FEDERAL DIRECT STAFFORD LOANS

Please Note: Beginning in academic year 2010-2011, ALL students who borrow a Federal DIRECT Stafford Loan at Carroll College are required to complete a  Federal Direct Stafford Loan Master Promissory Note  (MPN) and Direct Loan Entrance Counseling.

If you are taking out a private alternative loan you MUST also complete debt counseling located on Step 3.

Federal Stafford Entrance Counseling

If you have accepted a Federal Direct Stafford loan at Carroll College, you must complete the on-line Federal Direct Stafford entrance counseling.

• Complete entrance counseling CLICK HERE TO CONTINUE

Federal Stafford Master Promissory Note

If you borrow a Federal Direct Stafford loan at Carroll College you need to fill out a Direct Stafford Master Promissory Note (MPN) to receive your loan funds. 

• Complete the Federal Direct Stafford Master Promissory Note. 

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 Aid & Payments
• Student Release of Info
• BIG Value
• Direct Loans
• 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.