FEDERAL STAFFORD LOANS

Please Note:

If you are a CURRENT STUDENT and have previously borrowed a Federal Stafford Loan at Carroll College, you DO NOT NEED TO PROCEED WITH THE FEDERAL LOAN COUNSELING OR MASTER PROMISSORY NOTE.  However, if you are taking out a private alternative loan you MUST complete debt counseling.  Please continue to Step 3 to complete the alternative loan counseling.

Federal Stafford Entrance Counseling

If you have accepted a Federal Stafford loan and are a first time borrower at Carroll College, you must complete the on-line Federal Stafford entrance counseling.

• Complete entrance counseling CLICK HERE TO CONTINUE

Federal Stafford Master Promissory Note

If you are a first-time Federal Stafford loan borrower at Carroll College you need to fill out a Master Promissory Note (MPN) to receive your loan funds. 

• Lender Comparison List:  You must choose a lender for your Federal Family Education Loan Program (FFELP) Stafford Loan.  FASTChoice helps you determine which loan is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders. Students are free to borrow from any lender, and are not limited to the lenders provided on the list.  If you choose a lender not on the list contact the lender directly to determine your next step and contact our office to provide us with the lender contact information.
• Complete the Stafford Master Promissory Note.  If you use a lender not on the list contact the lender directly to determine your application process.

FEDERAL PERKINS LOANS

Federal Perkins Loan Entrance Counseling

If you have accepted a Federal Perkins Loan and are a first-time borrower at Carroll College, you must complete the on-line Federal Perkins Loan entrance counseling.

• Complete entrance counseling.  CLICK HERE TO CONTINUE

Federal Perkins Master Promissory Note

If you are a first-time borrower at Carroll College you need to fill out a Master Promissory Note (MPN) to receive your loan funds.  

The Federal  Perkins Loan Master Promissory Note  is now available, please complete it and return it to the Financial Aid Office.

Questions?

Please contact us at fao -is-at- carroll -dot- edu.

• Step 1 - CURRENT Student FA Info
• Step 2 - Federal Student Loans
• Step 3 - Alternative Financing
• Step 4 - Outside Reporting
• Step 5 - Verification Process
• Step 6 - Qualify Award
• Student Release of Info
• BIG Value
• FAFSA Information
• Financial Aid Home
• Financial Aid Forms
• FINANCIAL AID AWARD
• Payment Plan Options
• Frequently Asked Questions
• Scholarships
• Student Debt Mgmt. Resource Page

Facts about Stafford Loans

Federal Stafford Subsidized Loans

Subsidized Stafford Loans are awarded based on need to students who file a FAFSA.

A student must be enrolled at least half-time to be eligible.

No payments are required while you are in college.

Repayment begins six months after you leave college, graduate or drop below half-time.

Interest is paid by the federal government:

• while student is enrolled in college at least half-time.
• during an approved deferment period.
• during the 6-month grace period.

The interest rate is fixed at 6.0 %.

Students who file a FAFSA and are enrolled at least half-time may be eligible for Unsubsidized Stafford Loans.

No payments are required while you are in college.  Making interest payment while you are in college is recommended and can save you a considerable amount of money.

Repayment begins 6 months after you leave college, graduate or drop below half-time.

Interest that is not paid while you are in college will be added to the principle of the loan (capitalized) when the loan goes into repayment.

The interest is fixed at 6.8%.

PERKINS BORROWERS:
If you are a first-time Federal Perkins Loan borrower, you will need to complete a Federal Perkins Loan Master Promissory Note.  The MPN will be available in the next few months.  Please check back at a later time.

Facts about Federal Perkins Loans

Federal Perkins Loans are given to you directly by the college and eligibility is need-based. 

• No payments while in college.
• Repayment begins 9 months after you leave college, graduate or drop below half-time.
• The interest rate is fixed at 5.0%.

Note: A portion of your Perkins Loan debt may be cancelled in certain cases that are federally designated, such as teaching in a qualified low income school or a career in law enforcement.  Cancellation details are available through the Carroll College Financial Aid Office.