Student Loans

• Important Facts About Loans
• Entrance and Exit Counseling

TCC participates in the Stafford loan program. These are student loans to be used for your educational expenses and must be repaid.  For specific information regarding assessing your debt burden, repayment terms, and loan limits, review the Student Guide, available from our office. Please be aware that processing a student loan takes time.

To apply for a loan:

• Complete the financial aid application process (see the "How to Apply" section)
• Complete the Stafford Loan Worksheet.  This worksheet is required by our office in order to determine the amount  you wish to borrow and the quarters over which you wish the loan to disbursed.  The worksheet may be included with your award letter.  You may also request a worksheet  from our office, but not until you have received an award letter.
• Complete entrance counseling.  This is available online -  please see below.
• Thoroughly read the information below.

What we will do:

• Determine your eligibility.
• Certify your loan and transmit it electronically to the Northwest Education Loan Association (NELA), our guaranty agency.  NELA will mail your Promissory Note to you.
• Receive and then disburse the funds to you. 

Important Facts About Loans

In accordance with federal regulations, we are required to delay the release of loan checks for 30 days for first-time borrowers.  Loan funds are available to continuing students on or after the first day of each quarter, depending on when your loan was processed.  Please be aware that processing a student loan takes time.

• You must be enrolled for at least six credits to be eligible for a student loan.
• All one-quarter loans must be disbursed in two disbursements.  The second disbursement will be paid halfway through the quarter.
• If you have outstanding tuition, your loans funds will be applied to your tuition account first.
• Loan are financial aid and are subject to TCC Satisfactory Academic Progress policies.
• If you skip a quarter of enrollment, you will need to reapply for your loan.

If you don't repay your student loans, any of the following can happen:

• Your employer may be required to take part of your wages to pay your loans (wage garnishment).
• You may lose federal and state income tax refunds along with other federal or state benefit programs.
• Legal action may be taken against you.
• You may  be charged for collection costs (including attorney fees).
• You may lose your professional license.
• Your interest rate may increase.
• Your may lose eligibility for deferments and future student financial aid.
• Information about your loans will be reported to national credit bureaus, and this will hurt your credit rating.

Contact your lender for ways to keep your student loan payment on track!

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Entrance and Exit Counseling

Entrance Counseling (also referred to as "Annual MPN Entrance Counseling") – Students who borrow under the Federal Family Education Loan Program are required to complete entrance counseling before receiving the first disbursement of their loan.  This counseling is required for all students participating in the loan program for the first time and for previous borrowers who will be receiving loans at TCC for the first time.  Click on the 'Entrance Counseling' button below to begin.  Failing to complete entrance counseling will delay receipt of loan funds.

Exit Counseling – Students are required to complete exit counseling before leaving the institution, upon graduation, or if they are enrolled in less than six credits for more than one quarter.  Exit counseling allows students to become informed borrowers by providing valuable information regarding loan repayment options, deferments and consolidation options.   Click on the 'Exit Counseling' button below to begin.

If you have questions, please contact:
Muriel Parrish
Assistant Director, Federal Student Loan Program
253.566.5039
mparrish@tacomacc.edu

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