There are two additional steps you need to take to secure this type of loan:

Federal Student Loans

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FederalDirect student loans are borrowed directly from the federal government by students by their parents. If you’re interested in borrowing Federal Direct student loans to help pay for your education, the first step is to complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility. Student loans, grants, and scholarships are available to those who qualify. For more information on Federal Student Aid, download The Guide to FederalStudent Aid at

You can access your Direct Loan account information 24/7 , and work with your loan servicer to choose the repayment plan that works best for you. You can also work with your loan servicer to select a repayment plan. Repayment starts once you graduate, stop attending or drop below half-time enrollment.

Learn more about Federal Direct Subsidized and Unsubsidized Loans by clicking the following links: Subsidized and Unsubsidized Loans or Interest Rates and Fees

  • Sign a Master Promissory Note (it’s a legal document that says you promise to repay your loans and any interest and fees to the U.S.Department of Education)
  • Complete Loan Entrance Counseling

Federal Direct PLUS Loans are credit-based loans available to the parent(s) of students enrolled at least half-time. PLUS loans aren’t based on financial need. Loan amounts are based on the student’s Cost of Attendance less other financial aid 1 . Repayment starts 60 days after the loan is fully distributed unless the borrower requests in-school deferment.

Learn more about the Federal Direct PLUS Loan by clicking the following links: Direct PLUS Loan Basics for Parents or Interest payday loans AZ Rates and Fees

Parent PLUS borrowers will also need to:

  • Complete a PLUS loan application
  • Sign a PLUS Master Promissory Note

Non-Federal Student Loans

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Many Lenders (like banks and credit unions) also offer private loans to students to supplement their federal financial aid. Terms of the loan such as repayment and interest rates vary by loan. Lenders perform a credit check to make sure the applicant is creditworthy before approving the loan. A loan applicant might also have to provide a creditworthy co-signer before a loan will be approved. You can get the additional information and help with the application process from a Student Advisor. Student Loans, grants, and scholarships are available to those who qualify.

If you’d like to learn more about specific private loan programs or what to expect during the application process, talk with someone in Carrington’s Student Finance office by calling 1-877-206-2106.

Carrington College Loan

  • Available to creditworthy applicants
  • Available after federal and private funds are exhausted

Financial Responsibility

Borrowing money to help pay for your education is a big step. It’s important to take the time to understand the responsibilities that come with that financial assistance. When you take out a loan, you’re responsible for full repayment of the amount you borrow, plus any interest. You’re responsible even if you don’t complete the program or graduate.

  • Your loan becoming immediately due and payable
  • Wage garnishment
  • The withholding of incoming tax refunds and even social security

Student Loan Codes of Conduct

To ensure that you and other student borrowers are protected throughout the lending process, Carrington College has adopted a Code of Conduct that applies to the promotion and issuance of student loans. The Code was developed to promote best practices among those of us who provide financial aid information and assistance. It also ensures that you are given the full opportunity to choose the source of your federally insured and private loans. We fully subscribe to the Code of Conduct and are committed to upholding the borrower’s rights. We encourage you to read the Code in its entirety. You can view the Code of Conduct for our institutions here

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