Q: Why is my loan payment amount less than the amount I accepted?
A: The Direct Subsidized/Unsubsidized and Grad PLUS loans require a fee. This information is explained in the Entrance Counseling required of all new borrowers and can also be found on our Loans page. The loan fee amount is deducted from the loan before the loan is sent to a student’s CARS billing account. For example, if you accept $10,000 in Grad PLUS for the fall semester you should expect to receive $9,750 to pay to your CARS account.
Fall Portion of Loan Accept Amount: $10,000
Loan Fee: $250 (2.5%)
Amount Paid to CARS: $9,750
Please be aware of this difference when budgeting for your expenses.
If you owe anything to the campus in your CARS account, your financial aid will go toward paying that amount before a refund is generated.