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Smart Borrowing

The link below can assist students to:

  • Research job availability in a chosen field
  • Research their expected salaries in their future career and borrow realistically
  • Consider all types of financial aid carefully
  • Educate themselves on the many loan options available before borrowing
  • Understand the implications of inconsistent or untimely loan repayment

Visit My Smart Borrowing for more information.

Federal Direct Stafford Loan

Students who wish to apply for the Stafford Loan must complete the FAFSA. The FAFSA priority deadline is April 1st.  Students must also complete a Federal Direct Stafford Master Promissory Note (MPN) as well as Federal Direct Stafford Loan Entrance Counseling.  Both of these steps can be completed using the links under the heading "How to apply for a Stafford Loan" below.  The PIN from the FAFSA is also needed to sign the MPN.  If you have forgotten or have never signed up for a PIN you may visit http://pin.ed.gov/ to sign up or retrieve your PIN.

 

Direct Stafford Loan Limits

Students that are in the pre-major program or in the first year of their program are eligible to borrow up to $3,500 in the Direct Subsidized Stafford Loan and up to $2,000 in the Direct Unsubsidized Loan.  Students that are in the second year of their program are eligible to borrow up to $4,500 in the Direct Subsidized Stafford Loan and up to $2,000 in the Direct Unsubsidized Loan. If a student is an independent or a dependent student whose parent has been denied for a Parent Plus Loan, the student is eligible to receive an additional $4,000 in the Direct Unsubsidized Loan. If the student receives other financial aid, the loan amount may be less. The exact amount of the Subsidized and Unsubsidized loans are determined by a students financial need.

 

Things to know about the Stafford Loan

Students may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid (717-391-3510) to cancel or reduce the loan.

The loan MUST BE REPAID to the U.S. Department of Education (USDE). 

The student is the borrower.

 Student has up to 10 years to repay the loan depending on the size of the student's debt.

 During the repayment period, under certain circumstances, the lender may grant deferments, forbearances, or cancellations. A list of deferments and cancellations is provided at the time the student signs their Promissory Note.

 

Awarded to degree seeking undergraduate students who are enrolled for at least 6 credits.

 

The school can refuse to certify a student's loan application OR certify the loan for an amount less than the student would otherwise be eligible. The school must document the reason for its action and explain the reason to the student in writing. The decision of the school is final and cannot be appealed to the U.S. Department of Education.

A student can receive a subsidized and unsubsidized loan for the same period.

 

 Fees of 1.073% will be deducted from the total loan amount at the time of disbursement.

 

Loan funds are disbursed in at least 2 installments.

 

You can only received the loan for 150% of your program length of study.  For more information, please view this document.

 

Students cannot borrow the Stafford Loan in excess of their Cost of Attendance.

  

For the 2013-2014 academic year the interest rate for the subsidized and unsubsidized loan is 3.86%.  

 

 For the 2014-2015 academic year the interest rate for the subsidized and unsubsidized loan is 4.66%. 

 

Students can use this link to calculate an estimated amount of what their student loan payment will be.

Student Loan Calculator

 

How to apply for a Stafford Loan

Before a student can receive funds from the Stafford Loan, a Master Promissory Note and Entrance Counseling session must be completed.  These steps can be completed by selecting the links below. STUDENTS MUST COMPLETE BOTH STEPS.  Our Office will answer questions about the MPN and Counseling, but we do not assist students in the step by step completion of these steps.

Entrance Counseling

Master Promissory Note

 

Federal Direct Parent Loan (PLUS)

·        We request that parents do not apply for the PLUS loan until after May 1 prior to the year the student will attend (i.e. May 1, 2013 for 2013-2014 academic year).  This ensures that the credit check on the PLUS application does not expire.

·         A parent is the borrower.

·         Parent must pass a credit check.

·         The interest rate for new PLUS loans is a fixed rate of 6.41% for the 2013-2014 year.

·         Loan funds are sent to the school by the U.S. Department of Education (USDE).

·         Please be advised that if you do not indicate a loan term on your loan application, the loan term will default to the academic year (fall/spring). It is EXTREMELY IMPORTANT to indicate correct loan term dates to ensure the correct processing of your PLUS loan.

·          Effective for any loan disbursed after July 1, 2008, the Federal Direct PLUS Loan will be deferred until six months after the student ceases enrollment at least part-time.  If you would like to start repayment, you must contact USDE once the loan has been processed by Thaddeus Stevens College of Technology.

·         During the repayment period, under certain circumstances, the USDE may grant deferments, forbearances, or cancellations. Parent must contact USDE.

·         Yearly limit is equal to the student's Cost of Attendance minus any other financial aid received by the student.

·         Fees of 4.292 of the loan will be deducted from the total loan amount at the time of disbursement.   Parent may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid to cancel the loan.

·         Interest is charged from the date the first disbursement is made until the loan is paid in full.

·         Parent has up to 10 years to repay loan depending on the size of the parent's debt.

 

How to apply for a Parent Plus Loan

Parents wishing to apply for a Parent Plus Loan must complete a Master Promissory Note as well as requesting a Direct Plus Loan.  Both steps can be completed at the links below.

Master Promissory Note

Direct Plus Loan Request

 

Loan Account Information

If you have been dismissed, withdrawn or graduated from Stevens you are required to complete a Stafford Loan Exit Interview to make you aware of the terms and conditions of your repayment.  You may do so at the link below.

Stafford Loan Exit Interview

 

The link below will provide you with information regarding your loan balance here at Thaddeus Stevens College as well any other loans you may have had.  You can use this link to determine who your servicer is.  Once you know your servicer, you can select the Direct Loan Servicers link below to access your account.

National Student Loan Data System

Direct Loan Servicers

 

The Links below offer services to earn FREE money towards their student loans!

SmarterBucks

Upromise

 

Default Prevention

The link below provides information on money management, credit card information, repayment options, budgets and many more helpfull tools.

You Can Deal With It

 

Alternative Loans

Before you consider an alternative loan, make sure you have determined your eligibility for Federal Direct Stafford Loans and Federal Direct PLUS Loans.  After looking at the federal loans, you can consider other options for educational financing to assist you in meeting college costs.  Several programs are available for your consideration.  Loan terms vary, so you will want to be a conscientious consumer.

Before you consider an alternative loan, make sure you have determined your eligibility for Federal Direct Stafford Loans and Federal Direct PLUS Loans.  After looking at the federal loans, you can consider other options for educational financing to assist you in meeting college costs.  Several programs are available for your consideration.  Loan terms vary, so you will want to be a conscientious consumer.

The Office of Financial Aid provides borrowers with a list of preferred lenders. These lenders have established themselves as quality institutions based upon efficiency in loan servicing, responsiveness to questions, quality of servicing, and borrower benefits. The lender you choose is a very important step in the loan process. Although Thaddeus Stevens College of Technology’s Office of Financial Aid provides a preferred lender list, borrowers are free to choose any lender. Borrowers will not be denied or caused any unnecessary delay in certification for choosing a lender not on our recommended list.

The Office of Financial Aid meets with lenders on a regular basis to examine new products, services and benefits for our students to make sure we are providing the best options.

If you wish to apply for an alternative loan using one of our preferred lenders, please select the bank you wish to use from the link below and follow the step to apply.  

SallieMae Alternative Loan       PNC Bank Alternative Loan