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 1.059% origination fee will be assessed on your Direct Loans. This means that 98.941% of the Direct Loan will apply to your account.
- A 4.236% origination fee will be assessed on the Direct Parent PLUS Loan. This means that 95.764% 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.
Entrance Counseling Instructions
- Go to https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance. Click on “Log in to Start” 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.
- Select TROCAIRE COLLEGE from the Associated Schools drop down menu. 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 ‘Notify this school.’
- Select ‘I am completing entrance counseling to receive Direct Loans as an undergraduate student.’ Click the ‘Continue’ button.
- There are five (5) main sections and within each main section are topics that will be explained. Each of these sections and topics must be read in their entirety and you must answer everything that is being asked of you.
- Section 1: Understand Your Loans – five (5) topics.
- Section 2: Manage Your Spending – four (4) topics.
- NOTE: this section requires you to input your funds (ex. financial aid, employment, etc.) and your expenses (ex. tuition, clothing allowance, etc.) You can use estimates!
- Section 3: Plan to Repay – three (3) topics
- Section 4: Avoid Default – six (6) topics
- Section 5: Finances: A Priority – four (4) topics
- Click on ‘Submit Counseling.’
- The next page will show you an Entrance Counseling Summary. You can print this page out for your records.
- The Financial Aid Office will receive a confirmation the next business day.
Exit Counseling Instructions
- Log on to https://studentaid.gov/app/counselingInstructions.action?counselingType=exit. Click on “Log in to Start” 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.
- Click the box next to TROCAIRE COLLEGE. If Trocaire does not appear then please search for the school. Click “Add School.”
- Click “Continue.”
- 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.
- 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.
- 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.
- 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:
iii. Phone Number
iv. Relationship to you
- 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.
- Click “Submit Counseling.”
- The next page will show you an Exit Counseling Summary. You can print this page out for your records.
- Scroll to the bottom of the page and click on “View Completed Counseling.”
- 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.)
- Print this page out for your records.
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:
- Health Professional
- Check the terms and fine print carefully.
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.
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.
Trocaire College Code of Conduct. 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 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