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. Federal student loans are borrowed money that must be repaid, with interest. [fsapartners.ed.gov]

To be eligible for a Federal Direct Loan, you must be enrolled in at least 6 credit hours (half-time enrollment) during the semester. [ticas.org]

The amount you may borrow depends on:

  • Your dependency status (dependent or independent)
  • Your academic level
  • The number of credits you have earned or transferred
  • Your eligibility for other financial aid

If your eligibility changes during the academic year because you earn or transfer additional credits, contact the Financial Aid Office to discuss whether you qualify for additional loan funding.

Dependent StudentsDirect Subsidized LoanAdditional Direct Unsubsidized Loan
Freshman: 0-29 credits$3,500$2,000
Sophomore: 30-59 credits$4,500$2,000
Junior: 60-89 credits*$5,500$2,000
Senior: 90+ credits*$5,500$2,000
Independent StudentsDirect Subsidized LoanAdditional Direct Unsubsidized Loan
Freshman: 0-29 credits$3,500$6,000
Sophomore: 30-59 credits$4,500$6,000
Junior: 60-89 credits*$5,500$7,000
Senior: 90+ credits*$5,500$7,000

*Students may only be classified as a Junior or Senior for loan purposes if they are enrolled in a bachelor’s degree program. [fsapartners.ed.gov], [ticas.org]

Additional Loan Eligibility for Some Dependent Students
Some dependent students may qualify for additional Direct Unsubsidized Loan funds if their parent applies for a Parent PLUS Loan and is denied based on credit. Contact the Financial Aid Office for more information. [fsapartners.ed.gov], [ticas.org]

Parent PLUS Loans
Parents of dependent undergraduate students who are enrolled at least half-time (6 credits) may apply for a Parent PLUS Loan to help cover educational expenses. The parent borrower is responsible for repaying the loan and all accrued interest. Loan eligibility is determined by federal regulations and the student’s remaining educational costs after other financial aid has been considered. [ticas.org], [fsapartners.ed.gov]

Understanding Subsidized and Unsubsidized Loans

  • Direct Subsidized Loans are awarded based on financial need.
  • Direct Unsubsidized Loans are available regardless of financial need.

Depending on your financial situation, your loan package may include a combination of subsidized and unsubsidized loans or may consist entirely of unsubsidized loans. [ticas.org]

Your eligibility for a Direct Subsidized Loan may change if:

  • You receive additional financial aid, such as scholarships.
  • Other awards on your financial aid package change. [fsapartners.ed.gov]

Loan Fees

Federal loan fees are deducted before loan funds are sent to the College.

  • Direct Subsidized and Direct Unsubsidized Loans have a 1.057% origination fee, so approximately 98.943% of the loan amount is applied to your account. [financiala…astate.edu], [ticas.org]
  • Parent PLUS Loans have a 4.228% origination fee, so approximately 95.772% of the loan amount is applied to the student’s account. [financiala…astate.edu], [rit.edu]

First-Time Borrowers If you have never borrowed a Federal Direct Loan before, you must complete:

  • A Master Promissory Note (MPN)
  • Entrance Counseling

Both requirements can be completed online at StudentAid.gov. [fsapartners.ed.gov]

Entrance Counseling Instructions
  1. 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.
  2. You will see a brief overview of the steps needed to complete this counseling. Click “Continue.”
  3. 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”
  4. 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.
  5. Module 1: Estimate the Cost of Your Education – two (2) topics.
  6. Module 2: Paying for Your Education – three (3) topics.
  7. This includes a mini-quiz testing your knowledge of what you have read.
  8. Module 3: Federal Student Loans – six (6) topics
  9. 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.
  10. This includes a mini-quiz testing your knowledge of what you have read.
  11. Module 4: How Much You Can Expect to Borrow – four (4) topics
  12. Module 5: Prepare for Repayment After School – five (5) topics
  13. You can enter your estimated total loan balance and annual gross salary – feel free to adjust both for different scenarios.
  14. This includes a mini-quiz testing your knowledge of what you have read.
  15. Module 6: Consequences of Not Repaying Student Loans – four (4) topics
  16. At the end of this module you can print/download a copy of the summary of your Entrance Counseling.
  17. Click on ‘Submit.’
  18.  The Financial Aid Office will receive a confirmation the next business day.
Exit Counseling Instructions
  1. 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.
  2. Click on ‘Start’ for “I’m an Undergraduate Student.”
  3. 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.**
  4. Under School Information: select state (NY) and school (Trocaire College). Click the ‘Continue’ button.
  5. Step 2 – References, you will need:
  6. Two (2) names of people you will keep in contact with in case you move.
  7. Addresses (both physical and electronic), phone numbers for these people.
  8. Click the ‘Continue’ button.
  9. Step 3 – Agreements – There are five sections you must read. Click ‘Continue.’
  10. Step 4 – Review & Edit – please make sure your information is correct. You must read each section. Click ‘Continue.’
  11. 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.
  12. The next page will state “You have successfully submitted your MPN…”
  13. 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.

Perkins Loans

Trocaire College does not participate in the Federal Perkins Loan Program.

Work Study

  • Sent Statement of Educational Purpose to Liz Wheeler and not Kristen Knopeck
  • Work study is eligible for $3400 a semester, max 10 hours a week? 16 weeks $17/hr

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 include:

  • 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: Elm Select QR code

NOTE: All alternative loan borrowers must submit a Self-Certification Form to the lender. Most lenders will provide this form to borrowers. 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 an unfair advantage to a lender or resulting in financial benefits to the college or its employees.

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
Student Connections Logo

We have partnered with Student Connections to help our student discuss their repayment options once they have left our College. Please visit https://studentconnections.com/ for more information.