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A Loan is a type of Financial Aid that is repaid, with interest. Tri-County has revised its packaging, notification and required documents policy and procedure for awarding Direct Stafford loans. The "Direct Loan Affirmation" link will be included in every award letter disclosing full amounts of eligibility for Direct Stafford loans. Students will return the loan affirmation to the Financial Aid office as acceptance of their loan amount.
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
- 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.
- 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.
Current interest rate for subsidized and unsubsidized loan is 4.66% (subject to change).
Loan Limits Dependent Independent First-Year (Freshman) $3,500 $3,500 Second-Year (Sophomore) $4,500 $4,500
*Reflects annual subsidized amounts. Additional unsubsidized amount based on student status.
- A subsidized award will not exceed the cost of attendance less the expected family contribution and other financial aid awards.
- Annual award amounts are cumulative, regardless if student attends one or multiple institutions.
Origination Fees & Interest Rates
- There is an origination fee on each subsidized or unsubsidized loan. The fee is 1.073% for a loan first disbursed on or after 10/1/2014 & before 10/1/2015. The fee is 1.068% for a loan first disbursed on of ater 10/1/2015 & before 10/1/2016. The fee is deducted from each disbursement.
- The interest rate and loan fee are listed on the disclosure statement student's receive after the first disbursement. Please note that the interest and fee rate is subject to change.
How to Apply
- In order to receive a loan, you MUST meet all of the following requirements:
- Be enrolled in an eligible program and 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.
- If selected, all verification request must be satisfied.
- Once you receive your award letter, confirmation your acceptance for loans by completing the loan affirmation form and submit it to the Financial Aid office.
- After completing the loan confirmation, students must complete Entrance Counseling and the Master Promissory Note located at www.StudentLoans.gov. Entrance Counseling and the Master Promissory Note only need to be completed by first-time borrowers only. The student may be required to submit proof if required documentation is not found. Student will need FAFSA username and password 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 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.
If a student is eligible to receive a refund after all tuition, fees, fines, and bookstore charges have been paid, a refund will be processed based on chosen preference 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 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). Loan proration is required when a student's final loan period is shorter than an academic year. Note: Student must be enrolled AND attending at least 6 credit hours to receive loan disbursement.
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 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.
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.
- There is an origination fee on any PLUS loan. The fee is 4.292% for a loan first disbursed on or after 10/1/2014 & before 10/1/2015. The fee is 4.272% for a loan first disbursed on of ater 10/1/2015 & before 10/1/2016. The fee is deducted from each disbursement.
Current interest rate for Parent PLUS Loan is 6.84% (subject to change).
How to Apply for PLUS Loan
- In order to receive a loan, the dependent student must meet the following requirements:
- To Apply
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 requested by lender. If students are long distance, 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. (Please allow at least 3 weeks to receive check from preferred lender)
Aggregate Loan Review
- Students with an aggregate loan debt exceeding $18,500 must complete an loan aggregate review form and have a degree plan in place. The information is reviewed by committee for approval and processed accordingly. Students are notified of committee's decision by Tri-County e-mail.
- No award will result in a student exceeding the aggregate loan limit established by federal regulations. Once the aggregate loan limit has been met, a student cannot borrow any additional loan funds.
- Further Federal Aggregate Loan Limit Information
- Students who have been denied a loan or had their loan reduced may appeal the decision. A letter and supporting documentation are required to override the denial/reduction. All letters of appeal for loan denial or reduction should be sent to the Director of Financial Aid within 15 working days of the denial. The decision reached on the appeal is final.
Repayment of Loans/Defaulting
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
- 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.
Inceptia Borrower Portal: Free service to help you manage your federal student loans