Starting the Federal Direct Loan process at Carrington College is as simple as completing the FREE Application for Federal Student Aid (FAFSA), which will determine your eligibility for a number of programs at once. There are two additional steps you need to take when applying for a Federal Direct Loan:
- Sign a Master Promissory Note (MPN)
- Complete Loan Entrance Counseling
Direct Loans are low-interest loans made from the U.S. Department of Education, rather than a bank or other financial institution, such as a credit union. Loan amounts are impacted by the number of credit hours scheduled towards your Carrington College certificate or associate degree. These loans are designed to help you and/or your parents pay for educational costs after high school. Direct Loans enable you to:
- Borrow directly from the federal government
- Access your Direct Loan account information 24/7 at the Federal Student Loan Servicing website
- Work with your loan servicer to select the repayment plan that best meets your needs or switch repayment plans when your needs change
For more information go to www.studentloans.gov
Federal Perkins Loans: (not all locations offer this program)
Low-interest subsidized loans awarded to students who demonstrate exceptional need.
- 5% fixed interest rate.
- Once you graduate, leave school or enroll for less than six credit hours per semester, you will have a nine-month grace period before repayment begins.
Non-Federal Student Loans
Many lenders also offer private loans to students to supplement their federal financial aid. Such loans are not subject to federal student loan rules. Terms of repayment, including interest rates, vary by loan. Lenders perform a credit check and determine a loan applicant’s creditworthiness before approving these loans. A loan applicant also may be required to provide a creditworthy co-signer before a loan will be approved. Additional information and application assistance are available from a Student Finance Advisor.
As part of the qualification process, private lenders will perform a credit check to assess your credit worthiness before granting you a loan. Factors they take into consideration include your current employment, your income and your residency. If you’d like to learn more about specific private loan programs or what to expect during the application process, talk with someone in your campus’ Student Finance office.
For a list of Private Loan Lenders that have made loans to DeVry Education Group (DeVry University, Chamberlain College of Nursing, Carrington College, Ross University School of Medicine and Ross University School of Veterinary Medicine, American University of the Caribbean School of Medicine and DeVry University’s Keller Graduate School of Management) students in the past, and continue to do so as of the date listed below.
Carrington College Loan:
Low-interest financing program with extended repayment terms.
- Available to credit worthy applicants.
- Available after federal and private funds are exhausted.
Student Loan Codes of Conduct
Carrington College observes the federal regulations regarding student loan requirements.
Code of Conduct agreements were designed to create and ensure uniform student loan practices that focus on the best interest of borrowers. In these documents, restrictions are defined to manage the relationships among school employees, learning institutions, lender advisory board members, and student loan organizations. Students are encouraged to review the Code of Conduct agreement to learn more about the requirements governing loan regulations.
If you have any questions about this document, please contact your local Carrington College Student Finance office.