Financial Aid Checklist for HS Seniors | Carlow University

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FINANCIAL AID PROCESS AND TIMELINE What’s in a Financial Aid Package? Private universities such as Carlow often help students to offset the cost of attendance by offering generous institutional scholarships, discounts, and grants.

At Carlow, financial aid may include: › Gift-aid: Awarded in the form of merit-based aid, which includes both academic and athletic scholarships as well as discounts; and need-based aid which, includes grants offered by the federal and state governments as well as through the Carlow grant program. › Self-help awards: Campus employment (work-study) opportunities and student loans constitute two primary sources of self-help awards. Keep in mind that most loans require no payment on the principal until six months after you graduate, and often have a multi-year repayment schedule at low interest rates. When comparing financial aid awards, it is important that you and your family look at both the composition of your financial award package as well as the bottom line.

WE’RE HERE TO HELP!

You’re not in this alone! Carlow University is committed to helping you find ways to fund your education while providing exceptional service throughout the financial aid process. Our goal is to make Carlow University affordable!

Did you know? At Carlow: › Scholarships, awards, and discounts do not require a separate application and are generally offered at the time of admission. › Scholarships for full-time, traditional, first-year students are available based (in part) on SAT and ACT scores. Increasing your scores could possibly increase your scholarship or award amount. Please contact your Admissions Counselor for details. › You can improve your scholarship or award amount by submitting improvements to your high school or college GPA. › Merit-based scholarships and discounts may be combined with state, federal and institutional needbased grants as long as they do not exceed the cost of attendance.

Natalie Wilson Director of Financial Aid

NAMED A TOP U.S. SCHOOL FOR HELPING STUDENTS IMPROVE EARNINGS AND EMPLOYABILITY

Adam Manno Financial Aid Counselor

NAMED ONE OF THE TOP 20 BEST BANG-FOR-THEBUCK PRIVATE COLLEGES IN THE COUNTRY

› You can use our Net Price Calculator to estimate the amount of aid you may receive.

Carlow University Office Of Financial Aid 412.578.6389 finaid@carlow.edu carlow.edu/affordability


APPLYING FOR FINANCIAL AID IS A PROCESS... Follow it step-by-step to keep it manageable. Complete the following tasks in the sequence below to maximize your Financial Aid Package. Please note: the timeline below is an ideal situation. You may start the process at a different time, but must complete all the steps in the sequence below.

JANUARY o Begin searching for private scholarships. Use the internet, talk to other students, check with your guidance counselor, etc. o Whenever possible, prepare income tax returns as early as possible. o Student and parents should apply for a PIN (Personal Identification Number) at www.pin.ed.gov in order to electronically sign federal financial aid documents. o Student and parents complete 2015-16 Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. (DO NOT USE WWW.FAFSA.COM.)   + File FAFSA before May 1 to be considered for a PA State Grant and to receive a priority financial aid package from Carlow. Carlow’s preferred deadline for maximum financial aid requires the FAFSA to be filed by March 15.   + Whenever possible use the IRS Data Retrieval Tool (DRT) to automatically move your income information from the IRS to the FAFSA.   + If you file the FAFSA before you file your taxes, update the FAFSA when your taxes are complete.   + Carlow University’s Federal School Code is 003303. List Carlow first on your FAFSA so we receive your PA State Grant information from PHEAA.   + For help with the FAFSA, contact the Financial Aid Office at 412.578.6389 or finaid@carlow.edu or Federal Student Aid Customer Service at 1.800.433.3243 or FederalStudentAidCustomerService@ed.gov. o The US Department of Education notifies you that your FAFSA was processed and provides you with a Student Aid Report (SAR). Review the SAR for accuracy, and if necessary, correct your FAFSA online.

100 percent of our firsttime, full-time traditional students receive financial assistance, many of whom thought attending Carlow would not be possible.

FEBRUARY o The Financial Aid Office mails you a Financial Aid Award Letter that outlines your complete financial aid package for the 2015-16 academic year. Refer to the checklist that will be included with the award letter if there are any documents or processes you must complete to finalize your financial aid package.


MARCH o Reminder: Carlow’s preferred deadline to file the FAFSA is March 15. o Return the Financial Aid Reply Form that was mailed with the award letter in order to officially accept the financial aid package. o If your FAFSA is selected for verification by the Federal Processor, complete the Verification Worksheet that was sent with your award letter and return it to the Financial Aid Office with copies of student and parent IRS Tax Transcripts. (If the IRS DRT was used when the FAFSA was filed, we won’t need copies of Tax Transcripts.)

Fill out your Free Application for Federal Student Aid (FAFSA) by May 1. After you apply to Carlow, you will receive letters notifying you of the scholarships, awards and discounts for which you qualify. Once you complete your FAFSA, you will be presented with a complete financial aid package. To receive priority consideration for aid, we strongly recommend you submit the FAFSA to the federal processor as soon as possible after January 1 of your senior year. Carlow’s preferred deadline for maximum financial aid requires the FAFSA to be filed by March 15 prior to the semester you plan to enroll. File your FAFSA at www.fafsa.gov. Carlow’s school code is 003303.

APRIL o Student completes Federal Direct Loan Entrance Counseling and the Master Promissory Note (MPN) at www.studentloans.gov. Entrance Counseling ensures that the student understands rights and responsibilities as a first-time borrower and the MPN is the promise to repay the loan. o Start saving money for textbooks. The price of textbooks is not included in tuition and fees.

MAY o FAFSA deadline to be considered for PA State Grant is May 1. o If you missed Carlow’s March 15 preferred deadline, now is your chance to file your FAFSA prior to May 1.

JUNE – AUGUST o Fall tuition invoices are mailed from the Student Accounts Office at the end of June with an August 3 due date. o Parents can apply for the Federal Direct Parent PLUS Loan at www.studentloans.gov. o Students can apply for private education loans at www.elmselect.com with credit-worthy co-signer. o Make payment arrangements with Student Accounts. Contact the Cashier at 412.578.6052 to make a credit card payment or to set up a payment plan.

SEPTEMBER inancial Aid is credited to student account. When oF financial aid (including Parent PLUS Loan and/or private loans) is greater than tuition, fees, and room and board, a refund check is issued to the student or parent for educational expenses.


Financial Aid Glossary Award Letter It is the formal notification from the Financial Aid Office that shows your financial aid package for the entire academic year.

Loan A loan is a type of financial aid that must be repaid, typically upon graduation.

Cost of Attendance (COA) Total cost of education, including tuition, fees, books, room and board, transportation, and personal expenses.

Origination Fee A fee charged by the federal government on Federal Direct Loans. It is an expense of borrowing the loan and is a small percentage of the amount of each loan the borrower receives. It is subtracted proportionately from each loan disbursement.

Expected Family Contribution (EFC) EFC is an index number used to determine how much financial aid you are eligible to receive. It is not the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. It is calculated according to a formula established by law and is the same at every institution. FAFSA FAFSA is the Free Application for Federal Student Aid. It must be filed every year in which the student is seeking financial aid. Go to www.fafsa.gov to file the FAFSA. File by March 15, Carlow’s preferred deadline. Federal Direct Parent PLUS Loan A federal loan available to parents of dependent undergraduates to help finance the student’s education. Parents may borrow up to the full cost of their children’s education, less the amount of any other financial aid received. When a parent is denied PLUS the student may borrow up to $4,000 additional unsubsidized loan. Federal Direct Student Loan It is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender. Direct Loans consist of subsidized, unsubsidized and Parent PLUS. For more information, go to www.studentloans.gov. The maximum for a freshman is $5,500 including no more than $3,500 subsidized loan.

PA State Grant The Pennsylvania State Grant Program is a financial assistance program that provides funding to eligible Pennsylvanians and helps them afford the costs of higher education. Eligibility is limited to the equivalent of eight full-time semesters. Pell Grant Pell is a federal grant that provides funds for the academic year based on the student’s financial need and enrollment status. Eligibility and amount are determined by the EFC. PHEAA (Pennsylvania Higher Education Assistance Agency) PHEAA is the state agency that administers the grant program for the Commonwealth of Pennsylvania. SAP (Satisfactory Academic Progress) A student must maintain a minimum Grade Point Average of 2.00 and earn at least 67% of credits attempted to continue receiving financial aid. SAR (Student Aid Report) A SAR is a summary of the information you submitted on your FAFSA. You receive your SAR via e-mail a few days after your FAFSA has been processed or by mail within 7-10 days if you did not provide an e-mail address.

Federal Work Study Work-Study is a federal student aid program that provides part-time jobs to students with sufficient need who file their FAFSA by March 15. Students are paid at minimum wage and are paid bi-weekly.

SEOG (Supplemental Educational Opportunity Grant) SEOG is a federal grant program for undergraduates with exceptional financial need who are Pell eligible, have sufficient financial need, and who file their FAFSA by March 15.

Financial Aid Package A financial aid package is the complete collection of grants, scholarships, loans, and work-study employment from all sources (federal, state, institutional, and private) offered to enable you to attend college.

Subsidized Loan It is available to students with financial need as determined by the Cost of Attendance minus the EFC. The U.S. Department of Education pays the interest on a subsidized loan while the student is in school at least half-time.

Financial Need Need is determined by subtracting the EFC from the COA. Need varies depending on the school the student attends. Full-Time Full-time enrollment consists of at least 12 credits per semester. Fulltime status is required to maintain Carlow merit scholarships, awards, discounts, and need-based grants.

Unsubsidized Loan There is no requirement to demonstrate financial need to receive a Federal Direct Unsubsidized Loan. The borrower is responsible for paying the interest on the unsubsidized loan. If the borrower chooses not to pay the interest while in school, the interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

Grant A grant is a financial aid award that does not have to be repaid and is generally based on financial need.

Verification The process the Financial Aid Offices uses to confirm that the data reported on your FAFSA is accurate.

Interest A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.

Learn more about Carlow University scholarships and financial aid:

CARLOW.EDU/AFFORDABILITY. Carlow University is an affirmative action, equal opportunity institution. Produced in cooperation with University Communications and External Relations. 0115023KC


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