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Carroll Community College Launches New Loan Program

Release Date: 7/8/2013

CONTACT: Sylvia Blair
Executive Assistant to the President
Carroll Community College

Carroll Community College Launches New Loan Program

Westminster, Md., —Starting in fall, 2013, Carroll Community College (Carroll) will offer a new loan program for enrolled students who qualify.

Carroll will participate in the William D. Ford Federal Direct Loan Program, which allows students and their parents to borrow funds at low interest rates to pay for education expenses. Students must complete a Free Application for Federal Student Aid (FAFSA) to show financial need.

The direct loans available include subsidized loans, unsubsidized loans, and PLUS loans.

Subsidized loans are for students who demonstrate financial need, based on their FAFSA. No interest is charged while the student is enrolled in school as long as he or she maintains at least a half-time status. These loans remain interest-free during deferment and grace periods.

Unsubsidized loans are not based on financial need and interest is charged during all periods, including during the time when the student is in school.

PLUS loans are unsubsidized loans borrowed by the parent or legal guardian for dependent students. PLUS loans involve interest charged during all periods.

“The new loan program provides more options for students who are trying to afford college tuition,” said College President Dr. Faye Pappalardo. “This program allows students and their parents to take advantage of additional resources when making their college plans.”

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