Aid - Federal Parent PLUS Loan

PARENT PLUS LOAN

Parents may borrow a Federal PLUS loan to assist with educational expenses. The interest rate is a fixed 7.9%. For additional information visit  Student Aid on the Web.

  • Parent is responsible for repayment of the loan.
  • Repayment begins up to 60 days after disbursement of the entire loan amount.
  • Borrower must meet minimal credit requirements (no adverse credit).
  • If a parent is denied a PLUS Loan based on adverse credit a student may become eligible for an additional unsubidized Federal Stafford Loan.  Please contact the Financial Aid Office for more information.

CARROLL ELIGIBILITY

To receive a Federal Direct Parent PLUS loan at Carroll College, the following conditions need to be met:

  1. The student must have the processed results of the FAFSA (Free application for federal student aid) received at Carroll College.
  2. The student must be accepted for admission as a degree-seeking student at Carroll College.
  3. The student must have accepted their 2013-2014 financial aid award.
  4. The student must be enrolled for at least half-time (6 or more credits).
  5. The student must be a dependent student.
  6. A  Federal Direct PLUS Loan Master Promissory Note must be on file for the borrower.
  7. A  Federal Direct PLUS Loan Application must be completed each year.

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