Loans

Detailed information on Trocaire College's loan opporunities

Federal Direct Loan Information

Whether you are a dependent or independent student, it is likely that you will need to borrow some funds to pay for your college education. A loan will help to fill in any financial gaps.

  • Trocaire College participates in the William D. Ford Federal Direct Loan Program.
  • The amount of Federal Direct Loan that you have been awarded has been based on your class year as determined by the Admissions Office upon admission. You must be enrolled at least 6 credit hours during any given semester to be eligible for a Federal Direct Loan.
  • The actual loan amount you will receive is dependent upon the number of credits you have earned or transferred as of the day your loan is certified by the Financial Aid Office. If your loan eligibility changes during the academic year due to credit hours earned or transferred, you must contact our office if you wish to be considered for additional loan funding. The following charts indicate loan eligibility per class year:

 

Dependent Students Stafford Loan Amount Unsubsidized Loan Amount
Freshman: 0-30 credits $3,500 $2,000
Sophomore: 31-60 credits $4,500 $2,000
Junior: 61-90 credits* $5,500 $2,000
Senior: 91+ credits* $5,500 $2,000

 

Independent Students Stafford Loan Amount Unsubsidized Loan Amount
Freshman: 0-30 credits $3,500 $6,000
Sophomore: 31-60 credits $4,500 $6,000
Junior: 61-90 credits* $5,500 $7,000
Senior: 91+ credits* $5,500 $7,000

*Note: Students cannot be considered Junior/Senior unless matriculated in the following programs: BS-RN, BS-RT.

  • In some instances, dependent students may have eligibility for Unsubsidized Direct loans over and above $2,000 that has already been awarded. This occurs when a parent of a dependent student becomes denied on a Parent PLUS loan credit check. Please contact the Financial Aid Office for further information.
  • Parent PLUS loans are available to parents of dependent undergraduate students who are enrolled at least half-time (6 credit hours). Parent is responsible for interest during the life of the loan. Maximum amount is cost of attendance minus any other financial aid the student receives.
  • In cases where students do not demonstrate financial need in amounts that would allow for the maximum annual subsidized loan limit, the amount of your Direct Loans would be a combination of subsidized and unsubsidized or entirely unsubsidized.
  • Loan eligibility for the Subsidized Direct Loan can be affected by a change in the amount of another award or by the addition of other sources of financial aid (ex. outside scholarships).
  • A 1.069% origination fee will be assessed on your Direct Loans. This means that 98.931% of the Direct Loan will apply to your account.
  • A 4.276% origination fee will be assessed on the Direct Parent PLUS Loan. This means that 95.724% of the Parent PLUS loan will apply to your child’s account.
  • If you have not previously borrowed a Federal Direct Loan, you must complete a Master Promissory Note (E-MPN). First-time borrowers must also complete an Entrance Counseling. Log on to www.studentloans.gov to complete the MPN and/or Entrance Counseling.
  • Trocaire College does not participate in Federal Perkins Loans.

Entrance Counseling Instructions

  1. Log on to http://www.studentloans.gov.
  2. Click on blue ‘sign in’ button on the upper right hand corner. You will need your FSA ID to complete this step (If you do not remember your FSA ID, log on to www.fsaid.ed.gov to retrieve it.)
  3. Click “Complete Loan Counseling.” Then, select Entrance Counseling.
  4. Select “TROCAIRE COLLEGE” by checking the box. If Trocaire does not appear, then search for it by selecting “NEW YORK” in the “School State” drop-down box and TROCAIRE COLLEGE in the “School Name” drop-down box. Click “Add School.”
  5. Select “I am completing entrance counseling to receive Direct Loans as an undergraduate student.”
  6. Click the “Continue” button.
  7. There are five main sections, and within each main section are subsequent sections that you need to complete. Each of these sections and subsequent sections must be read in their entirety and you must answer everything that is being asked of you, especially those questions in the purple-colored boxes.
    a.    Section 1: Understand Your Loans – five (5) subsequent sections
    b.    Section 2: Plan to Repay – four (4) subsequent sections
    i.    NOTE: In this section, near the top, there are two (2) tabs that you must click on and enter the appropriate numbers before continuing.
    c.    Section 3: Avoid Default – three (3) subsequent sections
    i.    NOTE: In this section, near the top, there are two (2) tabs that you must click on and enter the appropriate numbers.
    d.    Section 4: Make Finances a Priority – five (5) subsequent sections
    e.    Section 5: Repayment Information – four (4) sections
  8. Click on “Submit Counseling.”
  9. The next page will show you an Exit Counseling Summary. You can print this page out for your records.
  10. Scroll to the bottom of the page and click on “View Completed Counseling.”
  11. This page will list every counseling you may have completed. Please click on the blue words “View HTML” for the “Sub/Unsub Entrance” counseling you just completed. (It should be the very first one.)
  12. Print this page out for your records.

Exit Counseling Instructions

  1.  Go to the website http://www.studentloans.gov.
  2. Click on blue ‘sign in’ button on the upper right hand corner. You will need your FSA ID to complete this step (If you do not remember your FSA ID, log on to www.fsaid.ed.gov to retrieve it).
  3. Click on “Complete Loan Counseling.” Then, select Exit Counseling.
  4. Click on third ‘Start’ button under Exit Counseling box.
  5. Click the box next to TROCAIRE COLLEGE. If Trocaire does not appear then please search for the school. Click “Add School.”
  6. Click “Continue.”
  7. There are five (5) main sections and within each main section there are subsequent sections that need to be completed. Each of these sections and subsequent sections must be read in their entirety and you must answer everything that is being asked of you, especially those questions in the purple colored boxes.
    • Section 1: Understand Your Loans – three (3) subsequent sections
    • Section 2: Plan to Repay – four (4) subsequent sections
      i.    NOTE: In this section, near the top, there are three (3) tabs that you must click on and enter the appropriate numbers before continuing.
    • Section 3: Avoid Default – five (5) subsequent sections
    • Section 4: Make Finances a Priority – four (4) subsequent sections
    • Section 5: Repayment Information – one (1) section
    • In Section 5: Repayment Information you will be entering your current address, Driver’s License Number, phone number(s) and personal email address.
  8. Still in Section 5, it will then ask you to enter your current employer’s information or check the box if you are currently unemployed.
  9. Next enter your next of kin information. This should be a person that is in your immediate family, such as a mother, father or sibling, or you can select a name from the drop-down box. Please double check the information to make sure it is current.
  10. Under “Reference Information” you will need two (2) references. These references must be different from your next of kin information and should be people you would keep in contact with in the event you move or change your contact information.
    •    For each reference you will need:
    i.   Name
    ii.  Address
    iii. Phone Number
    iv. Relationship to you
  11. Under “Repayment Plan,” you must select a repayment plan that you think would be the best choice for your situation. This will inform your individual lender(s) of the plan you prefer. If you change your mind, you must contact your lenders and notify them of which plan you would like to switch to.
  12. Click “Submit Counseling.”
  13. The next page will show you an Exit Counseling Summary. You can print this page out for your records.
  14. Scroll to the bottom of the page and click on “View Completed Counseling.”
  15. This page will list every counseling you may have completed. Please click on the blue words “View HTML” for the Exit Counseling Summary you just completed. (It should be the very first one.)
  16. Print this page out for your records.

Alternative Loan Information

Important Information Regarding Lenders

Trocaire College’s Financial Aid Office has adhered to specific criteria to assist students and families in receiving excellent customer service and quality loan products in the loan selection process. The criteria includes competitive rates, borrower benefits, customer service, problem resolution and technical support. Students have the right to select the lender of their choice and will suffer no penalty for selecting a lender who is not on our list.

What should students and parents consider in selecting a lender?

  • Be sure that the lender you chose participates in processing your loan “electronically” with our college. If the lender uses a “paper only” process, it can delay your financial aid. Trocaire College will always process your paperwork regardless of its format.
  • Check http://www.finaid.org for a listing of various lenders.
  • Check the terms and fine print carefully.

How can I be sure that the above information is honest and accurate?

New York State Attorney General Andrew M. Cuomo has produced a booklet on the student lending business. The booklet explains your rights and responsibilities under federal and state laws regarding lending for college. You can download a copy of the booklet by going to www.oag.state.ny.us to learn your rights and responsibilities and protect yourself before you make a financial commitment. Please call or look at websites to evaluate lender benefits and the best loan option for you before applying. Ask about interest rates, forbearance (not paying until graduation), and benefits while in repayment.

NOTE: All alternative loan borrows must submit a Self-Certification Form to the lender. Most lenders will provide this form to borrows. If needed, a copy can be obtained at the Financial Aid Office.

Further Questions?

Contact Trocaire College today at 716.826.1200 and ask for the Financial Aid Office.

Important Loan Information

The U.S. Department of Education’s National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.gov.

If you’re not sure who your loan servicer is, you can look it up on www.nslds.ed.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913). To see a list of Federal Student Aid servicers for the Direct Loan Program and for FFEL Program Loans purchased by the U.S. Department of Education, go to the Loan Servicer page.

Trocaire College Code of Conduct for Financial Aid Professionals. The Financial Aid Office will not participate in any agreements providing unfair advantage to a lender or result in financial benefits to the college or its employees.


To resolve disputes with Federal Student Loans

The federal student aid Ombudsman of the Department of Education helps resolve disputes and solve other problems. Go to www.ombudsman.ed.gov for more information.

Federal Student Loan Repayment Information

Listed below are the current repayment plans that are offered for your Federal Student loans. For more information on a particular repayment plan, click on the repayment plan name.

Standard Repayment Plan: You generally pay a fixed amount each month for up to ten years.

Graduated Repayment Plan: Your payments start out low at first and then will increase, usually every two years. You must repay your loan, in full, within ten years.

Extended Repayment Plan: Under this plan you must repay your loans, in full, within 25 years.

Income Based Repayment (IBR): The required monthly payment is capped at an amount intended to be affordable based on your income and family size.

Income Contingent Repayment Plan: Your monthly payments will be based on your annual income (and that of your spouse, if married), your family size, and total amount of your Direct Loans.

Pay As You Earn Plan: This plan helps to keep your monthly student loan payments affordable and usually has the lowest monthly payment amount based on your income.