Federal Direct Unsubsidized Loans for Graduate Students | Financial Aid

Direct Unsubsidized Loan

• Student must be enrolled at least half time (3 credits)
• Student must be meeting Satisfactory Academic Progress (SAP) Standards
• Student cannot be in default on a Federal Student Loan or owe an overpayment on a Federal Student loan or grant
• Interest starts accruing at the time of disbursement
• No repayment required while student is enrolled at least half time
• One six-month grace period after the student is no longer enrolled half time before repayment begins
• Standard repayment is 10 years

Annual maximum

$20,500

Cumulative maximum total debt

$138,500 (includes amounts borrowed as undergrad students)

Interest rates

Fees

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

Applying for Direct Unsubsidized Loans

1. Complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov/fafsa
2. Receive your final financial aid award from Carroll
3. Submit your award - Accept/Reject/Modify your Federal Loans
4. First time borrowers at Carroll need to complete a Direct Master Promissory Note at studentaid.gov
   • Under the Grants and Loans dropdown, select "Master Promissory Note (MPN)"
   • Login clicking the blue "Log In" button next to "I'm a Graduate/Professional Student"
5. 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 Loan program, including your rights and responsibilities as a borrower.
   • Under the Grants and Loans dropdown, select "Loan Entrance Counseling"
   • Login clicking the blue "Log In" button next to "I am a Graduate or Professional Student"

Exit counseling

• Federal regulations require students to complete this once you graduate from Carroll or your enrollment drops below half time status
• Provides the borrower with important information regarding your rights and responsibilities as a borrower.
• Assists you on how to manage repaying your student loans and what you can expect
• Complete online at studentaid.gov under the Loan Repayment dropdown.