All students' financial aid awards are originally packaged to an estimated Direct Cost of $36,218 (Full-time Tuition, Fixed Fees, and Room & Board).
Students have the option of borrowing up to the Cost of Attendance. The estimated 2013-2014 Cost of Attendance for full-time students is $40,918
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, 2013 for the 2013-2014 academic year if you want the funds available for fall semester payment. Federal Direct PLUS Loans disbursed after December 1, 2013 have a default insurance fee of 4.288%. The interest rate is fixed at 6.41%.
FOR ADDITIONAL INFORMATION VISIT THE DIRECT LOAN WEBSITE.
After June 1, 2013 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 2013-2014:
PLEASE NOTE: ADDITIONAL LOAN APPLICATIONS FOR THE 2012-2013 ACADEMIC YEAR WILL BE ACCEPTED BEGINNING June 1, 2013.
Factors to consider when you are looking for an additional loan:
FASTChoice includes the most common additional loans used by Carroll College students over the last three to five years. Students are free to borrow from any lender they choose even if they are not on our list. If you have questions or would like to request application forms, contact the lending institutions or our office at 1-800-992-3648, ext. 5425 or 406-447-5425.
Please contact us at email@example.com.
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 6.41%.
Estimated Federal Direct PLUS Loan Repayment Example
Federal student loan interest is generally tax deductible for the first 60 months of repayment.