Carroll Community College will be closed for Spring Recess Sunday, March 24th - Sunday, March 31st. The College will reopen on Monday, April 1st.
To be eligible, a student must:
Students need to complete the
Free Application for Federal Student Aid (FAFSA) for to apply for any of these programs. Renewal application materials are required each year for all programs.
This free federal grant program provides assistance to undergraduate students enrolled in at least three billable hours, are federal PELL grant recipients, and who demonstrate exceptional financial need.
Grants may range from $100 to $4,000 per year (dependent on funding). Priority is given to PELL recipients.
If you need financial aid to attend Carroll and are a U.S. citizen or eligible non-citizen, you need to complete the Free Application for Federal Student Aid (FASA). The FAFSA allows you to apply for federal, state and need-based Carroll financial aid.
You must complete entrance counseling and a Master Promissory Note (MPN) online if you are borrowing a Federal Direct Stafford Loan at Carroll for the first time.
Once you have filed the FAFSA, you will receive a Financial Aid Award Letter notifying you of any grant and scholarship money that you are eligible to receive. The award letter also notifies you of your Stafford Loan eligibility.
Once you have reviewed and accepted your financial aid award, you may apply for the loan online.
If you are a returning borrower, you will have your accepted Stafford Loan amount processed under their existing loan application (MPN) by Financial Aid.
The student needs to complete a Free Application for Federal Student Aid (FAFSA) and a Master Promissory Note (MPN). Carroll determines the student’s eligibility and loan amount. A separate loan application is not required for the Direct Loan program.
A loan fee (also called an origination fee) is charged for Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans. The fee is a percentage of the amount of each loan the student receives, and is subtracted proportionately from each loan disbursement.
The Direct Loan Electronic MPN website performs edits during the MPN completion process, which eliminates most errors and the need for follow-up.
Paper MPNs submitted with errors are returned to Carroll/student for correction. As such, Carroll generally interacts with the student. However, COD Applicant Services (800-557-7394) is available to assist students and their endorsers, when applicable, with Direct Loan MPNs and related documents.
As an alternative to a school-based PLUS application process, parents and student borrowers can request a Direct PLUS Loan, complete an MPN, and initiate a credit check at StudentLoans.gov.
Before submitting a PLUS Loan online request, parents and students should verify with Carroll's Financial Aid office that it will accept and process the request. If Carroll does not use the Direct PLUS Loan Request process, StudentLoans.gov will initiate a credit check upon receipt of the origination record from Carroll.
A credit check can be processed once a parent or student completes a MPN, which includes the applicant’s authorization for a credit check to be completed, or Carroll’s credit check authorization form. A credit check can be initiated by Carroll via the COD website or by the COD System upon receipt of the Direct PLUS Loan origination data.
A credit check is valid for 90 days; as such, the COD System will not initiate another credit check if one was completed within the past 90 days. Borrowers will receive written confirmation of the credit check result.
Endorsers of Direct PLUS Loans may complete the endorser addendum online at StudentLoans.gov.
Credit appeals and endorser questions should be addressed to the COD Applicant Services team at the COD School Relations Center at (800) 557-7394.
The U.S. Department of Education sets borrowing limits for the Direct Lending (DL) programs, as indicated in the table below. Carroll has the right to deny any loan request based on such factors as unwillingness to repay, borrowing history and academic progression.
Visit The National Student Loan Database System for Students to view your previous borrowing history.
*If you are a dependent student who has a current PLUS loan denial on file with our office, you may be eligible to borrow an additional $4000 in an unsubsidized loan.
**As an undergraduate student, the maximum loan amount you may borrow may need to be prorated in certain circumstances. For example, loans must be prorated if you, the borrower, are enrolled in an eligible program of study that is shorter than a full academic year, or when a you are enrolled in a program that is one academic year or more but you remain for a period of study that is shorter than a full academic year. A Financial Aid Counselor will notify you if your loan must be prorated.
Carroll provides you with information on eligibility requirements, conditions for loosing benefits and regaining lost benefits. This information is communicated in:
The information is provided at multiple points, including:
Like the Income Based Repayment (IBR) Plan, the Income Contingent Repayment (ICR) Plan (Pay As You Earn) is based on your income and generally offers the lowest monthly payments of the income-driven plans.
Direct Loan borrowers whose federal student loan debt is high relative to their income may be eligible for Pay As You Earn. Students who make payments under the Pay As You Earn plan for 20 years and meet other requirements, may have the remaining balance of their loan(s) canceled. Additionally, students who work in public service and have reduced loan payments through Pay As You Earn, after they have worked 10 years, the remaining balance could be canceled.
Students should contact their loan holder or servicer, or visit StudentAid.gov for more information about the Pay As You Earn Repayment Plan.
For an interactive experience to better understand and manage student loans, visit StudentLoans.gov. Financial Awareness Counseling is located under Tools and Resources on the home page.
Deferments, forbearance and extended repayment plan options are available with Direct Loans.
Direct Loan Servicing capitalizes all unpaid interest including: