Loans

Tri-County Technical College uses ELMSelect as a starting point for students and their families to begin researching private loans. Tri-County Technical College Office of Financial Aid does not endorse any lender presented and has not ranked the lenders by any established measure. The list of lenders serves only as a general guide to assist student borrowers with educational funding options to fulfill their educational goals. The lenders appear on ELMSelect based on their quality of products and the services they provide to borrowers. A student borrower may select any lender and is not restricted to the lenders presented on ELMSelect.

Review a list of lenders and to apply.

The Federal Direct Parent Loan for undergraduate students (PLUS) lets parents borrow money to pay for the educational expense of their dependent student. A parent PLUS loan is in the parent’s name and the parent’s responsibility to pay back. The interest on a PLUS loan begins accruing when the loan is disbursed. There is an origination fee on any PLUS loan of 4.228% (subject to change). The origination fee is deducted from each disbursement.

The origination fee and current interest rate are provided in a disclosure statement each borrower receives after the first loan disbursement. 

To be eligible to borrow a PLUS loan the following MUST be meet:

• Student must have a valid FAFSA on file
• Student must be enrolled at least half time (6 or more credit hours) in courses that are required for the declared program
• Student must be meeting SAP requirements
• Student and parent cannot be in default on any educational loans

To apply for a PLUS Loan the following steps must be completed:

• Parent must complete the Parent PLUS loan application at https://studentaid.gov. Parent will need to log in with the parent FSA ID.
• Parent must complete a PLUS loan Master Promissory Note (MPN) or loan agreement at https://studentaid.gov.

What amount can a parent borrow?

• Effective 7/1/26, new parent loan borrowers may borrow up to $20,000 per year per dependent student.
• Additionally, the aggregate borrowing maximum is $65,000 per dependent student. For example, if a parent borrows $20,000 to pay student A’s college expenses in freshman, sophomore & junior years, the parent will only have $5000 left to borrow in the student’s senior year.

What if the PLUS loan is Denied?

• If your PLUS loan is denied you have some options: you can appeal the denial, obtain a credit worthy endorser, or your student can borrow additional unsubsidized student loan funds.
• If you do not wish to appeal or obtain an endorser, your student will receive additional communications on how to affirm their acceptance of additional unsubsidized student loan funds.

Student loans can be either subsidized or unsubsidized. Subsidized loan eligibility is determined based on need and FAFSA information. The federal government pays the interest on a subsidized loan while a student is enrolled at least halftime (6 or more credit hours) or during a grace period. Unsubsidized loans are not based on need and interest accrues once it is disbursed.

A student loan cannot exceed the cost of attendance or the annual borrowing limits. Please view the Loan Confirmation Form for the annual limits (see below for instructions on accessing this form).

There is an origination fee on each student loan. The current fee is 1.057% (subject to change) and it is deducted from each disbursement. The origination fee and current interest rate are provided in a disclosure statement each borrower receives after the first loan disbursement. 

To be eligible to borrow a Direct Student Loan you MUST meet all of the following:

• Must be enrolled at least halftime (6 or more credit hours) in courses that are required for the declared program
• Must be meeting SAP requirements
• Must not be in default on other student loans
• Must have valid FAFSA on file

To confirm acceptance of a student loan please do the following:

• Complete the Loan Confirmation Form found on the My Financial Aid tile in the student portal, under the General links section of the Home tab.
• Complete Entrance Counseling online at: https://studentaid.gov under 'Loans and Grants' and then 'Loan Entrance Counseling'.
• Complete a Master Promissory Note online at: https://studentaid.gov under 'Loans and Grants' and then 'Master Promissory Note (MPN)'.

Exit Loan Counseling

Borrowers of federal student loans are required to complete Exit Loan Counseling when they graduate, leave school, or drop below half-time enrollment. Exit Counseling provides important information needed to prepare borrowers for repayment of a federal student loan.

Federal Student Aid’s Exit Loan Counseling Guide can be found at https://studentaid.gov/sites/default/files/exit-counseling.pdf. Review it to get informed on these areas:

• Repayment obligation
• Repayment plan options
• 6-month grace period timeline
• Option to complete loan consolidation
• Strategies for debt management and to avoid delinquency and default
• Loan forgiveness and discharge
• Borrower rights and responsibilities
• Principal versus interest payments
• Monthly payment plan examples
• Resolving student loan disputes and contact for the Ombudsman Office

The average indebtedness of graduates* (this includes borrowers and non-borrowers, as some graduates did not need to borrow) from Tri-County Technical College (TCTC) is $1,275, and the average indebtedness of borrowers graduating from TCTC is $6,986. This is not what you owe! This is just the average debt for TCTC graduates. View your specific loans by logging into your financial aid dashboard at StudentAid.gov.

^{*As of Spring 2024 graduation.}

ACTION REQUIRED: Complete Exit Counseling at https://studentaid.gov.

• Login with your Federal Student Aid (FSA) credentials (the same credentials you use to complete and submit your FAFSA).
• Hover over ‘Loan repayment’, located in the top navigation pane.
• Click on ‘Loan Exit Counseling’.
• Click the blue ‘Start’ button for ‘I am an Undergraduate Student’.
• Read through the on-screen information and prompts to move through the counseling.
• Once you complete the exit counseling session, TCTC will be notified electronically of the completion.

WARNING! Beware of debt relief scams. Third-party student debt relief companies may contact borrowers during repayment period. Use caution when dealing with third-party companies. Debt relief services are already offered free of charge by the US Department of Education. Contact your lender for options.