Loans
Loan Programs Choosing A Lender and Applying for a Loan Loan Counseling Loan Repayment TLU Lender Code of Conduct
Loan Programs
For students and parents wishing to learn about loans in Spanish, visit
www.2futuro.com.
Federal Loans
Federal loan programs are loans offered at low interest rates that allow students to borrow funds to pay their educational expenses. Repayment of these loans begins six to nine months after the student graduates or drops below half-time (6 credit hours) enrollment.
Student Loans
Federal Stafford Loans are available to students who filed a FAFSA and are enrolled at least half-time. Borrowing levels are:
| | Subsidized
| Unsubsidized |
| | All Students | All Students | Independent Students |
| Freshman | $3,500 | $2,000 | $4,000 |
| Sophomore | $4,500 | $2,000 | $4,000 |
| Juniors and Seniors | $5,500 | $2,000 | $5,000 |
Subsidized Federal Stafford Loans are based on financial need. The federal government pays the interest on subsidized loans for students that are enrolled at least half-time.
Unsubsidized Federal Stafford Loans are not based on financial need. Interest on unsubsidized loans will accrue while you are in school. Students may pay the interest on these loans quarterly while in school or choose to defer interest payments as long as they are enrolled at least half-time.
Stafford Loan Interest Rates: | First Disbursement of Loan Made: | Interest Rate |
| On or After | And Before
| Subsidized | Unsubsidized |
| July 1, 2008 | July 1, 2009 | 6.0% | 6.8% |
| July 1, 2009 | July 1, 2010 | 5.6% | 6.8% |
| July 1, 2010 | July 1, 2011 | 4.5% | 6.8% |
| July 1, 2011 | July 1, 2012 | 3.4% | 6.8% |
| July 1, 2012 | July 1, 2013 | 6.8% | 6.8% |
Click here to complete Stafford Loan entrance counseling and electronically sign your Stafford Loan Master Promissory Note (MPN).
Click here to view the Stafford Loan Borrower Rights and Responsibilities.
If you have already chosen your Stafford Loan lender,
click here to view a list of Stafford Loan lender links. If you have not yet chosen your Stafford Loan lender, we recommend using our
SimpleTuition loan comparison tool.
Federal Perkins Loans are long-term, low-interest loans made available by the university and the federal government. Simple interest of fve percent (5%) begins to accrue 9 months after you are no longer enrolled at least half-time. If you are a first-time student, you must complete a Perkins Master Promissory Note (MPN) and Entrance Counseling before you can receive Federal Perkins Loan funds.
Click here to complete Perkins Loan entrance counseling and electronically sign your Perkins Loan Master Promissory Note (MPN).
Click here to view the Perkins Loan Borrower Rights and Responsibilities.
Parent Loans
Federal PLUS Loans are available to parents who have a dependent child in college. Individual eligibility is determined by subtracting all financial aid awards for the academic year from the cost of attendance. Financial need is not a requirement and parents do not have to complete the FAFSA to apply for this loan. Parents must apply and be approved for this loan each year. For loans disbursed on or after July 1, 2008, the interest rate is fixed at 8.5 percent.
Click here to view the Parent PLUS loan guide.
If you have already chosen your Parent PLUS Loan lender,
click here to view a list of Parent PLUS Loan lender links. If you have not yet chosen your Parent PLUS Loan lender, we recommend using our
SimpleTuition lend comparison tool.
Alternative Loans
Non-federal loans are available for students. These loans generally require the borrower to be credit worthy or have a credit worthy co-borrower and usually do not have as favorable interest rates as the federal programs. Students are encouraged to file the FAFSA and apply for federal loans before applying for alternative loans. For more information, visit the Office of Financial Aid.
If you have already chosen your Alternative Loan lender,
click here to view a list of Alternative Loan lender links. If you have not yet chosen your Alternative Loan lender, we recommend using our
SimpleTuition lender comparison tool.
Choosing a Lender and Applying for a Loan
SimpleTuition Lender Comparison Tool Many families have asked us for assistance with choosing a lender. To give our students and parents a starting point, we have put together a list of lenders who have indicated an interest in making loans to our students, as well as lenders TLU students chose this past year. Inclusion of a lender on this list does not indicate that one lender is preferred over another.
To view lender benefits, interest rates and repayment estimates, you can use our
SimpleTuition lender comparison tool.
PLEASE NOTE: You are
NOT required to use any of the lenders on this list. TLU will process loans through the lender of your choice. If your lender is not on this list, please contact the Office of Financial Aid.
Loan Counseling
Click here to access entrance and exit counseling links for Stafford, Perkins and PLUS loans.
Loan Repayment
Federal Stafford Loans will go into repayment six (6) months after graduation or the student falls below half-time enrollment status. These loans are repaid to the lender chosen by the student at the time the loan was originated, or its assignee. For Stafford Loan repayment options,
click here.
Federal Perkins Loans will go into repayment nine (9) months after graduation or the student falls below half-time enrollment status. These loans are repaid to TLU through our Perkins Loan servicer, ACS.
Click here for more information on Perkins Loan repayment.
Click here for more information on the Teacher Loan Forgiveness Program.
