Types of Loans

For the 2018-2019 academic year the interest rate for the subsidized and unsubsidized loan is 5.05%. Loans where the first disbursement is made on or after October 1, 2018 will have a fee of 1.062%. 

  • Federal Direct Subsidized- awarded to students with financial need. The U.S Department of Education pays the interest on the loan while you are in school.
  • Federal Direct Unsubsidized- Interest accumulates while students are in school. It is also a non-need based loan.
  • Parent PLUS Loan – Your parents may qualify for a Federal Direct Parent PLUS Loan to help you pay for college. This type of loan enables your parent to borrow up to an amount equal to your total cost of attendance at TSCT minus any other financial aid you receive.
    • Loans where the first disbursement is made on or after October 1, 2018 will have a fee of 4.248%.
    • Fixed interest rate of 7.6% for the 2018-2019 academic year.
  • Alternative Loans- If you require additional funds after all Federal aid and institutional aid has been awarded, you may apply for an alternative student loan. These loans typically require a cosigner and are from a private lending institution.
    • Variable interest rates
    • Variable fees
    • Several programs are available for your consideration.  Loan terms vary, so you will want to be a conscientious consumer and review multiple loans options.
Applying for Loans/Maintaining Eligibility
Direct Loans
  1. Complete the FAFSA
  2. Complete the Entrance Counseling and Master Promissory Note (MPN) online at
  3. Meet Satisfactory Academic Progress 

We request that you do not apply for a PLUS loan until May 1st for the upcoming academic year. This ensures the credit check does not expire.

  1. Apply online at
  2. Under "Parent Borrowers" select Apply for a PLUS Loan
  3. Sign in using the parent's FSA User ID
  4. Complete a four-stop application process, allowing the Department of Education to check their credit and approve them for the loan
  5. Click on Complete Master Promissory Note(MPN) , select PLUS MPN for Parents, and follow the instructions provided.
  6. Student must be meeting Satisfactory Academic Progress
Alternative Loans
  1. Apply online with a lending institution
  2. Ensure you request the entire amount needed for the academic year. We will split your requested amount between the Fall and Spring semesters.
  3. Lenders to Consider:
    1. PNC Bank
      1. PNC Bank Alternative Loan Disclosure (Fixed Rate)
    2. Sallie Mae
      1. Loan Application and solicitation disclosure
    3. Wells Fargo
      1. Loan Application And Socilitation disclosure

Note: The Office of Financial Aid provides borrowers with a list of preferred lenders. These lenders have established themselves as quality institutions based upon efficiency in loan servicing, responsiveness to questions, quality of servicing, and borrower benefits. The lender you choose is a very important step in the loan process. Although Thaddeus Stevens College of Technology’s Office of Financial Aid provides a preferred lender list, borrowers are free to choose any lender. Borrowers will not be denied or caused any unnecessary delay in certification for choosing a lender, not on our recommended list. The Office of Financial Aid meets with lenders on a regular basis to examine new products, services, and benefits for our students to make sure we are providing the best options.

Preparing for Repayment

It is important for students to understand that when borrowing loans that money must be repaid at a later time. If you have graduated, withdrawn or been dismissed from Thaddeus Stevens you are required to complete a Federal Direct Loan Exit Counseling.

After Completing the Exit Counseling you should also review:

  1. Balance owed
  2. Repayment options
  3. Consolidation Options 
  4. Servicer Contact information (The company that handles the billing and other services on your federal student loan.)
    Trouble repaying your Loans?

    If you find you are having trouble making your monthly loan payments reach out to your servicer. They can help you defer payments

    Some benefits of borrowing federal direct loans include:

    • No required payments while in school
    • 6 month grace period before payments are required
    • Deferment and forbearance options to assist in successful repayment