Thaddeus Stevens College of Technology

Stevens participates in the FFEL (Family Federal Education Loan) program that utilizes lending (banks) institutions in order for the student to borrow money. Student loans are a form of Financial Aid that requires repayment of the funds received, usually with interest. Some loans may be in either the student’s or parent’s name. All loans require a promissory note, and some require a separate application. Both a description of the loan and its particular application process are described below.

Federal Stafford Loan

There are two types of Federal Stafford Loans: Subsidized and Unsubsidized. Interest rates for the 2007-2008 academic year are expected to be at a fixed rate of 6.8%. (this rate is subject to change). Students go into repayment 6 months after graduation or when they are no longer enrolled part-time. Subsidized loans are awarded based on need. The Federal Government pays the interest on this loan while the student is in school and during the 6 month grace period. Students are responsible for paying the interest on any unsubsidized Stafford Loan amounts. However; students can choose the option of not paying while they are in school. Students who are awarded a Stafford Loan must complete a Master Promissory Note as well as an Entrance Interview. Students may complete this process by selecting the link below. This page will show all of our preferred lenders with information concerning the benefits of each lenders loan and benefits. Once you have decided which lender you would like to select, you will simply select "apply now" on that lenders information and follow the steps given. The Stafford Loan cannot be disbursed until this is completed. The loan amount will be disbursed into two equal payments, one in each semester. For first time students borrowers the loan cannot be disbursed until the student has been enrolled for 30 days.

Federal PLUS Loan

PLUS loans are borrowed by parents to assist in paying college costs for their children. Parents may borrow up to the Cost of Attendance minus all other financial aid being received by the student. A PLUS Loan amount appearing on your Financial Aid Award Letter is the maximum amount that may be borrowed. Parents who wish to have the amount be less simply need to inform the Financial Aid Office by writing the desired amount on the Award Letter and return it to our office. Parents must complete a Master Promissory Note (MPN). Parents may complete this process by selecting the link below. This page will show all of our preferred lenders with information concerning the benefits of each lenders loan and benefits. Once you have decided which lender you would like to select, you will simply select "apply now" on that lenders information and follow the steps given. Repayment of principal and interest can begin 60 days after the loan has been fully disbursed, but refer to your lender for other repayment options.Alternative Loans