FINANCIAL AID:  STUDENT LOANS

Tidewater Community College offers student loan opportunities to students through the Federal Family Education Loan Program (FFELP).  This is a federal loan program that provides low interest loans to students who are enrolled at least half-time and meet all other eligibility requirements. 

LOAN TYPES

Federal Subsidized Stafford Loan:  This loan is awarded to students who demonstrate financial need and are enrolled at least half-time (six or more credit hours).  The U.S. Department of Education subsidizes the interest on this loan while the student is enrolled at least half-time and during periods of grace and deferment.

• Students at a freshman grade level (1-29 completed credit hours) may request up to $3,500 annually from this loan.
• Students at a sophomore grade level (30 or more completed credit hours) may request up to $4,500 annually from this loan.

Federal Unsubsidized Stafford Loan:  This loan is awarded to students who are independent (as determined by the FAFSA) or who do not have a demonstrated need in order to qualify to receive the Subsidized Stafford Loan.  Students must be enrolled at least half-time (six or more credit hours).  Interest begins to accrue as soon as the loan is disbursed.  Students may chose to pay the interest while enrolled, or defer until after completing enrollment.

• Independent students may request up to $4,000 annually after eligibility for the Subsidized Stafford Loan has been exhausted.
• Dependent students may borrow this loan for the difference between their grade level annual maximum (described above) and the amount they can receive from the Subsidized Stafford Loan. 

Federal Parent Loan for Undergraduate Students:  This loan is available to the parents of dependent students (as determined by the FAFSA) who are enrolled at least half-time. This is a credit-based loan and the parent borrow must begin repaying the loan while the student is enrolled.  Payments on both principle and interest begin sixty days after the first disbursement is made. The parent may borrow the difference between the student's cost of attendance and any financial aid received.

GENERAL ELIGIBILITY REQUIREMENTS

Students who request to borrow a student loan must meet all of the following criteria:

• Be a U.S. citizen or national or an eligible non-citizen as defined by the U.S. Department of Education.
• Be enrolled in an eligible curriculum for financial aid purposes.
• Have a high school diploma or general education development (GED) certificate or have passed an ability to benefit test approved by the U.S. Department of Education.  Students who have completed home schooling at the secondary level may also be eligible.
• Be meeting the Standards of Satisfactory Academic Progress at Tidewater Community College.
• Have not defaulted on a federal student loan or owe an overpayment on a federal aid program.
• Be enrolled at least half-time (6 or more credit hours).
• Complete an Entrance Counseling Session (included with the application process)

APPLICATION PROCESS

Online Application Process for Federal Stafford Loans

For your convenience, Tidewater Community College uses an online loan application process . The following steps will guide you through this process.  Please read all steps before beginning your online application:

1. File the Free Application for Federal Student Aid (FAFSA) available online at www.fafsa.ed.gov.
   
   
2. Receive your Financial Aid Award Notice from TCC detailing your eligibility for loans and the recommended amount you may need to help you meet your expenses.  You must not proceed to step three until you have received this notice.
   
   
3. Select the link below--“Complete the Loan Application Process Now”.
    
4. Select a lender from our preferred lender list. We encourage you to compare borrower benefits offered by each lender when making a selection.  If you prefer to use a lender that is not on this list, please visit any of our four campus financial aid offices to complete the application process manually.
   
   
5.  Once you have selected your lender, there are three steps that you must complete in order to apply for the Stafford loan:
   • Complete an entrance counseling session.
   • Complete the Master Promissory Note (MPN).
   • Complete the Loan Request Form for TCC and then sign your MPN electronically.
     
     

The entire application process will take approximately 30 minutes.  You must complete ALL STEPS before your materials will be sent to TCC for processing.  Skipping any one section will prevent your loan from being processed.  E-sign your Master Promissory Note for faster processing.  If you choose to print and manually sign your MPN, please be aware that your application process will not be complete until the guarantor receives your signed note. 

        6.    After you have successfully completed all of these steps, your application will be electronically sent to

               Central Financial Aid for processing.  Depending on the timing of your application, the approval of your

               loan should be completed within seven to ten business days.  During peak processing times, you may

               experience a longer completion time.  Once this processing time line has passed, you may check the

               status of your loan by logging into your SIS account to view your student loan award.

Complete the Loan Application Process Now.           

Loan Application Process for Parent Borrowers (PLUS Loans)

Currently, parent borrowers must complete a manual application process in order to request a PLUS loan.  Prior to completing this request, the student must have completed the Free Application for Federal Student Aid (FAFSA) for the 2007-2008 academic year and received a Financial Aid Award Notice from TCC.

The college is required by the U.S. Department of Education to determine certain eligibility criteria for both parents and students prior to certifying a PLUS loan application.  This eligibility criteria may include INS, NSLDS, Selective Service, Social Security, Veteran status, etc.  The results of the FAFSA are used for this purpose.

Please follow the steps below to apply for the Federal Parent Loan for Undergraduate Students (PLUS):

1. Be sure that the General Eligibility Requirements listed above have been met.
2. Download the PLUS Loan Request Form for 2007-2008 (below) and complete.
3. Download the PLUS Master Promissory Note (below) and complete.
4. Submit ALL completed forms to the campus Financial Aid Office or mail to the Central Financial Aid Office at the address below:

Central Financial Aid

Tidewater Community College

P.O. Box 9000

Norfolk, VA 23509-9000

TCC PLUS Loan Forms

PLUS Loan Request Form 2007-08

PLUS Master Promissory Note (with Addendum)

Make sure to read/print the Addendum at the end of the Master Promissory Note

TCC Financial Aid Contact Information
Chesapeake Campus		Portsmouth Campus
1428 Cedar Road		7000 College Drive
Chesapeake, VA 23322		Portsmouth, VA 23703
Cynthia Hunter ~ CHunter@tcc.edu		Theresa Ruffing ~ TRuffing@tcc.edu
Phone ~ 757 - 822 - 5145		Phone ~ 757 - 822 - 2215
Norfolk Campus		Virginia Beach Campus
300 Granby St.		1700 College Crescent
Norfolk, VA 23510		Virginia Beach, VA 23453
Christine Damrose-Mahlmann ~ CMahlmann@tcc.edu		Margo Simmons ~ VBFinAid@tcc.edu
Phone ~ 757 - 822 - 1236		Phone ~ 757 - 822 - 7292

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