In accordance with recent federal regulations, TCC will begin to offer student loans through the Federal Direct Lending Program beginning fall quarter 2010.
All students interested in a student loan must complete a new master promissory note. See the 'Direct Loan Checklist' below.
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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 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 the Federal Direct Loan Checklist (located on the back of your Stafford Loan Worksheet)
- Complete entrance counseling. This is available online - please see below.
- Thoroughly read the information below.
What we will do:
- Determine your eligibility.
- Originate your loan and transmit it electronically to the Department of Education.
- 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.
- Loans 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.
- A check will not be produced if there are any fines on your record (parking, library, outstanding tuition from a previous quarter). All fines must be paid at the Cashier's Office in Building 18.
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 Direct 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. Once you complete the online process, TCC will be notified electronically.
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:
Johanna Dwyer
Assistant Director
253.566.5039
jdwyer@tacomacc.edu
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