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 2016-2017 is 3.76%. The Origination Fee is 1.068% for Federal Direct Subsidized and Unsubsidized Stafford Loans where the first disbursement is made on or after October 1, 2015.
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 using the link listed below:
- Complete Entrance Counseling and Master Promissory Note CLICK HERE TO CONTINUE. Click on the lime green LOG IN button, enter your login credentials and select Complete Counseling. Select the Entrance Counseling Required option and carefully read and follow all instructions. After completion of the entrance counseling section, you must continue on the website and complete the Direct Stafford Loan Master Promissory Note.
FEDERAL PERKINS LOANS
Federal Perkins loan regulations require that borrowers must be notified of the following disclosure information prior to the disbursement of Federal Perkins loan funds to the student account. This notice provides an update on the status of the Federal Perkins loan program. The Federal Perkins loan program has been extended under the bill H.R. 3594, The Federal Perkins Loan Extension Act of 2015. Under the extension bill, the authority for schools to originate a Federal Perkins loan will end on September 301, 2017, and no additional Federal Perkins loans will be available after this date. Under the extension bill, schools may award Perkins loans to borrowers only after awarding all Federal Direct Subsidized and Unsubsidized Stafford Loans the borrower is eligible to receive.
This notice is being provided as a federally required disclosure. Additional disclosure information is provided below:
- Loan repayment and forgiveness options for Direct Stafford loans are not available for Federal Perkins Loans;
- Borrowers may consolidate Perkins loans with Direct Stafford loans which will allow the borrower to make a single federal loan payment;
- Borrowers who consolidate Perkins loans with Direct Stafford loans will lose any Perkins deferment or forgiveness benefits they may have qualified to receive under the Perkins loan program;
- Federal Perkins loans offer a fixed interest rate of 5% which compares to the current Direct Stafford loan interest rate of 3.76%;
- Financial aid awards include the maximum amount of Federal Direct Stafford loans the borrower is eligible to receive based upon the total credits of the borrower at the date of the loan offer.
PLEASE NOTE THAT YOU WILL NOT HAVE ACCESS TO LOG INTO "SIGNMYLOAN.COM" UNTIL APPROXIMATELY ONE WEEK AFTER YOU'VE ACCEPTED YOUR FEDERAL PERKINS LOAN ON YOUR AWARD LETTER. YOU WILL RECEIVE AN EMAIL FROM "SIGNMYLOAN.COM" AS SOON AS YOUR FILE IS AVAILABLE TO COMPLETE ONLINE.
Every student who has been awarded and accepted a Federal Perkins Loan must complete electronic Perkins Loan Entrance Counseling (to include the borrower rights and responsibilities) every academic year. First-time Perkins Loan borrowers must also complete the Federal Perkins Loan Master Promissory Note. Completing these steps is done by creating an online account through the secure “SignMyLoan.com” option on the University Accounting Service (UAS) website. Federal Perkins Loans will no longer be available after September 2017.
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
The Loan Repayment page contains sample loan repayment charts and additional resources to prepare students for successful loan repayment.
Please contact us at firstname.lastname@example.org.
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.
Median Borrowing- Students at Carroll College typically borrow $26,256 in Federal loans over 4 years. The federal loan payment over 10 years for this amount is approximately $278 per month. Your borrowing may be different.
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 3.76%.
- 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 3.76%.
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%.
- Perkins Loans will no longer be available after September 1, 2017.
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.