Federal Financial Aid
Complete the FAFSA after October 1. Request that your Student Aid Report be sent to Carroll College, Title IV Code 002526. (www.fafsa.gov) Students (and parents, if applicable) must have an FSA ID number to sign the FAFSA electronically. You must re-apply for federal aid each year. Delays in receiving financial aid are often the result of late submission of the FAFSA. Priority deadline for Carroll College is December 1. ROTC students must submit a FAFSA prior to December 1 each year to be eligible for room and board grants.
Eligibility for the below-indicated federal financial aid resources depends on submission of the FAFSA. The Student Aid Report (SAR), resulting from the FAFSA, provides an expected family contribution (EFC), which is used to determine eligibility for federal need-based financial aid.
- Federal Pell Grants and Federal Supplemental Education Opportunity Grants (FSEOG) are awarded to students with exceptional financial need. Federal Pell Grants are limited to 12 full-time semesters. FSEOG funds are limited.
- Federal Teacher Education Assistance for College and Higher Education (TEACH)—Non-need federal grant awarded to U.S. citizens majoring in education who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Students must be formally accepted into the Carroll College Education Program. In exchange for receiving a TEACH Grant, students must teach for at least four academic years within eight calendar years of completing the program of study. Failure to complete the four year teaching requirement will result in TEACH Grant funds being converted to a Federal Direct Unsubsidized Stafford Loan. Students must score above the 75th percentile on a college admission test or maintain a cumulative GPA of 3.25 or higher to be eligible.
- Federal Iraq and Afghanistan Service Grant—A student whose parent or guardian was member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001, may be eligible to receive the Iraq and Afghanistan Service Grant. The grant award is equal to the amount of a maximum Pell Grant for the award year-not to exceed the cost of attendance for that award year. Award amounts are subject to change based on federal funding due to sequestration.
- Children of Fallen Heroes Scholarship Act
Under this scholarship, beginning with the 2018-2019 award year, a Pell-eligible student whose parent or guardian died in the line of duty while performing as a public safety officer is eligible to receive a maximum Pell Grant for the award year for which the determination of eligibility is made. To qualify for this scholarship, a student must be Pell-eligible and have a Pell-eligible EFC, and be less than 24 years of age or enrolled at an institution of higher education at the time of his or her parent or guardian's death. In subsequent award years, the student continues to be eligible for the scholarship, as long as the student has a Pell-eligible EFC and continues to be an eligible student. All Title IV aid awarded to such eligible students must be based on an EFC of zero without regard to the student's calculated EFC. Thus, the student is eligible for the maximum Pell Grant for his or her enrollment status and cost of attendance. In addition, the student's eligibility for Direct Loans or Campus-Based program aid must be based on an EFC of zero.
- Federal Work-Study employment opportunities are available through the need-based Federal Work-Study (FWS) Program. Limited funds are awarded on a first-come, first-served basis, in accordance with College policy. Awards are for 10 hours per week. For most jobs, the hourly pay rate is minimum wage.
- Loan monies at federally regulated interest rates are available to you and your parents. Federal loans are awarded on a need and non-need basis as documented through the FAFSA.
- Federal Direct Stafford Loan—available to students on either a need (subsidized) or non-need (unsubsidized) basis. Subsidized loans do not require payment of interest by the student so long as the student is attending college at least half time. The federal government subsidizes the interest burden. Subsidized loan eligibility is limited to 150% of the student’s program of study. Unsubsidized loans require payment or capitalization of interest upon disbursement. Interest rates are set annually in accordance with federal regulations.
- Federal Direct PLUS (Parent) Loan—for parents of dependent students who want to borrow to help pay for their students’ education. Interest rates are set annually in accordance with federal regulations.
- 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).