All students' financial aid awards are originally packaged to an estimated Direct Cost of $39,972 (Full-time Tuition, Fixed Fees, and Room & Board).
Students have the option of borrowing up to the Cost of Attendance. The estimated 2015-2016 Cost of Attendance for full-time students is $44,672
The Office of Financial Aid encourages all students to borrow responsibly. The federal student loan programs generally provide better terms and conditions including a lower interest rate and fewer fees, therefore, we recommend borrowing federal loans prior to borrowing any private education loans. In order to receive federal loans, students must complete the Free Application for Federal Student Aid (FAFSA), to apply online go to the FAFSA website.
Prior to borrowing either a Federal Direct Parent PLUS Loan or a Private Education Loan, it is recommended that you use the Loan Calculation Worksheet to determine the amount of loan you will need to borrow. Please note that the Parent PLUS Loan is one alternative for paying the balance, the Business Office also offers an interest-free monthly installment plan. For more information about Carroll's installment plan, visit the Business Office web page.
For an overview on the different terms of Private Education Loans vs. Federal Direct Parent PLUS Loans, please review the comparison chart.
(DEPENDENT STUDENTS ONLY)
It is recommended you apply before August 1, 2015 for the 2015-2016 academic year if you want the funds available for fall semester payment.
The Federal Direct PLUS Loan Interest Rate for academic year 2015-2016 is fixed at 6.84%.
The Default Insurance Fee for Federal Direct PLUS Loans where the first disbursement is made on or after October 1, 2014, the fee will be 4.292%.
FOR ADDITIONAL INFORMATION VISIT THE DIRECT LOAN WEBSITE.
Beginning early June, 2015 you may complete your Direct PLUS Loan Application online (includes pre-approval). Note: Students must have a processed FAFSA (Free Application for Federal Student Aid) on file with Carroll College prior to processing a Direct PLUS Loan.
Processing a Federal Direct Parent PLUS loan for 2015-2016:
Make sure you have completed the 2015-2016 FAFSA.
To complete a Direct PLUS Loan Request, you will need:
Your Federal Student Aid (FSA) ID
Parents must log in using their own FSA ID to complete Direct PLUS Master Promissory Notes (MPNs).
Use of another person's FSA ID constitutes fraud. Use only your own FSA ID information.
If you have previously completed either a Direct Loan MPN or a Direct PLUS Loan Request, some of this information may be populated for you. You should review all populated information carefully for accuracy.
Parent PLUS Counseling is required when the U.S. Department of Education has informed you that you must complete PLUS Counseling.
If you are denied a Direct PLUS Loan, you may appeal the denial or use an endorser through the studentloans.gov website, or your student may choose to request additional Direct Unsubsidized Stafford Loan funds by contacting the Financial Aid Office.
If your student accepts the additional Direct Stafford Unsubsidized Loan funds, he/she must complete specific loan counseling based upon the total number of additional Direct Unsubsidized Stafford loans that the student has borrowed. Your student must download the Parent PLUS Loan Denial Counseling Flyer and complete the correct counseling session based upon the total number of additional Direct Unsubsidized Stafford Loans that they have borrowed. Disbursement of the loan will be held until the student completes the loan counseling.
PLEASE NOTE: ADDITIONAL PRIVATE LOAN APPLICATIONS FOR THE 2015-2016 ACADEMIC YEAR WILL BE ACCEPTED BEGINNING June 1, 2015.
Factors to consider when you are looking for an additional loan:
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.
PLEASE NOTE: All Parents borrowing the Federal Direct Parent PLUS Loan must complete the Direct PLUS Loan Application process on the Student Loans website. First-time borrowers must also complete a Federal Direct PLUS Loan Master Promissory Note.
Parents of a full or part-time undergraduate dependent students may take out a Federal Direct PLUS loan to assist the student in paying for college. This loan is a parent loan not a student loan. The student must have a processed FAFSA (Free Application for Federal Student Aid) on file with Carroll prior to processing a Federal Direct PLUS Loan.
The borrowing limit is the cost of attendance minus any aid the student will receive.
The parent is responsible for repayment of the loan.
Repayment begins within 60 days after the loan is fully disbursed.
The parent must meet minimal credit requirements (no adverse credit).
Federal Direct PLUS loan interest is fixed at 6.84%.
Estimated Federal Direct PLUS Loan Repayment Example
Federal student loan interest is generally tax deductible for the first 60 months of repayment.