Loan Information

Loan 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 a loan request form.

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 Rate is 4.66% on loans disbursed on or after July 1, 2014. Interest begins to accrue once repayment starts.

"" Unsubsidized Loans

  • 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 4.66% and begins to accrue at time of disbursement.

"" Borrowing Limits

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

"" Origination Fees & Interest Rates

  • There is an origination fee on each subsidized or unsubsidized loan. Currently, it is 1.073%. The fee is deducted from each disbursement.

Origination Fee

Date of Loan

Fee Example 

1.072% 

First disbursed on or after 12/01/2013 & before 10/01/2014

 $58.96 on a $5,500 loan

 1.073%

First disbursed on or after 10/01/2014 & before 10/01/2015 

$59.01 on a $5,500 loan 

 

Interest Rate

Date of Loan

3.86%

Loans first disbursed on or after July 1, 2013 and prior to July 1, 2014

4.66% 

Loans first disbursed on or after July 1, 2014 and prior to July 1, 2015 

  • The interest rate and loan fee are listed on the disclosure statement student receives after the first disbursement

"" How to Apply

  • In order to receive a loan, you MUST meet all of the following requirements:
  • To apply
    • Complete the FAFSA.
    • Once you know how much financial aid you have been awarded, complete the loan request form 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.

"" When will I receive my refund?

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 your refund. Beginning March 1, 2013, refunds will be processed using Higher One. Higher One provides additional refund options that include ACH to a personal bank account, a 'One Card' known as the TCTCAccessCard, or by paper check. The One Card option credits the funds to a prepaid card provided by Higher One. More information on Higher One and the new refund process may be reviewed at www.tctcaccesscard.com.

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 1 payment. You will receive the loan (minus any lender fees) in one dirbursement (unless otherwise noted). 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

"" Borrowing Limits

  • 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.

"" Requirements

  • 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.

"" Repayment

  • 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.

"" Interest Rates & Fees

  • 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.
Origination Fee Date of Loan Fee Example
4.288% First disbursed on or after 12/01/2013 & before 10/01/2014

$428.80 on a $10,000 loan

4.292% First disbursed on or after 10/01/2014 & before 10/01/2015 $429.20 on a $10,000 loan

Interest Rate Date of Loan
6.41% First disbursed on or after 07/01/2013 & before 07/01/2014
7.21% First disbursed on or after 07/01/2014 & before 07/01/2015

""How to Apply for PLUS Loan

  • In order to receive a loan, the dependent student must meet the following requirements:
  • 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 Request at www.tctc.edu/forms, and submit the request form to the Financial Aid Office.

"" Alternative Loans

"" Alternative loans are last resort loans to help supplement education costs. For more information, please speak with a financial aid counselor.

In order for Alternative Loan funds to be processed to student accounts, the student must come to the financial aid office, to meet with a counselor and sign the Alternative Loan Certification Agreement form. If students are long distance learners, they may set up this meeting over the phone and coordinate arrangements for the submission of the form. If you have further questions regarding Alternative Loan processing, please contact the Financial Aid Office.

"" Repayment of Loans/Defaulting

"" Repayment of Loans 

You're not alone when it comes to student loans. Tri-County Technical College has partnered with Inceptia, a division of the National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment. Inceptia's friendly customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. They may also contact you if your loan(s) become delinquent. Inceptia is not a collection agency. We've partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.

For additional resources including information on repayment options, please visit Inceptia's Federal Student Loan Overview website.



"" Consequences of Defaulted Student Loans

  • 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.

"" Help with Defaulted Student Loans

Further questions about investing in your education? Visit College Reality Check for valuable information about planning for college.

"" Budgeting Calculators

"" Budgeting Guide

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Contact Us

Financial Aid
(864) 646-1650
Toll-free number (within 864 area code): 1-866-269-5677 x1650
Fax: (864) 646-1890
finaid@tctc.edu

Office Location:
Miller Hall
Office Hours:
Monday - Thursday:
8:00 a.m. to 5:00 p.m.
Friday:
8:00 a.m. to 2:00 p.m.