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Students > Financial
Aid > Student Loans
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 and provides information
about the application process for each program.
If you have questions about loans please 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 six percent. Interest on the loan does
not accrue while enrolled at least halftime or during the six-month grace
period. You must repay this loan to Thiel College. Any student
awarded this loan will be provided 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 Stafford Loan
You must complete a Free Application for Federal Student Aid (FAFSA) to receive this loan.
All Federal Stafford Loans disbursed on or after July 1, 2009 have a fixed interest rate of 6.8% with the exception of the Federal Subsidized Undergraduate Loan which has a fixed rate of 5.6%. The Federal government pays the interest on the Subsidized Stafford Loan while you are in school, during your grace period and during any deferment period. On the Unsubsidized Stafford Loan you are responsible for interest payments and can choose to pay them while in school or have them added to the principal balance.
The origination fee on the Stafford loans is 0.5% and the federal default fee is 1%. Therefore loan disbursements will be the approved loan amount less 1.5%. The Stafford Loans have a 6 month grace period which begins after you graduate, withdraw, or drop below half-time enrollment.
A Federal Stafford Loan Master Promissory Note (MPN) must be completed online at www.aesSuccess.org to receive this loan, and first time borrowers must first complete Federal Stafford Loan Entrance counseling at that same site.
Although our process directs you to select your lender and complete your MPN on the aesSuccess.org website since it is easier for us to track and complete the school certification online at their site, you are still free to select any participating lender/guarantor that you wish. If you do not wish to use AES as your guarantor or if you do not find a lender that you want to use on the AES MPN completion website, simply call our office at 724-589-2179 and we will assist you in determining the correct process for your lender/guarantor choice. We want to assure you that we will not refuse to certify or otherwise deny or delay certification of a loan based on your selection of a lender and/or guarantor.
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 four 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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