Types of Financial Aid
for Undergraduate Students
Gift aid is free money that is given to a student based on his/her 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:
- Federal Government
- Federal Pell Grant
- Federal SEOG Grant
- State Government (Determined from FAFSA)
- Wisconsin Grant (formerly WI Tuition Grant)
- Carroll University (Determined by academic record and FAFSA)
- Carroll Donor Grant
- Outside or Local Groups (Determined by organization)
- Scholarships (i.e. Kiwanis Clubs, etc.)
Loans are available for both students and for parents. There are two forms of student loans — government guaranteed loans and private loans that require a co-signer. 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. Alternative loans are student loans that typically require a co-signer and are taken out through a bank. Terms vary based on the bank 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.
A student may be offered campus employment. At Carroll, if employment is included in the financial aid offer then we will make every effort to make sure that students are assigned to a campus job. Generally speaking students work 6-12 hours per week and earn between $2,000-$2,250 yearly. Campus employment earnings are not deducted from a student's bill, but are paid to the student on a bi-weekly basis.
The campus employment program allows students to receive valuable work experience while earning money for college expenses. Carroll offers a number of on and off-campus employment opportunities for students. Eligible students can earn up to the amount of the Federal Work Study or Campus Job listed on their Financial Aid Offer. Students earn this money by working for an hourly wage in their assigned job. Payment is made directly to the student to help cover educational expenses.
Federal Work Study (WS) is awarded to students who complete a FAFSA each year and demonstrate financial need. Students not eligible for WS could potentially be eligible for Institutional Campus Job (CJ) which is not federally funded.
Eligible students must complete a job application as well as I-9 and W-4 forms. Job applications are due by May 30 for priority placement. Students can find job descriptions by clicking on the button below. Job notifications are available on the student portal after Aug. 1.
Students are required to maintain Satisfactory Academic Progress (SAP) Standards to be eligible for Federal Work Study or Campus Job.