Federal Student Loans:

• Direct Subsidized Loans
  • Subsidized loans are awarded based on student’s financial need from the FAFSA.
  • Interest does not accrue on these loans when students are enrolled in classes at half-time or greater status and during their grace periods. 
  • Students must fill out a FAFSA in order to qualify. 
  • For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing subsidized loans please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

• Direct Unsubsidized Loans
  • Unsubsidized loans are not awarded based on student’s financial need.
  • Interest accrues immediately following disbursement regardless of a student’s enrollment status or grace periods.
  • Students must fill out a FAFSA in order to qualify.
  • For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing unsubsidized loans please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

Federal Direct Loan Program Direct Subsidized Loan and Direct Unsubsidized Loan Borrower's Rights and Responsibilities

Interest Rates and Fees:

• There is an origination fee on each subsidized or unsubsidized loan. The fee is 1.057% for a loan first disbursed on or after Oct. 1, 2020 and before Oct. 1, 2024.
• The interest rate and loan fee are listed on the disclosure statement students receive from the Department of Education after the loan is originated by the school.
• During the payment pause, the interest rate for Direct Subsidized and Unsubsidized Loans is 0%.
• If you received your Direct Subsidized or Unsubsidized Loan on or after July 1, 2022, and before July 1, 2023, it will have a fixed interest rate of 4.99% after the payment pause ends.
• If you received your Direct Subsidized or Unsubsidized Loan on or after July 1, 2023, and before July 1, 2024, it will have a fixed interest rate of 5.50%.

 How to Apply:

• Complete the FAFSA. TTC’s school code is: 004920
• Submit any additional requested documentation.
• Students will be notified of their award offer through their my.tridenttech.edu email.
• Accept your pending loans in Financial Aid Self-Service.
  • You may accept less than the amounts offered.
• Complete the Student Loan Borrower Information Form in Financial Aid Self-Service.
• Complete a Master Promissory Note (MPN) at studentaid.gov/mpn.
• Complete Loan Entrance Counseling at studentaid.gov/entrance-counseling.
  • First time borrowers must complete an entrance counseling. The entrance counseling requirement for the Federal Direct Loan program needs to be completed just once while in attendance at Trident Technical College; therefore, students who borrow in subsequent years need not repeat the entrance counseling requirement.

Federal Student Loan Eligibility:

Students may be eligible for Federal Direct Student Loans if the following provisions apply:

• The student is enrolled as a regular student in a Title IV-eligible program.
• The student is enrolled in at least 6 credit hours.
• The student is a U.S. citizen or eligible non-citizen.
• The student meets the need requirements specified.
• The student meets satisfactory academic progress toward completing their program. TTC’s Satisfactory Academic Progress (SAP) policy 
• The student is not in default on a Title IV loan received at any institution.
• The student has not met or exceeded annual and/or aggregate loan limits.
• The student is not concurrently receiving Title IV financial aid from another institution of higher education.
• The student has not met or exceeded Pell lifetime eligibility limits.
• The student does not owe a refund or repayment on a Federal Pell Grant, ACG, National SMART Grant, or Federal SEOG.
• For additional eligibility requirements please see: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

Information Regarding Disbursements:

Students must be enrolled AND attending at least 6 credit hours and meet all Title IV eligibility requirements at the time of disbursement.

* Beginning Oct. 1, 2014 first time borrowers of Title IV loans will have their first disbursement of funds applied at least 30 days after they start classes. Additionally, all loans that are awarded for one semester only will be split into two loan disbursements within the semester. Please contact the Financial Aid office for more information regarding this change.

Exit Counseling Information:

All students who stop attending, withdraw, graduate, or drop below half-time status (6 hours) must complete an Exit Counseling session.

Please complete your exit counseling for direct loans at the following site:  https://studentaid.gov/exit-counseling/

Repayment Information:

Students are required to pay back their student loans. When repaying federal loans, students need to identify how much they have borrowed and who currently services their federal loans. Students should use the Loan Simulator tool to see how much they've borrowed and utilize the repayment calculators at https://studentaid.gov/

After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date. Payments are due monthly.

If you are unable to make your scheduled loan payments, contact your loan servicer immediately. Your loan servicer can help you understand your options for keeping your loan in good standing. You may be eligible for a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. For more information on deferment or forbearance options, visit: https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief

Trident Technical College is dedicated to helping students understand the importance of loan repayment and the options they have available to make repayment more affordable. Please contact one of our student loan coordinators to discuss your options for repayment (843-574-6110). 

Federal Direct Parent Loans (PLUS)

• PLUS loans are federal loans that parents of dependent undergraduate students can apply for.
• PLUS loans are not awarded based on student’s financial need. 
• PLUS loans are borrowed through the U.S. Department of Education.

Borrowing Limits:

• Parents may borrow up to the cost of attendance minus any other financial aid received for their dependent child.

How to Apply for a PLUS Loan:

• Dependent students of the parents borrowing the PLUS loan must complete the FAFSA. 
• Borrowers will need to complete the Parent PLUS loan application at studentaid.gov/plus-app. Parent will log in with the parent’s FAFSA username and password.
• PLUS loan application results are sent to TTC for certification within 24-48 hours.
• If approved, the parent borrower must sign a Direct PLUS Loan Master Promissory Note (MPN).
• Students will be notified of their award through their my.tridenttech.edu email.

Federal PLUS Loan Eligibility:

• Borrower must be the parent (biological, adoptive or a step-parent if included on the FAFSA) of a dependent undergraduate student.
• Borrower must not have an adverse credit history.
• The student is enrolled as a regular student in a Title IV-eligible program.
• The student is enrolled in at least 6 credit hours.
• The student is a U.S. citizen or eligible non-citizen.
• The student meets satisfactory academic progress toward completing their program. TTC’s Satisfactory Academic Progress (SAP) policy
• The student is not in default on a Title IV loan received at any institution.
• The student has not met or exceeded annual and/or aggregate loan limits.
• The student is not concurrently receiving Title IV financial aid from another institution of higher education.
• The student has not met or exceeded Pell lifetime eligibility limits.
• The student does not owe a refund or repayment on a Federal Pell Grant, ACG, National SMART Grant, or Federal SEOG.
• For additional eligibility requirements please see: https://studentaid.gov/understand-aid/types/loans/plus/parent

Interest Rates and Fees:

• Interest begins accruing when the loan is disbursed. There is no grace period for the interest on PLUS loans.
• Parent has the option of paying the interest monthly instead of letting it build until time for repayment.
• There is an origination fee on the PLUS loan. The fee is 4.228% for a loan first disbursed on or after Oct. 1, 2020 and before Oct. 1, 2024.
• Interest rates for Parent PLUS Loan disbursed between July 1, 2022 and June 30, 2023 is 7.54%.
• Interest rates for Parent PLUS Loan disbursed between July 1, 2023 and June 30, 2024 is 8.05%.

Repayment:

• PLUS loan payments begin once the loan is fully disbursed.
• Borrowers may request a deferment while the student is enrolled at least half-time and for an additional six months after the student graduates, leaves school, or drops below half-time enrollment. Borrowers do not have to make any payments while the loan is deferred. Contact your loan servicer for a deferment.
• The loan servicer will notify the borrower of when the first payment will be due.

For more information regarding student eligibility, interest rates, origination fees, repayment, loan limits, and other requirements for borrowing PLUS loans please visit: https://studentaid.gov/manage-loans/repayment/plans

Private Student Loans

Private student loans are administered and processed by private lending institutions to be used for educational costs. Private student loans are not part of the Federal student loan programs, and should be used for circumstances where you have exhausted all other options in regards to financing your education.

We highly recommend that you apply for financial aid by completing the FAFSA prior to seeking an Private student loan option. You may be eligible for Federal Direct loans. The benefits of the Federal Direct loans over APrivate student loans may include lower interest rates and greater repayment options. Review the difference between Federal Student Loans and Private student loans here:

You are free to choose any lender for the Private student loan. The choice of a lender is entirely yours and must be made before your loan(s) will be funded. However, borrowing an Private student loan is based on credit checks and should only be done after reviewing all of your funding options and contacting different lenders for the best terms. Once you choose your lender you will complete their online loan application. If the loan application is approved, the lender will notify the school.

Transient and non-degree seeking students are not eligible for alternative loans at TTC.

Private student loans may not exceed the borrower's Cost of Attendance minus other sources of financial aid.

Interest rates and repayment terms will be different for each lender.

Points to consider when choosing a lender

• Interest Rate – It may be capitalized more often increasing the amount of money you ultimately owe. Consider using a cosigner. You may qualify for slightly lower rates.
• Fees – The interest rates and fees that you pay are based on your credit score and the credit score of your cosigner if you choose to use a cosigner.
• Borrower Benefits – These vary by lender.
• Repayment Terms – Some lenders require you to pay while you are in school. Others will defer payments until after graduation.
• Eligibility Requirements - Check the requirements for the loan.

Effective February 14, 2010

As a result of the Truth in Lending Act (TILA) of 2009, borrowers will be required to submit a Private Education Loan Applicant Self-Certification to their lender before funds can be disbursed. Your lender will provide you with this form when you apply for the Private Alternative loan.

Please keep in mind that due to these new requirements, your Private Alternative Loan disbursement may be delayed as required by this new law.

 Note: Per the Department 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 a loan is reduced or denied, the student will be notified in writing through their my.tridenttech.edu email.