Student Loans

LOAN FACTS

Federal Direct Stafford Loans - a federal student loan, made through the William D Ford Federal Direct Loan Program, for which eligible students borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized and Direct Unsubsidized are types of Direct Loans.

SUBSIDIZED LOAN

This loan is based on financial need, and the federal government pays the interest which accrues while the borrower is in school, grace or deferment status. Please be sure to read about the limit on the amount of subsidized loans

UNSUBSIDIZED LOAN

This is a loan where the borrower is fully responsible for the paying off the interest regardless of loan status.  Interest accumulates from the date of disbursement.

PARENT PLUS LOAN

Parents of dependent students may apply for additional loans to assist with educational costs. Parents must complete a PLUS Loan Application and must also complete Entrance Counseling and a Master Promissory Note. The Parent PLUS Loan will not be automatically offered as part of your student's initial award package.

ENTRANCE COUNSELING

Entrance counseling is required by the federal government for all first time loan borrowers at TVCC.  The counseling is completed online and TVCC will be notified electronically.  Once this has been completed it should be a satisfied requirement for subsequent academic years. Entrance counseling will help borrowers to understand:

  1. Their rights and responsibilities as a borrower.
  2. The terms of their loan.
  3. Repayment obligations and consequences of non-payment.

 

MASTER PROMISSORY NOTE (MPN)

The Master Promissory Note is also required by the federal government when a student chooses to borrow money. This is the official document that a borrower must sign as a promise to repay their loans.  This is completed online and TVCC is notified electronically.  

EXIT COUNSELING

When a student graduates from TVCC or is no longer enrolled at least half time (6 credits), exit counseling must be completed. This is a federal requirement.  Exit Counseling is completed online and  will explain the borrower's loan obligations and various pay back options that student borrower has. A student will be reminded via their student email that they have to complete Exit Counseling.  It is the student's responsibility to ensure this is completed.

IMPORTANT - Repaying Your Student Loans

salt