Loans

Subsidized Loan - low-interest loans made to students who demonstrate financial need. Undergraduates may borrow up to $3,500 for the first year, $4,500 for the second year and $5,500 for each remaining undergraduate year. Undergraduate students may borrow an aggregate limit of $23,000 in Subsidized Loans. Interest on a subsidized loan is deferred as long as you are enrolled at least half-time.

Unsubsidized Loan - Interest on an Unsubsidized Loan accrues while the student is enrolled. This loan is not based on financial need. A student may opt to have the interest deferred and accrued or choose to pay the interest payments while enrolled. Students may borrow a combination of subsidized and unsubsidized loans but may not exceed the annual or maximum loan limits. Repayment terms are the same as for the federal subsidized loan.

Please note: Annual amounts below are based on full-time enrollment. Failure to enroll in a full-time course load may result in an adjusted loan amount offered for current and/or future terms. See the Loan Adjustments tab for more information.

If a student meets or exceeds their aggregate loan limit, they will no longer qualify for Stafford Loans for their specific degree program.

Students who meet the Lifetime Loan Limit of $257,000 will no longer qualify for Stafford Loans for any current or future degree program.

*Amounts above are subject to new borrowing limits effective July 1, 2026. If a student qualifies for the Legacy Provision in accordance with the One Big Beautiful Bill (OB3) that student will be subject to prior loan limits listed below.

PLUS Loans are credit-based federal loans. There are two types of PLUS Loans.

• Graduate PLUS Loan- a credit-based federal loan that allows graduate or professional students to take out a federal loan to pay for their graduate degree up to their Cost of Attendance. PLEASE NOTE: Effective July 1, 2026, the Graduate PLUS Loan was eliminated for all student borrowers who have not qualified for the Legacy Provision referenced in the One Big Beautiful Bill Act (OB3). Students who qualify for this Legacy Provision must have met ALL of the criteria below:

  • Student must have already had a Direct Loan disbursed at William Carey University while enrolled in the 2025-2026 academic year.

  • Student must have continuous enrollment in the same degree program since the 2025-2026 academic year at William Carey University. (No gap period, withdrawal, transfer, or Leave of Absence).

Please note: Annual amounts are based on full-time enrollment. Failure to enroll in a full-time course load may result in an adjusted loan amount offered for current and/or future terms. See the Loan Adjustments tab for more information.

Students who qualify for the Legacy Provision can continue to receive the Graduate PLUS Loan for up to 3 years after the Legacy Provision qualification or until they have graduated/ceased continuous enrollment at the university (whichever comes first).

• Parent Plus Loan - a credit-based federal loan that allows parents of dependent students to take out a federal loan to pay for their undergraduate student's educational costs. The parent(s) are responsible for the repayment of this loan. A parent can apply for up to $20,000 annually. The Parent PLUS Loan has an aggregate limit of $65,000 per dependent student. If a parent applies for a Parent PLUS Loan and is denied due to adverse credit, the student may qualify for additional Unsubsidized Loan funds. However, if the aggregate limit has been met on a Parent PLUS Loan, no additional Unsubsidized Loan funds will be offered to the student.

How to Apply?

1. Make sure that you have completed your FAFSA for the appropriate academic year.
2. Go to Federal Student Aid to apply.

• If you qualify, your PLUS loan will be automatically applied to your account upon verification that you are registered for classes. Please note: If you accept Stafford loans in addition to your PLUS loan, you will need to accept both the Stafford and PLUS loan amounts in your Financial Aid Portal.
• If you have adverse credit, you may pursue an endorser.
  • Please Note: Having an endorser will require you to complete an additional step known as Credit Counseling.

Both types of PLUS Loans require an MPN and Entrance Counseling be completed in addition to any MPN and Entrance Counseling completed for a Stafford Loan.

Students who enroll in fewer than Full Time hours in a single semester are subject to adjusted loan limits for current and/or future terms within a single academic year. These adjusted loan limits apply to all federal types of loans except for Parent PLUS Loans. These adjusted loan limits apply to all grade levels. Dropping/withdrawing from classes after initial disbursement of a loan can result in a lesser loan amount offered for future terms within an academic year.

The formula for these adjustments is the following:

(The number of hours enrolled in single semester ÷ Full time hours for that semester) x 100 = Reduced Loan Limit Percentage

EXAMPLE 1: Uneven Credits (15 Fall credits & 9 Spring credits)

• First-year dependent undergraduate student enrolls in 15 credits in the fall and is expected to enroll in 9 credits in the spring. 24 credits is considered full time for the academic year.
• Step 1: Annual loan limit = $3,500 Subsidized; $2,000 Unsubsidized.
• Step 2: Determine annual enrollment credits (24/24) x 100 = 100% for the year.
• Step 3: 2 terms = 50% of annual loan limit per term.
• Step 4:
  (15/12) x 100 = 125% Fall
  (9/12) x 100 = 75% Spring
  • Full annual loan limit = $5,500 ($3,500 Subsidized and $2,000 Unsubsidized)
  • Cannot award more than 50% of the full annual loan limit in the first term.
  • Additional 25% is added from the fall term to the spring term.

• Step 5: Final Determination

$1,750 x 100% = $1,750 Subsidized Loan for Fall
$1,000 x 100% = $1,000 Unsubsidized Loan for Fall
$1,750 x 100% = $1,750 Subsidized Loan for Spring
$1,000 x 100% = $1,000 Unsubsidized Loan for Spring

EXAMPLE 2: Uneven Credits (9 Fall Credits & 15 Spring Credits)

• First-year dependent undergraduate student enrolls in 9 credits in the fall with expected 15 credits in the spring. 24 credits is considered full time for the academic year.
• Step 1: Annual loan limit = $3,500 Subsidized; $2,000 Unsubsidized.
• Step 2: (24/24) x 100 = 100% for the year.
• Step 3: 2 terms = 50% of annual loan limit per term.
• Step 4:
  (9/12) x 100 = 75% Fall
  (15/12) x 100 = 125% Spring
  
  • Full annual loan limit = $5,500 ($3,500 Subsidized and $2,000 Unsubsidized)
  • Maximum 50% of annual loan limit per term.

• Step 5: Final Determination

$1,750 x 75% = $1,313 Subsidized for Fall
$1,000 x 75% = $750 Unsubsidized for Fall
$1,750 x 125% = $2,187 Subsidized for Spring
$1,000 x 125% = $1,250 Unsubsidized for Spring

EXAMPLE 3: Enrolled Less-than-Half Time (9 Fall Credits & 3 Spring Credits)

•  First-year dependent undergraduate student enrolls in 9 credits in the fall and is expected to enroll in 3 credits in the spring. 24 credits is considered full-time for the academic year.
• Step 1: Annual loan limit = $3,500 Subsidized; $2,000 Unsubsidized
• Step 2: (12/24) x 100 = 50% for the year
• Step 3: 2 terms = 50% of annual loan limit per term.
• Step 4:
  (9/12) x 100 = 75% Fall
  (3/12) x 100 = 0% Spring (Must be at least half time)
  • Full annual loan limit = $5,500 ($3,500 Subsidized and $2,000 Unsubsidized)
  • Maximum 50% annual loan limit per term.
• Step 5: Final Determination

$1,750 x 75% = $1,313 Subsidized for Fall
$1,000 x 75% = $750 Unsubsidized for Fall
$1,750 x 0% = $0 Subsidized for Spring
$1,000 x 0% = $0 Unsubsidized for Spring

EXAMPLE 4: Student Drops Credits After Disbursement

• First-time dependent undergraduate student plans to enroll in 12 credits for both fall and spring. 24 credits is considered full time for the academic year. The student is enrolled in 12 fall credits and drops to 6 fall credits after disbursement. The student intends to enroll in 12 credits for second semester.
• Step 1: Annual loan limit = $3,500 Subsidized; $2,000 Unsubsidized
• Step 2: (24/24) x 100 = 100% for the year
• Step 3: 2 terms = 50% of annual loan limit per term.
• Step 4: (12/12) x 100 = 100% Fall
• Step 5:
  $1,750 x 100 = $1,750 Fall Sub
  $1,000 x 100 = $1,000 Fall Unsub

Calculations must restart at spring disbursement to account for the dropped fall credits and apply the reduction to the spring term.

• Step 6: Annual loan limit (maximum eligibility) = $3,500 sub; $2,000 unsub
• Step 7: (18/24) x 100 = 75% for the year
• Step 8: 2 terms = 50% academic year loan limit per term
• Step 9:
  (6/12) x 100 = 50% Fall
  (12/12) x 100 = 100% Spring
  • Full annual loan limit = $5,500 ($3,500 sub and $2,000 unsub)
  • Maximum 50% annual loan limit per term
• Step 10: Final Determination

$1,750 x 50% = $875 Sub for the Fall
$1,000 x 50% = $500 Unsub for the Fall

The student already received $1,750 in sub and $1,000 in unsub in the fall.

$875 - $1,750 = - $875 (must be deducted from spring sub)
$500 - $1,000 = - $500 (must be deducted from spring unsub)
$1,750 x 100% = $1,750 - $875 = $875 Sub for the Spring
$1,000 x 100% = $1,000 - $500 = $500 Unsub for the Spring

Students who have completed their FAFSA may qualify for student loans. To review and accept student loans, you may do so by following the steps below.

Steps to Accept Student Loans

1. Login to your Indigo Student Portal.

2. Select Manage My Financial Aid

3. Select Review/Accept Awards (Please note: If this option is not yet available to you, this may be due to being selected for a process call Verification. Please ensure that the tab labeled Submit all Required Documentation in Step 1 of your Financial Aid Portal does not show a Pending status. If so, please select Submit all Required Documentation to determine next steps for resolving your Verification.

4. Select the term(s) for which you wish to take action. Also note: If you are intending to be here for the Summer term of the academic year and will need federal loans for that term, please account for reserving some of your loan funds for this term. Students will be offered an annual amount of loan funds. Attending the summer semester does not increase the annual amount offered to students each academic year.

5. Determine the amount of federal loan funds you wish to accept for each term. Please note: Direct Costs listed in your portal are ESTIMATES. To be sure you are aware of your exact charges, please check your ledger in your Indigo Student Portal. Once you have determined exactly how much you will need, select Another Amount and list your requested funds (Please only use numerical data. Correct format: 1000. Incorrect format: $1,000.00)

   • Please Note: If you are seeking to accept both a Stafford Loan AND a PLUS Loan, the amount of funds being accepted must include both loan amounts. You may qualify for a PLUS loan, but if you only accept an amount that reflects a Stafford Loan, the PLUS Loan will not be applied to your account.

6. Electronically Sign with your Student ID and your Last Name. Please read the consent information carefully.

7. Review remaining steps to receive your federal loans. Before your funds will be disbursed to you, you will need to make sure you have the following completed at studentaid.gov:

   • A valid/signed Master Promissory Note

   • Completed Entrance Counseling

   • Please Note: If you see pending tasks on this section referring to a PLUS Loan, you are not obligated to complete these tasks unless you are interested in applying for a PLUS Loan. If you are uninterested in applying for a PLUS Loan you may leave tasks associated with this loan in a Pending status. It will not affect your eligibility for applying for subsidized/unsubsidized loans.

For questions, please contact our office at finaid@wmcarey.edu or 601-318-6153.

Private student loans provided by banks, credit unions, and other lenders can help bridge the gap between the financial aid you may have already received for college and the total cost of attendance.

Lenders are recommended based upon their historical lending with our students at William Carey University or are based upon the quality of products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so.

Preferred Lender List

William Carey University Professional Degree Programs:

• College of Osteopathic Medicine (WCUCOM)
• School of Pharmacy

William Carey University's Professional Degree Programs offer multiple forms of loan assistance to help cover both direct and indirect costs while in school for those who qualify.

Professional Degree students are eligible for up to $50,000 in Unsubsidized Loans annually, as long as all other qualifications have been met.

If additional loan funds are needed while in school, Private Loans are a viable option for supplementing any remaining need. These loans do require credit checks by the student or an endorser. Graduate PLUS loans are available for students who qualify for the Legacy Provision and are typically made available during the first week in May of the prior academic year.

If you qualify for the Legacy Provision and are only seeking a Graduate PLUS Loan and do not intend to accept an Unsubsidized Loan, No acceptance process is required with the university after you have applied for the loan at https://studentaid.gov. If you intend to apply for a combination of federal loans (Unsubsidized Loan + Graduate PLUS Loan), please follow the steps under the Take Action On Federal Loans tab of this page.

Students must already be registered for their courses before loans may be accepted and posted to their account.

The above-referenced loans, coupled with any other qualifying form of aid, can cover up to a student's Cost of Attendance.

For questions regarding WCUCOM Student Debt Outcomes or to view William Carey University's Student Default Rate please view the Vital Statistics tab on the About Us page.

WCUCOM students must schedule an in-person or virtual Entrance Counseling session with a WCUCOM Financial Aid Counselor.

• WCUCOM students with further questions may reach our office by emailing emartin@wmcarey.edu or by calling 601-318-6009.
• Pharmacy students with further questions may reach our office by emailing financialaid-tradition@wmcarey.edu or by calling 228-702-1809.

Please note: Under current federal regulations, Doctor of Physical Therapy (DPT) and Master of Occupational Therapy (MOT) are not considered Professional Degrees and are subject to regular graduate level annual limits.

Aggregate Limit - The maximum amount of money you can borrow in total from a student loan program for the duration of your journey in a specific degree level.

Annual Limit - The maximum amount of money you (parent or student) can borrow from a student loan program per year.

Cost of Attendance - An estimate of a student’s educational expenses for the period of enrollment. The cost of attendance (COA) is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive for purposes of the Campus-Based, TEACH Grant, and Direct Loan programs, and is one of the basic components of the Pell Grant calculation.

Default - If your loan continues to be delinquent, the loan may go into default. The point when a loan is considered to be in default varies depending on the type of loan you received. For a loan made under the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan Program, you’re considered to be in default if you don’t make your scheduled student loan payments for at least 270 days.

Default Rate - The U.S. Department of Education publishes cohort default rates based on the percentage of a school’s borrowers who enter repayment on Direct Loan Program loans during a federal fiscal year (October 1–September 30) and default before the end of the second following fiscal year.

Deferment - a temporary pause to your student loan payments for specific situations such as active duty military service and re-enrollment in school.

Delinquent - when loan payments are not received by the due dates. A loan remains delinquent until you make up the missed payment(s) or receive a deferment or forbearance that covers the period when you were delinquent.

Dependent Student - A dependent student, for the purposes of filling out the Free Application for Federal Student Aid (FAFSA), is someone who is evaluated for financial aid based both on their own income and their parents’—even if that student’s parents will not contribute financially to their college education. A dependent student does not meet the qualifications listed below to be an independent student.

Direct Costs - Costs paid directly to William Carey University such as tuition & fees.

Endorser - An endorser is similar to a co-signer on a private loan – someone who agrees to repay the loan if the applicant does not.

Entrance Counseling - Ensures you understand the terms and conditions of your loan and your rights and responsibilities. You'll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.

Exit Counseling - You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You'll learn about what your federal student loan payments will look like after school. We'll recommend a repayment strategy that best suits your future plans and goals.

FAFSA - The Free Application for Federal Student Aid is a form completed by current and prospective college students (undergraduate and graduate) to determine what federal aid may be available for attending a college or university.

Graduate PLUS Loan- a credit-based federal loan that allows graduate or professional students to take out a federal loan to pay for their graduate degree up to their Cost of Attendance. Only Legacy Borrowers who have qualified under the Legacy Provision of the One Big Beautiful Bill Act will be eligible for Graduate PLUS Loans after July 1, 2026.

Independent Student - Must fall into at least one of the following categories:

• Age 24 by Dec. 31 of the following academic year
• Married
• A graduate or professional student
• A veteran or current member of the armed forces
• An orphan
• A ward of the court
• Has legal dependents
• An emancipated minor
• Is homeless or at risk of becoming homeless

Indirect Costs - Costs used for living expenses while enrolled at William Carey University such as rent, groceries, etc.

Interest Rate - Additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed.

Legacy Borrower - Effective July 1, 2026, students who qualify for this Legacy Provision are considered Legacy Borrowers and must have met ALL of the criteria below:

• Student must have already had a Direct Loan disbursed at William Carey University while enrolled in the 2025-2026 academic year.

• Student must have continuous enrollment in the same degree program since the 2025-2026 academic year at William Carey University. (No gap period, withdrawal, transfer, or Leave of Absence).

Legacy Borrowers are subject to previous annual and aggregate limits that were in effect prior to the July 1, 2026 deadline and may continue borrowing PLUS Loans under previous limits for 3 continuous academic years (Beginning in the 2026-2027 academic year) or the remainder of their expected time to credential, whichever is less. 

Legacy Provision - states that if a borrower has a Federal Direct Loan made before July 1, 2026, while enrolled in a program of study, the borrower can continue to borrow from the program for 3 continuous academic years (Beginning in the 2026-2027 academic year) or the remainder of their expected time to credential, whichever is less. 

Lifetime Limit - Effective July 1, 2026, the One Big Beautiful Bill enacts a $257,500 lifetime borrowing limit on all federal Stafford student loans, total. Students who meet the Lifetime Loan Limit of $257,000 will no longer qualify for Stafford Loans for any current or future degree program.

Master Promissory Note - a binding agreement that indicates your commitment to repay your student loans. These loans are real loans, just like car loans and mortgage loans, and your failure to pay will damage your credit rating and hinder you from receiving other financial aid in the future.

National Student Loan Data System (NSLDS) - the national database of information about loans and grants awarded to students. NSLDS® provides a centralized, integrated view of federal student aid loans and grants that are tracked through their entire lifecycle from aid approval through disbursement and repayment (if applicable). 

1. To access your student loans data on the NSLDS, visit https://studentaid.gov.
2. Choose Log In
3. Enter your FSA ID & Password
4. Accept the Terms and Conditions
5. After you’ve entered the system, hover over your name which is in the top right of the screen.
6. Select My Aid
7. Next, select Download My Aid Data which is to the right.
8. The next window informs you to protect the downloaded file which contains personally identifiable data and financial information. It is advisable to download this in the privacy of your home and not at public internet locations. Select Continue.

Contact information for the NSLDS Help Desk is 800-999-8219.

Origination Fee - A percentage of your loan amount charged by the lender for the processing of your loan. Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept.

Parent Plus Loan - a credit-based federal loan that allows parents of dependent students to take out a federal loan to pay for their undergraduate student's educational costs. Effective July 1, 2026 parents can only qualify for up to $20,000 per academic year with an aggregate limit of $65,000 over the course of the student's educational career. Legacy Borrowers are subject to prior limits that allow up to the student's Cost of Attendance. The parent(s) are responsible for the repayment of this loan.

PLUS Loan Credit Counseling - Required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser.

Private/Alternative Loan - Commercial loans offered directly by banks and lenders. Schools may provide information about specific lenders and loans they think are likely to meet your needs, however, you aren't obligated to choose the loans recommended by your school. Many lenders offer a variety of different private student loans and the terms and conditions may vary significantly between their loan offerings and those offered by other private lenders or through federal loans.

Repayment - Students must begin paying on their loans 6 months after graduating, leaving school, or dropping below half-time enrollment in school. For private student loans, a student's lender or servicer should provide information on when and how to pay back the loan.

Satisfactory Academic Progress - A federal regulation that requires the office of financial aid to closely monitor the progress of each student receiving financial aid to ensure they are successfully completing their courses. All students receiving financial aid are required to meet SAP standards.

Subsidized Loan - low-interest loans made to students who demonstrate financial need. Undergraduates may borrow up to $3,500 for the first year, $4,500 for the second year and $5,500 for each remaining undergraduate year. Undergraduate students may borrow an aggregate limit of $23,000 in subsidized loans. Interest on a subsidized loan is deferred as long as you are enrolled at least half-time.

Unsubsidized Loan - Interest on an Unsubsidized Loan accrues while the student is enrolled. This loan is not based on financial need. A student may opt to have the interest deferred and accrued or choose to pay the interest payments while enrolled. Students may borrow a combination of subsidized and unsubsidized loans but may not exceed the annual or maximum loan limits. Repayment terms are the same as for the federal subsidized loan.

Verification - A federal process that ensures the information submitted on the Free Application for Federal Student Aid (FAFSA) is correct. If you have been selected for FAFSA verification, it does not necessarily mean you have made a mistake. Only that additional information is required before federal aid eligibility can be determined.