Step 3 - Parent and Private Loans

Factors to consider when borrowing additional loans

All students' financial aid awards are originally packaged to an estimated Direct Cost of $49,810 (Full-time tuition, Fixed Fees, and Housing & Food).

Full Time Tuition (12-19 CREDITS)$18,914$37,828
Housing and Food$5,391$10,782
Fixed Fees$600$1,200
Total Direct (Billable) Charges:$24,905$49,810

Students have the option of borrowing up to the Cost of Attendance. The estimated 2022-2023 Cost of Attendance for full-time students is $53,880.

Total Cost of Attendance includes allowances for Books and Supplies of $800, Personal Expenses of $1,800, Transportation Expenses of $1,402, and Loan Fees of $68 for a total cost of attendance of $53,880 for the year.

Get more details on our Tuition and Fees page.

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.  Get more information about Carroll's installment plan.

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, 2023 for the 2023-2024 academic year if you want the funds available for fall semester payment.

The Federal Direct PLUS Loan Interest Rate for academic year 2022-2023 is fixed at 7.54%. The Default Insurance Fee for Federal Direct PLUS Loans where the first disbursement is made on or after October 1, 2022, the fee will be 4.228%. Visit the Direct Loan website for additional information.

Beginning early June 2022 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 2022-2023: Make sure you have completed the 2022-2023 FAFSA. Your parent will need to log on to using the parent FSA ID and complete the Parent Plus Loan Request and Master Promissory Note (if a first time borrower).

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 Federal Student Aid website, or your student may choose to request additional Direct Unsubsidized Stafford Loan funds by contacting the Financial Aid Office.

Facts about Federal Direct PLUS Loans

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 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 7.54%.

Below is an estimated Federal Direct PLUS Loan Repayment Example. Federal student loan interest is generally tax deductible for the first 60 months of repayment.

Loan Amount$5,000$10,000
Monthly Payment$56.55$113.09

Emergency Relief for Private Education Loan Borrowers due to COVID-19

Private Education Loan Borrowers may qualify for Emergency Temporary Loan Forbearance if you are impacted by the COVID-19 crisis.  For additional information, please call or visit your private loan servicer’s website.  You may access private loan servicer contact information via the FastChoice Lender Comparison Tool.

Please note: additional private loan applications for the 2022-2023 academic year will be accepted beginning June 1, 2022.

Make sure you have completed a Federal FAFSA form first and have borrowed all federal loans prior to borrowing Federal Direct Parent PLUS or private student loans. If you elect to waive your right to borrow federal loans, please contact the financial aid office to complete a waiver form.

Carroll College has partnered with two private loan comparison tools, Credible and the Great Lakes tool,  FASTChoice.   These private loan comparison tools empower you to take control of the process and make an informed decision in selecting the best private loan for your individual situation.

Credible is an online tool that allows students to compare personalized loans from multiple lenders.   Students can analyze prequalified rates, terms, and eligibility rules side-by-side in just a matter of minutes.  Credible is not a lender or bank.  Credible partners with student loan lenders so that applicants have a variety of competitive options, each addressing their particular needs.

FASTChoice, powered by Great Lakes loan guarantor and processor, helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits and borrower benefits.  FASTChoice provides comparison tools for a variety of private educational lenders previously utilized by Carroll College Students.

NOTE:  Carroll College does not endorse any of the lenders included in the links above and cannot recommend specific lenders.  Students may also choose to use a loan provider that does not appear in the list of lenders included at either of the links above.  If you have questions contact our office at 1-800-992-3648, ext. 5425 or 406-447-5425.

Requirements for Private Loans:
Carroll College encourages students and families to do their research when making financial decisions for paying for school.  Students choosing to decline Federal financial aid such as Federal Direct student and Parent PLUS loans, are required to submit a FAFSA Waiver prior to the certification of the private loan.

Factors to consider when you are looking for an additional loan:

  • Method of determining the interest rate of the loan/credit scoring
  • Early repayment options
  • Other borrower benefits
  • Late payment penalties
  • Origination fees, up-front fees, back-end fees
  • Opportunity for forbearance (example: during graduate school)
  • Cosigner requirements
  • Length of repayment term

Continue to Step 4


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.


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