Financial Aid FAQs

  • What is the difference between a subsidized and unsubsidized loan?
    Subsidized loans are awarded on the basis of financial need. The federal government pays the interest of the loan while the student is attending school on at least a half-time basis. Unsubsidized loans are not based on financial need. The interest accrues upon the first disbursement of the loan and the interest capitalizes on the unsubsidized loan. It is wise to pay the interest as it accumulates if you have the financial means to do so.

    How do I know how much financial aid I am receiving?
    After the FAFSA is completed and all other necessary documents are submitted, the financial aid office will send financial aid award letters to students. For new students, the financial aid award letter will be sent in the mail. For returning students, an email will be sent directing them to view their award letter on WebAdvisor.

    Why wasn't I awarded federal work-study?
    Work-study is based on financial need and funds are limited. Possible reasons why you weren't awarded are because your financial need is lower than other recipients, and/or all funds were already awarded to students who completed applications earlier.

    I probably won't qualify for aid. Should I bother applying?
    Yes. Many families think they will not be eligible for financial aid so they do not complete the FAFSA. However, they may be missing out on grants and other aid. Additionally, unsubsidized loans are available and are not based on need. The FAFSA is free and all students are encouraged to complete the application.

    I'm a graduate student. Do I qualify for any aid?
    The primary form of assistance for graduate students is the Direct unsubsidized loan. Students must complete the FAFSA to qualify for this loan. If additional funds are needed, a student may apply for a Graduate PLUS loan (www.studentloans.gov) or Alternative loan (Carlow's preferred lender list is at www.elmselect.com).

    Do I have to reapply for financial aid annually?
    Yes. The FAFSA for the upcoming academic year is available after January 1 of each calendar year, and students must apply to be considered for financial aid.

    How does summer financial aid work?
    For undergraduate students, the annual eligibility of financial aid is typically split between the fall and spring semesters. A student may want to decline some of the fall or spring loan if summer enrollment is anticipated. As with other semesters, a student must be at least half-time (6 credits) to be eligible for summer financial aid. For graduate students, annual eligibility of financial aid is split between fall, spring, and summer semesters. 

    I have a large balance to pay. What other options do I have?
    You have several options: 

    • Outside scholarships. You can search for scholarships on websites such as www.fastweb.com, www.scholarships.com, and www.finaid.org
    • Carlow payment plan. Your balance can be divided into 4 or 5 monthly payments.
    • Parent PLUS loan. This is a loan that a parent may take out for a dependent student and can be deferred while the student is in school. It is based on credit. A parent can apply for the loan at www.studentloans.gov.
    • Alternative loan. The student can apply for a private alternative loan with a creditworthy cosigner. Carlow's preferred lender list can be found at www.elmselect.com
    Where can I find out how much I have borrowed in student loans?
    You can view your loan borrowing history at www.nslds.ed.gov. It provides a detailed explanation of all the federal loans you have borrowed. You will need your PIN number to access your information.

    When will I have to start paying back my loans?
    After you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period before you must start repaying your loans. If you move during this time, make sure you alert your loan servicer(s) of your new address.