Federal Direct Subsidized and Unsubsidized Loans|Financial Aid

Direct Subsidized Loan

Direct Unsubsidized Loan

Annual Maximums

$5,500
Dependent Undergrad Freshman
1-27 credits earned
$6,500
Dependent Undergrad Sophomore
28-59 credits earned
$7,500
Dependent Undergrad Junior and above
60+ credits earned
$20,500
Graduate Students
n/a

Independent students (per the FAFSA) and student's parents who have been denied the Federal Parent PLUS loan can borrow an additional Direct Unsubsidized Stafford Loan amount up to $4,000 for Freshman and Sophomore years, and $5,000 after that.

*If a student's grade level increases during the academic year, please contact the Financial Aid Office in writing (finaid@carrollu.edu) and request the additional loan funds.

Cumulative Maximum Total Debt

The cumulative maximum for undergraduate students is $31,000 and $57,500 but no more than $23,000 can come from subsidized loans.

$31,000
Dependent Undergraduate Students
$57,500
Independent Undergraduate Students
$138,500
Graduate Students (includes amounts borrowed as undergrad students)
$20,500
Graduate Students

Interest Rates

4.53%
For Undergraduate Direct Subsidized and Unsubsidized loans between July 1, 2019 and June 30, 2020
5.05%
For Undergraduate Direct Subsidized and Unsubsidized loans between July 1, 2018 and June 30, 2019
6.08%
For Graduate Direct Unsubsidized loans disbursed between July 1, 2019 and June 30, 2020
6.60%
For Graduate Direct Unsubsidized loans disbursed between July 1, 2018 and June 30, 2019

Fees

Fees are deducted from the Direct Subsidized and Unsubsidized loan proceeds when they are disbursed.

1.062%
For loans first disbursed after October 1, 2018 and before October 1, 2019 (For example, on a $5500 loan, $58 will be kept as a loan fee and therefore $5,442 will be credited to the students account when it is disbursed to the school.)
1.059%
For loans first disbursed after October 1, 2019 and before October 1, 2020 (For example, on a $5500 loan, $58 will be kept as a loan fee and therefore $5,442 will be credited to the students account when it is disbursed to the school.)

Applying for Direct Subsidized and Unsubsidized Loans

  1. Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov
  2. Receive your final financial aid offer from Carroll
  3. First time borrowers at Carroll need to complete your Direct Stafford Master Promissory Note at studentaid.gov
    • Under the Complete Aid Process dropdown, select "Subsidized/Unsubsidized Loan MPN"
    • Login clicking the blue "Log In" button
    • Once logged in, click the blue "Start" button to complete your Master Promissory Note
  4. First time borrowers at Carroll need to complete Entrance Counseling at studentaid.gov
    • The Federal Government requires that all first time Federal Direct Loan borrowers complete an entrance counseling session before they receive any loan funds. This session is designed to provide the borrower with important information about the Federal Direct Stafford Loan program, including your rights and responsibilities as a borrower.
    • Under the Complete Aid Process dropdown, select "Complete Entrance Counseling"
    • Login clicking the blue "Log In" button
    • Once logged in, click the blue "Start" button and complete your undergraduate Entrance Counseling

Exit counseling

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