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Loans at thaddeus stevens college

Smart Borrowing

The link below can assist students to:

  • Research job availability in a chosen field
  • Research their expected salaries in their future career and borrow realistically
  • Consider all types of financial aid carefully
  • Educate themselves on the many loan options available before borrowing
  • Understand the implications of inconsistent or untimely loan repayment

Visit My Smart Borrowing for more information.

FEDERAL DIRECT STAFFORD LOAN

Students who wish to apply for the Stafford Loan must complete the FAFSA. The FAFSA priority deadline is April 1st.  Students must also complete a Federal Direct Stafford Master Promissory Note (MPN) as well as Federal Direct Stafford Loan Entrance Counseling.  Both of these steps can be completed using the links under the heading "How to apply for a Stafford Loan" below.  

Students that are in the pre-major program or in the first year of their program are eligible to borrow up to $3,500 in the Direct Subsidized Stafford Loan and up to $2,000 in the Direct Unsubsidized Loan.  Students that are in the second year of their program are eligible to borrow up to $4,500 in the Direct Subsidized Stafford Loan and up to $2,000 in the Direct Unsubsidized Loan. If a student is an independent or a dependent student whose parent has been denied for a Parent Plus Loan, the student is eligible to receive an additional $4,000 in the Direct Unsubsidized Loan. If the student receives other financial aid, the loan amount may be less. The exact amount of the Subsidized and Unsubsidized loans is determined by a student's financial need.

Things to know about the Stafford Loan

  • Students may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid (717-391-3510) to cancel or reduce the loan.
  • The loan MUST BE REPAID to the U.S. Department of Education (USDE). 
  • The student is the borrower.
  • Loans where the first disbursement is made on or after October 1, 2016 will have a fee of 1.069%. 
  • You can only receive the loan for 150% of your program length of study.  For more information, please view this document.
  • Students cannot borrow the Stafford Loan in excess of their Cost of Attendance.
  • The Stafford Loan will be disbursed evenly between the fall and spring semesters unless otherwise noted on the students award.  These funds are sent directly to the college and applied to the students charges.  If the loan creates a credit balance, the business office will issue a refund within 14 days.
  • For the 2016-2017 academic year the interest rate for the subsidized and unsubsidized loan is 3.76%.
  • Students can use this link to calculate an estimated amount of what their student loan payment will be. Student Loan Calculator
  • There is a lifetime limit in receiving the Stafford Loan.  For more information on the 150% Federal Regulation, please visit this link

How to apply for a Stafford Loan

Before a student can receive funds from the Stafford Loan, a Master Promissory Note and Entrance Counseling session must be completed.  These steps can be completed by selecting the links below. STUDENTS MUST COMPLETE BOTH STEPS.  Our Office will answer questions about the MPN and Counseling, but we do not assist students in the step by step completion of these steps.

Federal Direct Parent Loan (PLUS)

  • We request that parents do not apply for the PLUS loan until after May 1 prior to the year the student will attend (i.e. May 1, 2013 for 2013-2014 academic year).  This ensures that the credit check on the PLUS application does not expire.
  • A parent is the borrower.
  • Parent must pass a credit check.
  • The Loan will be disbursed evenly between the fall and spring semesters unless otherwise noted on the students award.  These funds are sent directly to the college and applied to the students charges.  If the loan creates a credit balance, the business office will issue a refund within 14 business days.
  • The interest rate for new PLUS loans is a fixed rate of 6.31% for the 2016-2017 year.
  • Loan funds are sent to the school by the U.S. Department of Education (USDE).
  • Yearly limit is equal to the student's Cost of Attendance minus any other financial aid received by the student.
  • Loans where the first disbursement is made on or after October 1, 2016 will have a fee of 4.276%.
  • Parent may cancel all or a portion of the loan within 14 days after the date the school has sent notification that the loan funds have been credited to the student's account. Contact the Office of Financial Aid to cancel the loan.
  • Interest is charged from the date the first disbursement is made until the loan is paid in full.

How to apply for a Parent Plus Loan

Parents wishing to apply for a Parent Plus Loan must complete a Master Promissory Note, PLUS Loan Entrance Counseling as well as requesting a Direct Plus Loan.  All steps can be completed at the links below.

Loan Account Information

If you have been dismissed, withdrawn or graduated from Stevens you are required to complete a Stafford Loan Exit Interview to make you aware of the terms and conditions of your repayment.  You may do so at the link below.

The link below will provide you with information regarding your loan balance here at Thaddeus Stevens College as well any other loans you may have had.  You can use this link to determine who your serviceris.  Once you know your servicer, you can select the Direct Loan Servicers link below to access your account.

The Links below offer services to earn FREE money towards their student loans!

Default Prevention

The link below provides information on money management, credit card information, repayment options, budgets and many more helpful tools.

Alternative Loans

Before you consider an alternative loan, make sure you have determined your eligibility for Federal Direct Stafford Loans and Federal Direct PLUS Loans.  After looking at the federal loans, you can consider other options for educational financing to assist you in meeting college costs.  Several programs are available for your consideration.  Loan terms vary, so you will want to be a conscientious consumer. 

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.

The Loan will be disbursed evenly between the fall and spring semesters unless otherwise noted on the students award.  These funds are sent directly to the college and applied to the students charges.  If the loan creates a credit balance, the business office will issue a refund within 14 business days.

If you wish to apply for an alternative loan using one of our preferred lenders, please select the bank you wish to use from the link below and follow the step to apply.