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May 15Read moreLoan Information
A Loan is a type of Financial Aid that is repaid, with interest. Read the following carefully in order to make educated decisions regarding Student Loans.
To receive a Stafford student loan, students must complete the loan application.
Note: Per the Dept. of Education, on a case-by-case basis, schools may refuse to certify/originate the loan for a borrower. Similarly, schools may certify/originate a loan for an amount less than the borrower's maximum eligibility. However, schools must ensure that these decisions are made on a case-by-case basis, and do not constitute a pattern or practice that denies access to borrowers because of race, sex, color, income, religion, national origin, age, handicapped status, or selection of a particular lender or guarantor. If loan is reduced or denied, student will be notified in writing.
Federal Student Loans
Subsidized Loans
- Need-based loan disbursed by Tri-County Tech through funding from the US Department of Education. Based on need from the FAFSA.
- Interest on the loan is paid by the federal government while student is in school at least half-time (at least 6 credit hours) or during your grace period.
- Interest Rates is 3.4% and begins to accrue once repayment starts. This rate will change to 6.8% next academic year. (See chart below)
- Not based on financial need.
- Interest on the loan begins building immediately. There is no grace period for interest on this loan. Student has the option of paying the interest monthly instead of letting it build.
- Interest Rate is 6.8% and begins to accrue at time of disbursement.
Student Status | Annual Base Amount | Additional Amount |
Freshman | $3500 | Must see Financial Aid for additional loans |
Sophomore | $4500 | Must see Financial Aid for additional loans |
- There is an origination fee on each subsidized or unsubsidized loan. Currently, it is 1%. The fee is deducted from each disbursement.
Origination Fee | Date of Loan |
3.0% | Loans first disbursed prior to July 1, 2007 |
2.5% | Loans first disbursed between July 1, 2007 and June 30, 2008 |
2.0% | Loans first disbursed between July 1, 2008 and June 30, 2009 |
1.5% | Loans first disbursed between July 1, 2009 and June 30, 2010 |
1.0% | Loans first disbursed on or after July 1, 2010 |
Interest Rate | Date of Loan |
6.8% | Loans first disbursed on or after July 1, 2006 and prior to July 1, 2008 |
6.0% | Loans first disbursed on or after July 1, 2008 and prior to July 1, 2009 |
5.6% | Loans first disbursed on or after July 1, 2009 and prior to July 1, 2010 |
4.5% | Loans first disbursed on or after July 1, 2010 and prior to July 1, 2011 |
3.4% | Loans first disbursed on or after July 1, 2011 and prior to July 1, 2012 |
6.8% | Loans first disbursed on or after July 1, 2012 |
- The interest rate and loan fee are listed on the disclosure statement student receives after the first disbursement
- In order to receive a loan, you MUST meet all of the following requirements:
- Be enrolled in at least 6 credit hours
- Make Satisfactory Academic Progress
- Not be in default on other student loans (If in default, see below)
- To apply
- Complete the FAFSA.
- Once you know how much financial aid you have been awarded, complete the loan application and submit it to the Financial Aid office.
- After completing the loan application, students must complete Entrance Counseling and the Master Promissory Note located at www.StudentLoans.gov. Student will need FAFSA PIN# in order to sign-in to the site.
All refund and loan checks are mailed to the student. If the mailing address is not correct, you will not receive your check timely. Please verify your address is correct on eTC under the "Get Set" tab. If incorrect, student must update on eTC under the "Get Set" tab, "View & update my info" channel. All address changes must be complete by the end of the Drop/Add period. Late changes to addresses could result in the delay of receiving the check.
Refunds
If a student is eligible to receive a refund after all tuition, fees, fines, and bookstore charges have been paid, a check will be mailed out to the student approximately 3 to 4 weeks after the first day of class. Note: Student must be enrolled AND attending at least 6 credit hours to receive loan disbursement.
Loans
Loans are disbursed at different times in the semester. Check eTC account regularly to know when to expect a check from the business office. Note: Loans are disbursed in 2 payments. You will receive half the loan (minus any lender fees) in each disbursement. Note: Student must be enrolled AND attending at least 6 credit hours to receive loan disbursement.
Exit Counseling
If students drop below 6 credit hours, graduate, or stop attending college, their student loans will go into repayment status 6 months later. When this happens, students are required to complete Exit Counseling for their student loans. Complete Exit Counseling.
Parent Loans
- Parent may borrow up to the cost of attendance minus any other financial aid received for their dependent child
- Loan is in the parent's name. Parent is responsible for the loan.
- Parent must have good credit.
- Must have completed FAFSA on file.
- If parent has credit problems, a credit worthy co-signer may sign the promissory note.
- For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.
- Loan is in the parent's name. Parent is responsible for the loan.
- There is a 4% fee on all Parent PLUS loans (origination fee).
- The current interest rate is 7.9%.
- Interest begins accruing when the loan is disbursed. There is no grace period for the interest on these loans.
- Parent has option of paying the interest monthly instead of letting it build until time for repayment.
- In order to receive a loan, the dependent student must meet the following requirements:
- Be enrolled in at least 6 credit hours
- Make Satisfactory Academic Progress
- Not be in default on other student loans
- To Apply
- Complete the FAFSA.
- Parent PLUS loan application is located at www.StudentLoans.gov. Parent will click on Request PLUS Loan on the left. Parent will log in with parent's information and FAFSA PIN number.
- Complete the PLUS Loan application at www.tctc.edu/forms, and submit the application to the Financial Aid Office.
Repayment of Loans/Defaulting
- Students are not eligible to receive any financial aid when their student loans are in default status.
- This includes loans as well as Federal and State grants.
- Defaulted loans lowers credit scores, and income tax returns and pay checks can be garnished to recover the debt.
- Contact your lender
- If you do not know the lender, contact the Dept. of Education at 1-800-621-3115.
- National Student Loan Data System (NSLDS)
Further questions about investing in your education? Visit College Reality Check for valuable information about planning for college.
