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.
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.
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 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:
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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 $23,523 in Federal loans over 4 years. The federal loan payment over 10 years for this amount is approximately $250 per month. Your borrowing may be different.
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:
The interest rate is fixed at
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 4.66%.
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.
Federal Perkins Loans are given to you directly by the college and eligibility is need-based.
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.
The Loan Repayment page contains sample loan repayment charts and additional resources to prepare students for successful loan repayment.