Loans
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 program: BS-RN.
- 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 1.057% origination fee will be assessed on your Direct Loans. This means that 98.943% of the Direct Loan will apply to your account.
- A 4.292% origination fee will be assessed on the Direct Parent PLUS Loan. This means that 95.708% 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 studentaid.gov to complete the e-MPN and/or Entrance Counseling.
- Trocaire College does not participate in Federal Perkins Loans.
- Go to https://studentaid.gov/entrance-counseling. Click on “Start” for “I am an Undergraduate Student” and enter your FSA ID (user name + password). If you do not remember your FSA ID, log on to fsaid.ed.gov to retrieve it.
- You will see a brief overview of the steps needed to complete this counseling. Click “Continue.”
- Select TROCAIRE COLLEGE from the Associated Schools drop down menu. If Trocaire does not appear then search for it by typing NEW YORK in the ‘Choose a State’ box and TROCAIRE COLLEGE in the ‘Search School by Name.” Click “Continue”
- There are six (6) modules and within each modules are topics that will be explained. Click “Start” for the first module. Each of these modules and topics must be read in their entirety and you must answer everything that is being asked of you.
- Module 1: Estimate the Cost of Your Education – two (2) topics.
- Module 2: Paying for Your Education – three (3) topics.
- This includes a mini-quiz testing your knowledge of what you have read.
- Module 3: Federal Student Loans – six (6) topics
- NOTE: this module requires you to estimate the total loan amount you will borrow during your career here at Trocaire. There is a default amount entered and it can be adjusted.
- This includes a mini-quiz testing your knowledge of what you have read.
- Module 4: How Much You Can Expect to Borrow – four (4) topics
- Module 5: Prepare for Repayment After School – five (5) topics
- You can enter your estimated total loan balance and annual gross salary – feel free to adjust both for different scenarios.
- This includes a mini-quiz testing your knowledge of what you have read.
- Module 6: Consequences of Not Repaying Student Loans – four (4) topics
- At the end of this module you can print/download a copy of the summary of your Entrance Counseling.
- Click on ‘Submit.’
- The Financial Aid Office will receive a confirmation the next business day.
- Go to https://studentaid.gov/mpn/. Click on the blue “Log in to Start for MPN for Subsidized/Unsubsidized Loans. You will need your FSA ID (username + password). If you do not remember your FSA ID, log on to fsaid.ed.gov to retrieve it.
- Click on ‘Start’ for “I’m an Undergraduate Student.”
- Step 1 – Information – please make sure your information is correct and that you fill in ALL fields.**Please remember to click on the checkbox indicating that the address you entered is our permanent address.**
- Under School Information: select state (NY) and school (Trocaire College). Click the ‘Continue’ button.
- Step 2 – References, you will need:
- Two (2) names of people you will keep in contact with in case you move.
- Addresses (both physical and electronic), phone numbers for these people.
- Click the ‘Continue’ button.
- Step 3 – Agreements – There are five sections you must read. Click ‘Continue.’
- Step 4 – Review & Edit – please make sure your information is correct. You must read each section. Click ‘Continue.’
- Step 5 – Sign & Submit – click the box certifying you have read, understand and agree to the terms & conditions. Type your name as it appears on the top of your screen next to Borrower and click the ‘Submit’ button.
- The next page will state “You have successfully submitted your MPN…”
- You can then click on the blue ‘View/download PDR Document.” You will need Adobe Acrobat reader to view the PDF which is available at www.adobe.com.
Alternative Loan Information
Important Information Regarding Lenders
Trocaire College’s Financial Aid Office is utilizing ElmSelect, a loan comparison website, to provide our students with a list of lenders that we recommend. We have 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,
- repayment terms & options
- customer service,
- problem resolution and technical support.
Trocaire College is required to review the list annually to verify the terms given. 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.
How to start your lender search:
- Log on to ElmSelect, enter “Trocaire College” and select your loan type:
- Undergraduate
- Health Professional
- Parent/Sponsor Loans
- Check the terms and fine print carefully.
You can use the QR code to go directly to ElmSelect as well: 
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 the Financial Aid Office today!
Important Loan Information
The Department of Education 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 your personal loans, please log on to studentaid.gov and view Your Dashboard.
If you’re not sure who your loan servicer is, you can look it up on studentaid.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.
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.
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.
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 Sensitive Repayment Plan: Your payments under this plan increase or decrease based on your annual income.
There are 4 income driven repayment plans. Please find information on all four at studentaid.gov.
- REPAYE – Revised Pay As You Earn Repayment plan
- PAYE – Pay Ad You Earn Repayment Plan
- IBR – Income Based Repayment Plan
- ICR – Income Contingent Repayment Plan
We have partnered with Student Connections to help our student discuss their repayment options once they have left our College. Please visit www.repaymyloans.org for more information.