About Financial Aid
The U.S. Department of Education has stated that Carroll University may participate in those student financial assistance programs authorized by Title IV of the Higher Education Act of 1965, as amended. You may contact the Director of Financial Aid at the telephone number or address listed below, if you would like to review a copy of the most current Program Participation Agreement.
Financial aid is available to undergraduate students who are enrolled at least on a half-time basis per semester (some students may qualify for a Federal Pell Grant if enrolled less than half time), are degree seeking, and meet all other guidelines established by the University and the U.S. Department of Education. For financial aid purposes, half-time status is 6-8 credit hours per semester, three-quarter-time is 9-11 credit hours per semester and full-time status is a minimum of 12 credit hours per semester. If your enrollment status changes (full-time to part-time, etc.), please notify the Financial Aid Office. In addition, if a student is enrolled in courses that do not count towards their degree, the courses cannot be used to determine enrollment status for financial aid purposes. The Financial Aid Office will work with the Registrar’s Office to determine eligible coursework needed for graduation. The University participates in four types of financial aid programs: scholarships, grants, loans, and employment. The following titles provide more information about the various financial aid programs and how to apply. More detailed information is available on the University’s Web site at https://www.carrollu.edu/financial-aid and upon request by contacting the Financial Aid Office at 262.524.7296 or finaid@carrollu.edu.
Mailing Address:
Carroll University Financial Aid Office
100 N. East Ave.,
Waukesha, WI 53186.
Note: Students may be eligible for student financial assistance program funds for attending a study abroad program that is approved for credit by the Carroll University Registrar and Office of Global Education. For more information, contact the Financial Aid Office as described above.
Application for Aid
The University uses the results of the Free Application for Federal Student Aid (FAFSA) as the basis for determining a student’s eligibility for federal, state, and institutional funds. A student is eligible to complete the FAFSA if they are a U.S. citizen or eligible non-citizen with a valid Social Security Number. The FAFSA must be completed at studentaid.gov. Carroll University’s name and Title IV code (003838) must be listed on the FAFSA in order for the University to receive a copy of the results. Students are encouraged to complete the FAFSA by February 1 for September enrollment, and by October 1 for January enrollment.
In order to receive financial aid, students must have their financial aid paperwork (including the FAFSA and any additional information required by the Financial Aid Office) completed by the following dates for the applicable term:
| Summer |
June 15 |
| Fall |
November 15 |
| Spring |
April 15 |
The information reported on the FAFSA is used to determine a student’s Student Aid Index (SAI) an eligibility index number that the Financial Aid Office uses to determine how much financial aid a student would receive if they attend Carroll. The SAI is subtracted from a student’s cost of attendance to determine their financial need.
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:
- Be admitted to Carroll as a regular student in a degree seeking program
- Be enrolled in a minimum of 12 credit hours per semester to receive Carroll-funded aid. You must be enrolled in at least six credit hours per semester (by the first week of the semester/session) to receive certain federal and state financial aid (some students enrolled less than six credits may be eligible for certain federal grants)
- Be a U.S. citizen or eligible non-citizen with a valid Social Security Number
- Be registered with the Selective Service Administration, if required
- Not be in default or owe a refund on any federal student aid
- Be making satisfactory academic progress in accordance with financial aid policies
The Department of Education (or Carroll) may select students for a process known as verification. When selected for verification, the student and parent(s) or spouse must complete a verification document and may be asked to submit additional documents such as a signed federal tax return or tax return transcripts to the Carroll University Financial Aid Office. The Financial Aid Office will contact the student to request information needed to complete this process. The University is required by the U.S. Department of Education to review the documents to ensure the information reported on the FAFSA is correct.
Gift Aid (Grants & Scholaships)
https://www.carrollu.edu/financial-aid/grants
https://www.carrollu.edu/financial-aid/undergraduate-scholarships
Gift aid is free money that is given to a student based on their academic record, a special talent (i.e. music, etc.) or the family’s economic situation. Gift aid generally comes in two forms: Grants and Scholarships. The most common sources for gift aid are:
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Federal Government (Determined from FAFSA)
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Federal Pell Grant
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Federal SEOG Grant
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State Government (Determined from FAFSA)
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Carroll University (Determined by academic record and FAFSA)
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Scholarships
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Carroll Donor Grant
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Outside or Local Groups (Determined by organization)
Loans
Loan options available to eligible students and parents include the Federal Direct Student Loan and the Federal PLUS parent loan, as well as from private lenders. The government guaranteed loans are called Federal Direct Subsidized and Federal Direct Unsubsidized Loans. Limits are placed on how much students can borrow based on their year in school. These loans are long-term loans with no repayment while the student is in school. Any student who files the FAFSA is eligible to receive this loan regardless of their economic situation. Private loans are student loans that typically require a co-signer and are taken out through a bank/private lender. Terms vary based on the lender that is used.
Federal Parent loans (PLUS) are long-term low-interest loans. Repayment generally begins 60 days after the second disbursement. Flexible payment options are available through most lenders.
Students who obtain a loan must adhere to the terms of the loan. These terms include repayment, entrance and exit counseling, and conditions under which students may obtain deferral or partial loan repayment for volunteer service. For additional loan information, please see the University’s Web site at https://www.carrollu.edu/financial-aid/loans.
Student Employment
A student’s financial aid package may include an offer of campus employment through Federal Work Study or Carroll Campus Job. In general, students will work 6-12 hours per week and earn an hourly wage that ranges between $2,000-$2,250 annually. Campus employment earnings are not deducted from a student’s bill but are paid directly to the student on a bi-weekly basis.
Federal Work Study is awarded to students who complete a FAFSA each year and demonstrate financial need. Students not eligible for work study could still be eligible for campus employment, although this is not federally funded.
Students are required to maintain Satisfactory Academic Progress (SAP) Standards to be eligible for Federal Work Study or campus employment.
For additional student employment information, please see the University’s Web site at https://www.carrollu.edu/human-resources/student-employment.
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