Student Loans - Garrett College

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Student Loans

There are two types of Direct Loans available to students:

First-time borrowers must complete Direct Loan Entrance Counselling and a Master Promissory Note before loans can be processed. You may complete the electronic loan entrance counselling session and sign the Master Promissory Note by visiting Know Your Loans click here for an interesting and explanitory video series all about the “in's and out's” of student loans.

Subsidized Loans

The Federal Government pays the interest on these loans while the student is attending school at least half-time. Student must have financial need as determined by the Department of Education. Subsidized Loans are available to student with financial need not covered by grants and scholarships. Interest payments begin on this loan when the loan enters repayment six (6) months after you graduate or drop below half time enrollment.

Unsubsidized Loans

The student is responsible for the interest on these loans while they are attending school. (The student may choose to defer paying the interest until they are in repayment.). The school determines what type of loan the student is eligible for based on the information provided on the FAFSA.

Annual Borrowing Limits For Dependent Students
Grade Level Subsidized (Sub) Maximum Unsubsidized (Unsub) Maximum Combined Sub & Unsub Maximum
Freshman $3,500 $2,000 $2,000
Sophomore $4,500 $2,000 $6,500

Annual Borrowing Limits For Independent Students
Grade Level Subsidized (Sub) Maximum Unsubsidized (Unsub) Maximum Combined Sub & Unsub Maximum
Freshman $3,500 $6,000 $9,500
Sophomore $4,500 $2,000 $6,500

Aggregate Borrowing Limits (Lifetime)
Student Type Subsidized (Sub) Maximum Combined Sub & Unsub Maximum
Dependent Undergraduates $23,000 $31,000
Independent Undergraduates $23,000 $57,500

Parent PLUS Loan

The Parent Loan for undergraduate students is a non-need based educational loan for parents of dependent undergraduate students. Parents may borrow up to the student's yearly cost of attendance minus all other aid the student has received. The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.

How to Apply for the Parent Plus Loan

Important Links and Resources