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.

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

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.

• 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 up to their Cost of Attendance. The parent(s) are responsible for the repayment of this loan. 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.

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 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's College of Osteopathic Medicine (WCUCOM) offers multiple forms of loan assistance to help cover both direct and indirect costs while in school for those who qualify.

Medical students are eligible for up to $40,500 in Unsubsidized Loans annually, as long as all other qualifications have been met.

If additional loan funds are needed while in school, Graduate PLUS Loans and Private Loans are viable options for supplementing any remaining need. These loans do require credit checks by the student or an endorser. PLUS loans are typically made available during the first week of May.

If you 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 WCUCOM 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.

For any questions, please reach out via email at emartin@wmcarey.edu or by calling  601-318-6009.

William Carey University's School of Pharmacy offers students multiple forms of loan assistance to help cover both direct and indirect costs while in school for those who qualify.

Pharmacy students are eligible for up to $33,000 in Unsubsidized Loans annually, as long as all other qualifications have been met.

If additional loan funds are needed while in school, Graduate PLUS Loans and Private Loans are viable options for supplementing any remaining need. These loans do require credit checks by the student or an endorser. PLUS loans are typically made available during the first week of May.

If you 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 Pharmacy student's Cost of Attendance.

For any questions, please reach out via email at jfox@wmcarey.edu, call 228-702-1809, or by visiting the Tradition Campus Office of Financial Aid in room A-109.

William Carey University's Doctor of Physical Therapy Program offers students multiple forms of loan assistance to help cover both direct and indirect costs while in school for those who qualify.

Pharmacy students are eligible for up to $20,500 in Unsubsidized Loans annually, as long as all other qualifications have been met.

If additional loan funds are needed while in school, Graduate PLUS Loans and Private Loans are viable options for supplementing any remaining need. These loans do require credit checks by the student or an endorser. PLUS loans are typically made available during the first week of May.

If you 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 Physical Therapy student's Cost of Attendance.

For any questions, please reach out via email at finaid@wmcarey.edu or by calling 601-318-6153.

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 higher education program.

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 reenrollment 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.

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.

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 up to their 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.