Financial Aid for Graduate Students

We offer resources to help make your graduate studies more affordable. Our financial aid experts are here to work with you on an individual basis and help you navigate through the process along every step of the way as your award is determined. To be eligible for financial aid, you must be degree seeking, enrolled in three or more graduate credit hours each semester and file the Free Application for Federal Student Aid (FAFSA) each year. 
Flexible payment plan options help you unlock your potential



Apply for Financial Aid in 2 Steps

Step 1: Submit Your FAFSA

Fill out your Free Application for Federal Student Aid (FAFSA) online.

Note: The FAFSA Simplification Act was enacted in 2021. This Act represents a significant overhaul of federal student aid, including the information requested on the Free Application for Federal Student Aid (FAFSA). Learn more about these changes here.

  • Apply for FSA ID when logging into
  • Follow the instructions and complete all questions.
  • Utilize the IRS Data Retrieval Tool while completing the FAFSA.
  • Carroll's FAFSA school code is 003838. By including this number on your FAFSA, your results will be sent directly to us.
  • Print out a copy of your completed FAFSA for your records.
  • Submit your FAFSA to the Department of Education.

The federal government usually takes 2–3 days to process the application.

Step 2: What to Look for after You File Your FAFSA

The Financial Aid Office will process your FAFSA and notify you via email and postcard when your financial aid award has been completed.

Log in to your Carroll portal account to view, accept, decline or modify your Financial Aid Award.

Types of Financial Aid available to Graduate Students

  • Federal Direct Unsubsidized Loan
    • Government guaranteed loans
    • No repayment while the student is enrolled at least half-time
    • Fixed interest rate
    • Must file the FAFSA to be eligible
    • Can potentially borrow up to $20,500 each year (or up to the cost of attendance, whichever is lower)
  • Federal Graduate PLUS Loan
    • Fixed interest rate
    • Repayment begins 60 days after the second disbursement but may request a deferment while they are attending at least half-time
    • Approval based upon credit check
  • Private Loans
    • Educational loan through a bank
    • May require a cosigner
    • Variable and fixed rate options, terms vary by bank
    • Approval based upon credit check
  • State of Wisconsin Nurse Educators Loan Program
    • Higher Education Aid Board (HEAB) manages and services the WI Nurse Educators Program (NEP)
    • Goal is to provide Nurse Educators for Wisconsin
    • Program offers a 100% forgivable loan to eligible, selected applicants
    • Nursing Program Director and Financial Aid Office will assist eligible students with application process
  • State of Wisconsin Financial Aid Opportunity for PA Students
    • Higher Education Aid Board (HEAB) manages and services the Health Services Scholarship Program (HSSP)
    • Goal is to encourage health services professionals to practice in health shortage areas in WI
    • Program offers a scholarship that would convert to a loan if student does not practice in a health shortage are for the required timeframe
    • Contact the Financial Aid Office ( for more information


At Carroll, outside scholarships do not reduce the amount of gift aid you'll receive from the university.


Hours, Location and Contact Information

Office Hours: Monday–Friday: 8 a.m.–4:30 p.m. (Hours subject to change during holiday periods, semester breaks, and summer sessions)
Location: Main Level of Voorhees Hall  |  100 N. East Ave., Waukesha, WI 53186
Email:  |  Phone: 262.524.7296  |  Fax: 262.951.3037

See Carroll For Yourself

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