Direct Loans for U.S. Students
Citizens of the United States studying at Carleton University are eligible to apply for student financial aid through the William D. Ford Federal Direct Loan Program (U.S. Direct Loans). Loans are available to students or their parents through Direct Loans.
Types of Loans
|Who is Eligible
|Subsidized Direct Loans
|Awarded to students who demonstrate financial need
|U.S. government subsidizes the interest, and borrowers are not charged interest while in school at least half time, during a grace period, or during deferment periods.
|Unsubsidized Direct Loans
|Awarded to students regardless of financial need
|Borrowers are responsible for interest that accrues during all periods. During the study period, a borrower has the option to pay or have the interest capitalized. Loans may be awarded to both undergraduate and graduate students.
|Direct PLUS Loans for Parents
|Enables parents to borrow on behalf of their dependent undergraduate children
|Undergraduate students must be enrolled in an eligible program at least half time. Borrowers are responsible for the interest that accrues during all periods. Only parents of dependent students can receive PLUS Loans.
|Direct PLUS Loans for Graduates
|Awarded to graduate and professional students enrolled at least half time.
|Borrowers are responsible for the interest that accrues during all periods.
How to Apply
To apply for Direct Loans, visit www.studentaid.gov and proceed with the following steps:
1. Free Application for Federal Student Aid (FAFSA)
When completing the FAFSA, ensure that you specify Carleton University as an institution you wish to attend. Carleton’s federal school code is: G08368
2. Master Promissory Note (MPN)
Parents borrowing funds through a Direct PLUS loan for Parents must also complete and e-sign a Master Promissory Note (MPN).
3. Direct Loan Entrance Counseling
All first time borrowers must participate in a student on-line entrance counseling process. If this is your first student loan, please also complete the Direct Loan Entrance Counseling module.
4. Annual Student Loan Acknowledgement
The Annual Student Loan Acknowledgement is a tool for borrowers who take out federal student loans. If you have loans on file, you will learn important repayment terms and estimates, how much you have borrowed thus far, and what’s available for the remainder of your education. If you are a new borrower, you must acknowledge other information such as salary and debt estimates for your chosen program and information about how interest works.
5. Student Information Form
Notify the Awards & Financial Aid Office at Carleton University by completing the Student Information Form or email firstname.lastname@example.org to advise us that you have submitted your application for U.S student aid. We will then proceed with determining your eligibility and review disbursement of your Direct Loan funding with you.
Other Useful Resources and Links:
The Student Guide is an annual federal publication that is available free of charge to students who are interested in financial aid. You can access it online at: fsapartners.ed.gov/knowledge-center/fsa-handbook US Department of Education Title IV Programs Website: fsapartners.ed.gov
See also www.studentaid.gov for a portal that gives college students access to information on government services.