Financial aid is available to graduate students who are enrolled at least on a half-time basis per semester, 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 a minimum of three credit hours per semester and full-time status is a minimum of six credit hours per semester. Graduate students are only eligible to receive financial assistance in the form of loans, unless a scholarship or grant is received from an outside organization. Below is a brief description of the various loan programs for which a graduate student may be eligible and the application procedure.
Application for Aid
The Free Application for Federal Student Aid (FAFSA) must be completed and sent to the federal processor. Students are encouraged to complete the FAFSA by February 1st for summer and Fall enrollment and October 1st for January enrollment. 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 from the federal processor.
Loans for which students enrolled at least half-time may qualify are:
Federal Direct Unsubsidized Loan: An unsubsidized loan is not awarded on the basis of financial need. Students who receive an unsubsidized loan are charged interest from the time the loan is disbursed until it is paid in full. Students do have the option to allow the interest to accumulate. In doing so, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount. The annual maximum a student may borrow is $20,500 and the aggregate maximum is $138,500. The aggregate maximum includes all undergraduate and graduate loans. Funds are provided directly from the Federal Government. Applicants must complete a promissory note and complete entrance counseling in order to receive the funds.
Note: Information regarding interest rate, repayment and deferment options for the Federal Direct Unsubsidized Loan is available through the Financial Aid Office. This information is forwarded to eligible students with financial aid award notifications.
Federal Graduate PLUS Loan: A degree seeking graduate student who files the Free Application for Federal Student Aid (FAFSA) can apply for a Graduate PLUS loan. A Graduate PLUS loan is not awarded based on financial need. Applicants must complete a promissory note and complete entrance counseling to apply for the loan. Funds are provided directly from the Federal Government. Students will be approved/denied based on credit history (there is also the option of having a co-signer on this loan). Students who borrow a graduate PLUS loan are charged interest from the time the loan is disbursed until it is paid in full. The annual amount available is based on the following formula: Cost of attendance minus other financial aid. Repayment on this loan begins 60 days following the second date of disbursement. There is a 10-year repayment period. Information regarding interest rate, repayment and deferment options for the Federal Graduate Plus Loan is available through the Financial Aid Office or on the University web site. This information will also be forwarded to eligible students with financial aid award notifications.
Alternative Educational Loans: If a student is in need of additional assistance after receiving the maximum Federal Unsubsidized Loan, he or she may be eligible to receive an alternative educational loan. In order to be eligible for an alternative educational loan, a student’s cost of attendance (as determined by the Carroll University Financial Aid Office) must be greater than the combined amount of other financial assistance. If interested, you may contact the Financial Aid Office to find out more about the various alternative loans available.
Note: Students attending less than half-time may be eligible to borrow an Alternative Educational Loan. Please contact the Carroll University Financial Aid Office for additional information.
Options for Attending Carroll
Students who wish to attend Carroll University as a graduate student may choose from several options per individual graduate program policy. Full-time - six credits or more per semester* 1/2-time - three to five credits per semester+ Less than 1/2-time - students who carry one or two credits per semester.
*Some graduate programs require that students take 12 or more credits per semester. +Some graduate programs do not permit part-time enrollment.