Carson-Newman University processes Federal Stafford, Federal PLUS, and Grad PLUS loans through the William D. Ford Federal Direct Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education.
William D. Ford Federal Direct Stafford & Grad PLUS Loans
Current Borrowers of the William D. Ford Direct Student Loan Program (Stafford/Grad PLUS) at Carson-Newman will need to make sure that they continue to accept loans through C-N Connect for the current award year. Should you wish to request a lower amount of Direct Stafford Loan, please go to the "MyCN Financial Aid Access" link from your CN Connect and type in your desired amount under the "accept or decline" tab.
Graduate Borrowers: Graduate students are only eligible for unsubsidized loans in the William D. Ford Direct Loan Program due to federal regulatory changes removing subsidies for graduate students.
New Borrowers of the William D. Ford Direct Student Loan Program (Stafford/Grad PLUS) at Carson-Newman must complete the following through the StudentLoans.gov website:
- Complete an Entrance Counseling Session to review your rights and responsibilities under the federal loan programs. If you completed this for another college, add CN to your counseling session. You will need your FSA User ID and password to log in to the website. Plan at least 30 minutes for completion of the process.
- You will then have to complete a Master Promissory Note for the Direct Loan program before the Department of Education will electronically disburse your funds to Carson-Newman. You will need your Driver's License to complete this document.
Note: Once a student completes these documents, they remain valid for ten years and do not need to be completed again within that time. However, if you will borrow from BOTH the Stafford and Grad PLUS programs, you will need to complete a separate MPN for each loan program.
William D. Ford Direct Parent Loan for Undergraduate Students (PLUS)
Parent Borrowers may apply for a loan through the Parent Loan for Undergraduate Students (PLUS) application. The loan amount may be up to the difference between our Cost of Attendance (COA) and the student's estimated financial aid. Parents on the FAFSA may apply for the PLUS loan beginning April 1st through August 20th preceding the fall semester for timely disbursement of funds to the student's account and no later than December 1st of the award year. Parents should also list the loan period as August-May dates. If a student will be enrolled for the whole academic year, applying for one term, such as fall only, is not recommended as adverse credit could occur within six months or less, affecting the ability to borrow for the spring term.
Carson-Newman does not pre-award PLUS proceeds until we have confirmation that you have been approved. We will automatically receive the results of your credit decision and will process accordingly. Please respond to any additional paperwork requested to avoid delayed processing. If you are denied a Parent PLUS loan, your student will be reviewed for additional Federal Direct Unsubsidized Stafford Loan eligibility. The increased loan amounts for students from a PLUS denial, however, may not substitute entirely for the amount a parent may borrow under the PLUS program. You may also be able to borrow a Direct PLUS Loan using an endorser who does not have an adverse credit history to become eligible for the Direct PLUS Loan program. Parents apply for the PLUS loan through the StudentLoans.gov website using your FSA username and password (this is unique to the parent and is not the student's FSA username and password).
As always, if you need assistance or have additional questions, please contact the Office of Financial Aid.