned to the appropriate funding source. You can review the refund policies in your Carroll University catalog under the fees section.

Summer 2020

Undergraduate degree seeking students who register for at least six credits during the summer term at Carroll University are eligible to receive student loans and federal grants (if eligible as determined by your FAFSA). Students who are less than six credits and are eligible for the federal Pell Grant (as determined by your FAFSA) will be eligible to receive this grant only. Graduate degree seeking students who register for at least three credits during the summer term at Carroll University are eligible to receive student loans (if eligible as determined by FAFSA).

When a student receives financial aid for the summer term, the funds received are not in addition to their fall and spring terms.

Example: A student is eligible and was offered a Federal Direct Loan of $3,500 for the academic year ($1,750 for the fall and $1,750 for the spring). The student enrolls for six credits for the summer term at Carroll and wants to borrow a $1,500 Direct Loan. Because the student borrowed the $1,500 for the summer term, he/she is now eligible to only borrow $2,000 for the academic year ($1,000 for the fall and $1,000 for the spring).

If you have registered for at least six credits at Carroll for the summer term and are interested in receiving financial assistance, you must complete and return the Summer Form to the Financial Aid Office as soon as possible. You also must complete the FAFSA, available at The last day we will process summer financial aid awards is August 19, 2020. Keep in mind that by requesting financial aid for the summer term, your previous financial aid award for the fall and spring terms will be adjusted accordingly.

Important: The Financial Aid Office will review your enrollment status during the summer to confirm that your award is calculated on the appropriate status. Please inform the Financial Aid Office if you add/drop any classes (through June 3, 2020). The Financial Aid Office will complete a FINAL REVIEW of your enrollment status as of June 10, 2020. Summer financial aid will be disbursed according to the number of credits you are enrolled in as of this date. We will NOT process financial aid for any additional courses added or dropped after June 10, 2020. The one exception to this rule is if you are receiving a Federal Pell Grant. Students are not eligible to receive the portion of their Federal Pell Grant for classes that they have not attended.

Winter 2021

Winter term enrollment is considered part of the spring semester hours for financial aid consideration. However, for billing purposes, winter term and spring are separate terms. Students taking winter term classes are eligible to have their financial aid budget increased for the related costs of this term. Students can request aid to cover this term. Typically, this includes increasing PLUS and alternative loan amounts. Students are required to contact the Financial Aid Office to apply for winter term aid.

Carroll University's financial aid year includes fall, winter, spring and summer terms. Because the winter term falls in the middle of the year between fall and spring semesters, most students already have an academic year financial aid package that covers living expenses for the winter session. Thus, most students' cost of attendance for winter will only include expenses for tuition, fees and books. Winter costs associated with tuition, fees and books will be added to students' spring cost of attendance. The winter cost of attendance is calculated based the number of credits you are registered for and attend. This cost will be automatically added to your spring cost of attendance.

Because winter term is considered as part of the spring semester for financial aid purposes, if a student is registered for three credits during the winter term and nine credits during the spring, he/she would be considered a full-time student and federal and state financial aid would be packaged as such. Billing, however, would be done at three credits and nine credits.

To be considered for winter term 2021 financial aid, a student must:

We will verify your enrollment before we complete the budget increase. If you are not registered for the exact credits as indicated above, we will not process your request.

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