A loan is a form of financial aid which must be repaid
with interest. Few students can afford to pay for college without some
form of education financing. Education loans come in three major
categories: student loans, parent loans and private or alternative loans.
The following information describes loan programs currently available
to students and parents of students at Thiel and provides information
about the application process for each program.
If you have questions about loans please contact:
Elizabeth G. Stuyvesant
Student Loan Specialist
Thiel College has several institutional loan funds which are awarded
based on your level of need and the availability of funds. These
loans have an interest rate of six percent. Interest on the loan does
not accrue while enrolled at least halftime or during the six-month grace
period. You must repay this loan to Thiel College. Any student
awarded this loan will be provided with a College Loan Promissory Note
Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate
and graduate students with financial need. You must complete a
Free Application for Federal Student
Aid (FAFSA) to receive this
loan. The amount you can borrower is based on your level of
need and the schools funding level. Your school is your lender.
The loan is made with government funds, and your school contributes a
share. Interest does not accrue on the loan while you are enrolled at
least halftime, during the grace period or during eligible deferments. You
have a nine-month grace period before the first payment is due. You
must repay this loan to Thiel College. If you are awarded a Federal
Perkins Loan, a Perkins Loan Master Promissory Note must be signed before
the funds will be released.
Federal Subsidized Direct Loans
Federal Subsidized Direct Loans are low interest loans with a 4.5 percent interest rate for loans with first disbursements on or after July 1, 2010 and are available to those who qualify based on need or income. [You must complete a Free Application for Federal Student Aid (FAFSA) to receive this loan] "Subsidized" means that the federal government will pay all interest on your loan until you begin repayment, which will start six months after you graduate or cease to be enrolled at least half-time. To receive this loan a Federal Direct Loan Master Promissory Note must be completed on line at www.studentloans.gov and first time Direct Loan borrowers are also required to complete Direct Loan Entrance Counseling at the same Web site.
Federal Unsubsidized Direct Loan
Unlike the Federal Subsidized Direct Loan, Unsubsidized Direct Loans are not based on need or income. [You must complete a Free Application for Federal Student Aid (FAFSA) to receive this loan] All students and families of income levels that do not qualify for Subsidized Direct Loans have access to Unsubsidized Direct Loans. Most features are the same as the Subsidized Direct Loans. The interest rate on the Unsubsidized Direct Loan is 6.8 percent and you are responsible for all the interest from the day the loan is made. You may pay the interest quarterly or add the accrued interest to the principal when repayment begins. A Federal Direct Loan Master Promissory Note must be completed on line at www.studentloans.gov to receive this loan and first time borrowers are also required to complete Direct Loan Entrance Counseling at the same site.
Direct Parent Loan for Undergraduate Students (PLUS)
PLUS Loans are low cost federally insured loans to parents of dependent undergraduate students enrolled at least halftime. The interest rate is a fixed rate of 7.9 percent. As a parent, you may borrow through a PLUS Loan to meet your student’s educational costs, less any other financial aid that your student may have been awarded. Eligibility is not based on need or income, but parents must not have an adverse credit history. Normally repayment of the Direct PLUS Loan begins 60 days after the last disbursement. However, if you're a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008 while the student for whom you obtained the loan is enrolled at least half time, and for an additional six months after the student graduates or drops below half-time enrollment. You may complete a Direct PLUS Loan Master Promissory Note online at www.studentloans.gov.
A variety of alternative loan programs are available to students and
parents that provide additional resources to meet education costs. Most
lenders require the student to have a credit worthy co-borrower or
cosigner on the loan unless the student has established a two-year credit
history in their name. Those considering this type of funding
should compare all loan programs and determine which one is best for
of the Alternative loans are listed below. A direct link has been
provided for each loan listed below. Just click on the lender.