Student Loans
Tri-C is committed to promoting student success through responsible student loan borrowing. Student loans are borrowed money that has to be repaid, with interest, to the U.S. Department of Education. The William D. Ford Federal Direct Loan is a low-interest loan for students to help pay for the cost of college education. Moderate student loan borrowing demonstrates financial responsibility and ensures students incur limited debt to finance their education.
Important Announcements
- Congress recently passed legislation preventing further extensions of the Federal Student Loan payment pause. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. The Department of Education will notify borrowers well before their payments are set to restart. Visit our Repaying Your Student Loans webpage for helping repayment information.
- The Supreme Court issued a decision blocking the Biden-Harris Administration from moving forward with their one-time student debt relief plan. Learn more about President Biden's announcement following the decision and find out how this decision impacts you.
- Get Out of Default with Fresh Start. Fresh Start is a one-time temporary program from the U.S. Department of Education that offers special benefits for borrowers with defaulted federal student loans. Benefits include:
- Regain access to Federal Student Aid to continue college.
- Access to affordable repayment plans and pathways to forgiveness.
- No Collections Activity
- Restored Eligibility for Loan Rehabilitation
- Credit Reporting Features and Protections
Defaulted student loan borrowers can qualify for the Fresh Start Initiative in one of two ways:
- Students who return to school can apply for Title IV aid by completing the FAFSA® form. The school processes their financial aid eligibility based on the Department of Education guidance.
- Students who do not return to school can contact the loan servicer and make payment arrangements by selecting a repayment plan in accordance with guidance in the Fresh Start Fact Sheet.
Annual Student Loan Acknowledgement
Complete an annual student loan acknowledgment each year to accept a new federal student loan. The goal is to help students understand how loans will affect their financial future.
Who should complete this?
Borrowers accepting a subsidized/unsubsidized loan, a PLUS loan for graduate/professional students or a PLUS loan for parents should complete this acknowledgement.
How long will it take?
Most people complete the acknowledgment in less than 10 minutes.
What do I need?
(1) Verified FSA ID
(2) For first-time borrowers, you will also need:
School name
Degree name
Field of academic program
What am I acknowledging?
If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.
FEDERAL STUDENT LOAN RESOURCES:
Financial Aid Web Resources
Default Fresh Start Initiative
Debt Relief
Fresh Start Fact Sheet
NEW STUDENT LOAN BORROWERS:
First-time student loan borrowers are required to complete an Entrance Counseling session as well as the Master Promissory Note prior to borrowing a student loan. The Entrance Counseling session helps students understand their rights and responsibilities as a student loan borrower. The Entrance Counseling and Master Promissory Note must be completed before student loan funds can be approved.
EXISTING STUDENT LOAN BORROWERS:
Students who have borrowed federal student loans are required to complete an Exit Counseling session upon graduating, dropping below six credits or withdrawing from school. The Office of Student Financial Aid and Scholarships also provides comprehensive financial education counseling sessions to help students understand all student loans borrowed and potential repayment options.
William D. Ford Federal Subsidized Loan (FDLS)
- Up to $3,500 for students (0-29 credits) — first year
- Up to $4,500 for students (30+ credits) — second year
- Subsidized student loan interest deferred while enrolled at least half-time/part-time (six credits)
- Effective July 1, 2012, subsidized loans no longer eligible for interest subsidy during the six-month grace period
- The 2023-2024 interest rate fixed at 5.50% for the Direct Subsidized Loan
William D. Ford Federal Unsubsidized Loan (FDLU)
- For independent students, up to $6,000 in addition to the subsidized student loan
- For dependent students, up to $2,000 in addition to the subsidized student loan
- Unsubsidized student loan interest capitalized while enrolled in at least half-time/part-time status (six credits) and payment deferred
- The 2023-2024 interest rate fixed at 5.50% for the Direct Unsubsidized Loan
- UNSUBL Form for students whose parents are unwilling to provide FAFSA information
William D. Ford Parent Loan for Undergraduate Students (PLUS)
- Parents may borrow loans for undergraduate students to assist with the cost of educational expenses.
- Student must be enrolled in at least six credits per semester.
- The amount of the loan may be up to the cost of attendance, less any financial aid that the student receives.
- Interest rates and amounts are based on approved credit rating and may require a cosigner.
- For the 2023-2024 academic year, the Direct PLUS loan interest rates are fixed at 8.05%.
DISCLAIMER: For student and parent loan borrowers, any information regarding loans borrowed will be sent to the National Student Loan Data Systems (NSDLS) and may be provided to other servicers.
Nursing Education Assistance Loan Program (NEALP)
- The loan must be repaid if student does not serve as a full-time nurse in Ohio for five years.
- Ohio students must be enrolled at least part-time (six credits) and accepted into an approved Ohio pre-licensure nurse education program.
- The loan may be up to $1,500, based on estimated family contribution (EFC) on the FAFSA and enrollment status.
- Find additional information on NEALP on the Ohio Department of Higher Education Regents website.
Charles E. Schell Loan
- Must be an enrolled student for credit or in a workforce program at Tri-C
- Must be a resident of Ohio, West Virginia, Kentucky or adjoining states
- Must be between the ages of 15-25
- Must be a citizen of and born in the United States
- Must maintain a 2.0 cumulative GPA at Tri-C
- Schell Loan application
Private Education Loan
- Students must complete the FAFSA application.
- Loans are offered by private lenders, with unique criteria and features, based upon the lender.
- Students may be eligible to borrow when enrolled as full-time, half-time or less-than-half-time status in degree, certificate and vocational programs.
- Interest rates may be fixed or variable.
- Learn more about private education loans.
Perkins Loan
Tri-C no longer participates in the Perkins Loan Program. For student who have previously borrowed the Perkins Loan, contact ECSI for questions and concerns regarding repayment.