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Thiel College application
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FAFSA: 003376
PA State: 010183
CEEB/CSS: 2910
ACT: 3730

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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 College and provides information about the application process for each program.

If you have questions about loans contact:
Elizabeth G. Stuyvesant
Student Loan Specialist
724.589.2179

Student loans:

Institutional-Based Loans

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 6 percent.  Interest on the loan does not accrue while enrolled at least halftime or during the 6 month grace period.  You must repay this loan to Thiel College.  Any student awarded this loan will be provide with a College Loan Promissory Note to sign. 

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 Stafford Loan

Federal Subsidized Stafford Loans are low interest loans with a 6.8 percent interest rate for loans with first disbursements on or after July 1, 2006) 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.  A Federal Stafford Loan Master Promissory Note must be signed on line at http://www.aesSuccess.org  to receive this loan and first time borrowers are also required to complete Stafford Loan Entrance Counseling at the same site.

Federal Unsubsidized Stafford Loan

Unlike the Federal Subsidized Stafford Loan, Unsubsidized Stafford 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 Stafford Loans have access to Unsubsidized Stafford Loans. Most features including the interest rate are the same as the Subsidized Stafford Loans, 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 Stafford Loan Master Promissory Note must be completed on line at http://www.aesSuccess.org  to receive this loan and first time borrowers are also required to complete Stafford Loan Entrance Counseling at the same site.

Parent Loans:

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 8.5 percent for loans with first disbursements on or after July 1, 2006. (Certain lenders offer a interest rate reduction for the life of the loan) 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 a adverse credit history.   Normally repayment begins within 60 days from the last disbursement of the loan. However, you may apply for forbearance each year and postpone principal payments or both principal and interest payments each year for 4 years.  If interest is postponed, it will be added to the principal.  You may apply for the PLUS Loan online at http://www.aesSuccess.org.

Private/Alternative Loans:
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 them.  Some of the Alternative loans are listed below.  A direct link has been provided for each loan listed below.  Just click on the lender.


 

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