Trident Technical College’s Preferred Lenders
The Higher Educational Act of 1965, as amended, clearly indicates a student and/or parents should have a choice of a lender(s).
For many students and parents, choosing a lender is a difficult task. To help you in your decision making, the TTC Financial Aid Office has created a Preferred Lenders List. TTC’s Financial Aid Office sent a survey to a random selection of student loan agencies. The survey covered several key components such as: the agency’s default rate, loan fees, student repayment options, loan forgiveness programs, scholarship availability and customer service availability. The responses were analyzed by a survey listing tool and rated based on a statistical analysis of their products and services offered to students. The focus was to ensure that the agencies selected would provide the best student loan services to the college’s student loan borrowers.
Please take time to consider the different benefits and options each lender provides and determine which lender is best for you.
Note: Trident Technical College does not endorse any particular lender and will certify loans from any participating federally qualified lender as requested by the student and/or parent.
Please Review: TTC’s Preferred Lenders List
Loan Programs
Trident Technical College offers our students Federal Stafford Loans and offers parents of dependent students the Federal PLUS Loan.
Federal Stafford Loan:
A Federal Stafford Loan is a long-term, low interest loan available to students to help pay education expenses. There are two types of Stafford Loans available:
• Subsidized: A subsidized loan is awarded on the basis of financial need. You won’t be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.
• Unsubsidized: An unsubsidized loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it’s paid in full. If you allow the interest to accrue (accumulate) while you’re in school or during other periods of nonpayment, it will be capitalized—that is, the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.
Federal Parent PLUS Loan:
The Parent PLUS program provides federally-guaranteed loans to help parents with dependent, undergraduate students enrolled at least half time pay for education expenses. PLUS loans are unsubsidized. Parents must meet the eligibility requirements as determined by the PLUS loan lender. To apply for a PLUS loan, please complete the online application on your lender’s website.
Eligibility Requirements
• You must be enrolled in an approved degree, diploma, or certificate program.
• You must be registered for at least six hours during the semester(s) you will receive your loan funds.
• You must meet all general eligibility requirements for federal aid.
• You must meet all of these criteria at the time of each disbursement.
• First time borrowers at TTC must complete the Master Promissory Note with your selected lender.
• First time borrowers at TTC must complete the Student Loan Entrance Counseling for Stafford Loans at www.mappingyourfuture.org
Applying for a Federal Stafford Loan
First Time Borrowers:
1. Log into your TTC Express account
2. Under the Financial Aid section, click on Financial aid Preferred Lender Inquiry/Update
3. Select a lender from the listing and click on the SUBMIT button. Note: IF your lender is not listed, please select the E-mail the Financial Aid Office at financial.aid@tridenttech.edu option and notify the office of your lender
4. Go to the website of the lender you selected and complete the Stafford MPN (Master Promissory Note)
5. E-sign your MPN using your FAFSA Pin number for faster processing. You do have the option of printing the MPN and mailing the promissory note to the lender.
6. Complete the Stafford Loan Entrance Counseling at http://mappingyourfuture.org
Requesting Additional Funds or a Loan Review:
Who completes this process?
• Students who have previously borrowed student loans at TTC, but did not indicate they wanted a student loan on their FAFSA.
Or
• Students who already have their full amount of loans, but would like to check their eligibility for an additional $2000 or less unsubsidized loan
Or
• Students who have been notified that they have met their loan limits or their loan request has been denied due to their loan limits
1. Log into your TTC Express account
2. Under the Financial Aid section, click on Financial Aid on-line submittal forms
3. Click on Federal Student Loan Request
4. Submit your loan request
Student Loan Repayment Information
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This one time “grace period” is for 6 months. After 6 months you will begin making payments on your loan.
The information below will guide you through the necessary steps you are required to take after you graduate, withdraw, or drop below half-time enrollment:
1. Stafford Loan Exit Counseling
Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session. The counseling session provides information about how to manage your student loans after college. The Financial Aid Office will send you an email reminding you to complete this. If you would like to get a head start you can complete this session online through Mapping Your Future (www.mappingyourfuture.org).
2. Changes in Information
Always notify your lender of any changes such as name, address, or telephone number changes.
3. Consolidation and Repayment Plans
Contact your lender about consolidation options so you can roll all of your loans into one monthly payment and have them put on a repayment schedule you can afford. You have a choice of repayment plans. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. There are several repayment plans available: Standard, Extended, Graduated, Income Based Repayment (IBR), and Income-Sensitive Repayment.
4. Avoid Default
If you are unable to make your loan payments on time, contact your lender immediately. They can give you information on applying for a deferment or forbearance. Borrowers who default on their student loans are reported to credit bureaus, so your credit rating and future borrowing ability will be negatively impacted. In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.
If you have a student loan that is currently in default, you can find out what options are available by clicking on this link to the Department of Education’s Guide for Defaulted Borrowers (http://www.ed.gov/offices/OSFAP/DCS/index.html). This resource provides information about how to remove your loan from default, what to do if you have a dispute about your loan's default status, and how to get answers to questions you might have. You may also call the Department of Education at 1-800-621-3115.
5. Keep up with your loans
Information on your loans is available online through the National Student Loan Data System (NSLDS) for Students. http://www.nslds.ed.gov. This site provides current information on the balance of your loans, the status of your loans, and your lender’s contact information.
Deferments and Forbearances
Under certain circumstances, you can receive a deferment or forbearance on your loan.
Deferments
A deferment allows you to temporarily postpone payments on your loan. If you have a subsidized loan you will not be charged interest during the deferment. If your loan is unsubsidized, you will be responsible for the interest on the loan during the deferment. If you don't pay the interest as it accrues, it will be capitalized and increase the amount you will have to repay. You can't receive a deferment if your loan is in default. For information on deferments contact your lender.
Forbearances
If you are temporarily unable to make your payments but you are not eligible for a deferment, you may receive forbearance for a limited and specified period. During forbearance, your payments are postponed or reduced. Whether your loans are subsidized or unsubsidized, you will be charged interest. If you don't pay the interest as it accrues, it will be capitalized.
For example, you may be granted forbearance if you are:
• unable to pay due to poor health or other unforeseen personal problems
• serving in a medical or dental internship or residency
• serving in a position under the National Community Service Trust Act of 1993
• obligated to make payments on certain federal student loans that are equal to or greater than 20 percent of your monthly gross income.
Deferments and forbearances are not automatic. You must contact the lender or agency that holds your loan. You may have to provide documentation to support your request. You must continue making scheduled payments until you receive notification that the deferment or forbearance has been granted. Failing to make payments on your loan may have a negative effect on your credit rating.
Student Loan FAQ’s
When will my loan funds be disbursed?
How do I cancel or reduce my loan?
Why was my loan cancelled?
Can I borrow student loans at two different colleges during the same academic year?
Where can I look-up the total amount of loans I have already borrowed?
Why do I need to complete the Student Loan Entrance Counseling?
What are the fees associated with my loans?
When will my loan funds be disbursed?
Answer: If there is more than one term, the loan must be disbursed over all terms of the loan period. For example, if a loan period includes all three terms of an academic year, the loan must be disbursed in three substantially equal payments.
How do I cancel or reduce my loan?
Answer: Please complete the Loan Cancellation Request form. This form is available on the TTC website under the Financial Aid Printable Forms and it is also available in the Financial Aid Office.
Why was my loan cancelled?
Answer: Your loan may be cancelled if you withdraw from classes or drop below six hours during the loan period. Your loan may also be cancelled by the lender if you fail to complete the Master Promissory Note within 30 days of the loan being awarded.
Can I borrow student loans at two different colleges during the same academic year?
Answer: A student can borrow loans at two different colleges during the same year; however, loan funds cannot be disbursed within the same enrollment period. For example: A student cannot get $1,750 at college A and get $1,750 at college B if both enrollment loan periods fall within August to December. It is the student’s responsibility to notify the Financial Aid office that they have attended a post-secondary school.
Where can I look-up the total amount of loans I have already borrowed?
Answer: Students can view their total amount of federal loans borrowed at http://www.nslds.ed.gov/nslds_SA/.
Why do I need to complete the Student Loan Entrance Counseling?
Answer: Before your Federal Stafford Loan (subsidized or unsubsidized) funds are disbursed, federal regulations require that you complete an entrance counseling session. The counseling session provides information about how to manage your student loans, both during and after college.
What are the fees associated with my loans?
Answer: In addition to the interest, your lender may charge additional fees. For Stafford Loans that are first disbursed between July 1, 2009 and June 30, 2010, there is a fee of up to 1.5 percent of the loan, deducted proportionately from each loan disbursement. A portion of this fee (the origination fee) goes to the federal government, and a portion goes to the guaranty agency (the default fee) to help reduce the cost of the loans.
