·         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 and graduate 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.

Effective July 1, 2006, the interest rate on the Unsubsidized Direct Stafford Loans is a fixed rate of 6.8%

The Subsidized Direct Stafford Loans have the following declining interest rates:

6.8% for loans disbursed 07/01/06 - 06/30/08

6.0% for loans disbursed 07/01/08 - 06/30/09

5.6% for loans disbursed 07/01/09 - 06/30/10

4.5% for loans disbursed 07/01/10 - 06/30/11

3.4% for loans disbursed 07/01/11 - 06/30/12

6.8% for loans disbursed on or after 07/01/12

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

·         Fees of up to 1% may be deducted from the total loan amount at the time of disbursement.

·         Loan funds are disbursed in at least 2 installments.

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

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

Student Loan Calculator

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, 2011 for 2011-2012 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 7.9%.

·         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.

·         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 Department of Education.

·         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.

·         PLUS application can be obtained from the USDE.

·         Enables parents with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate student enrolled at least half time.

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

·         Fees of 4% of the loan will be deducted from the total loan amount at the time of disbursement. We recommend when calculating how much you need, you anticipate the 4% of fees which are withheld [i.e. the calculation would be amount you need divided by 0.96. Example: If you anticipate you need $5000 to cover expenses, then you would want to apply for $5,000 / 0.96 = $5,209 (rounded off to the next whole dollar)].

·         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 Stafford Loan or Parent Plus Loan

Before a student can apply for a Stafford Loan or receive funds from the Stafford Loan a Entrance Counseling session must be completed.  This quick and easy interactive counseling session provides useful tips and tools to help you develope a budget for managing your educational expenses and helps you to understand your loan responsibilities. Once the Entrance Counseling is completed, students must complete a Master Promissory Note (MPN) for the Stafford Loan.  These steps can be completed by selecting the link below.

Parents wishing to apply for a Parent Plus Loan may do so at the link below as well.  Once the parent is logged in, you should select the link that says "Request a Plus Loan".  Once that is completed the parent should complete an MPN for the Plus Loan.

Click here to complete your Master Promissory Note and Entrance Counseling