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Students > Financial
Services > Student Loans
Financial Services Help Line: 724-589-2006
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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