Federal Direct Stafford Loans
Please Note: Students borrowing a Federal Direct Stafford Loan for the first time at Carroll College are required to complete a Federal Direct Stafford Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling. Additionally, once a year borrowers must complete an on-line Annual Student Loan Acknowledgment.
The Interest Rate for Federal Direct Stafford Subsidized and Unsubsidized Loans for academic year 2023-2024 is 5.50%. The Origination Fee is 1.057% for Federal Direct Subsidized and Unsubsidized Stafford Loans where the first disbursement is made on or after October 1, 2022.
If you are taking out a private education student loan, you MUST also complete debt management counseling located on Step 3.
Federal Direct Stafford Entrance Counseling and Master Promissory Note
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 using the link listed below:
- Complete Entrance Counseling and Master Promissory Note. LOG IN using your STUDENTAID.GOV ID and select Complete Counseling. Select the Entrance Counseling Required option and carefully read and follow all instructions. After completion of the entrance counseling section, you must continue on the website and complete the Direct Stafford Loan Master Promissory Note.
Facts About Federal Direct 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. The interest subsidy ends as of the last day of attendance for the loan borrower.
- during an approved deferment period.
- The interest rate is fixed at 5.50%.
Facts About Federal Direct 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 5.50%.