Step 2 - Federal Student Loans

FEDERAL DIRECT STAFFORD LOANS

Please Note: Students borrowing a Federal Direct Stafford Loan for the first time at Carroll College are required to complete a Federal Direct Stafford Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling.

The Interest Rate for Federal Direct Stafford Subsidized and Unsubsidized Loans for academic year 2014-2015 is 4.66%.  The Origination Fee is 1.073% for Federal Direct Subsidized and Unsubsidized Stafford Loans where the first disbursement is made on or after October 1, 2014.

If you are taking out a private education student loan, you MUST also complete debt management counseling located on Step 3.

Federal Stafford Entrance Counseling and Master Promissory Note

If you have accepted a Federal Direct Stafford Loan at Carroll College for the first time, you must complete the online Federal Direct Stafford Entrance Counseling and Master Promissory Note.  Click on the lime green SIGN IN button and then select Entrance Counseling, once you've completed the Entrance Counseling process, you will be prompted to continue on and complete the Master Promissory Note.  Carefully read and follow all instructions.

FEDERAL PERKINS LOANS

NEW PROCESS FOR FEDERAL PERKINS LOAN ENTRANCE COUNSELING AND MASTER PROMISSORY NOTE

PLEASE NOTE THAT YOU WILL NOT HAVE ACCESS TO LOG INTO "SIGNMYLOAN.COM" UNTIL APPROXIMATELY ONE WEEK AFTER YOU'VE ACCEPTED YOUR PERKINS LOAN.   YOU WILL RECEIVE AN EMAIL FROM "SIGNMYLOAN.COM" AS SOON AS YOUR FILE IS AVAILABLE TO COMPLETE ONLINE.

Due to recent changes in the processing of Federal Perkins Loans, every student who has been awarded a Federal Perkins Loan must complete an electronic Perkins Loan Master Promissory Note and Entrance Counseling (to include the borrower rights and responsibilities).  Completing these steps is now done using your Federal FAFSA PIN number through the secure “SignMyLoan.com” option on the University Accounting Service (UAS) website. 

If you have forgotten your Federal PIN, you may log onto the Federal PIN website to request a duplicate PIN.  You will need to know the security question which is case sensitive.  You will be allowed three chances to get the security question correct before your PIN is locked.  You may click on the customer service tab if you need assistance with your PIN access.

Once you have logged into SignMyLoan, you must complete all required steps in order for your Federal Perkins Loan to disburse to Carroll College.   The process should take approximately 15 to 20 minutes to complete.

 The required steps are as follows:

  • Verify your information
  • List your references
  • Read the Consent and Disclosure Information
  • Complete Entrance Counseling
  • Complete the FERPA Form
  • Review the Terms of the Loan
  • Read the Borrowers Rights and Responsibilities information
  • Accept the offered loan amount
  • View the Disclosure Document
  • Complete the electronic Perkins Loan Master Promissory Note

 continue

Questions?

Please contact us at .

NSLDS

Title IV HEA Federal student and/or parent loans are submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. 

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.  The interest subsidy ends as of the last day of attendance for the loan borrower.
  • during an approved deferment period.

The interest rate is fixed at 
3.86 %.

When a student has received subsidized loans for 150% of the published length of the academic program in which he or she is enrolled, he or she may not receive additional subsidized loans for enrollment in that program. This rule applies to any new* borrowers on or after July 1, 2013.

*A new borrower is one who has never borrowed a Federal loan or has an outstanding balance of $0 on a Federal loan.

Federal Stafford Unsubsidized Loans

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 3.86%.

PERKINS BORROWERS:
All students who have been awarded a Federal Perkins Loan for must complete a new Master Promissory Note and do Perkins Loan Entrance Counseling through the UAS "SignMyLoan" website.

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.