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:  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 choose to pay the interest while enrolled, or defer until after completing enrollment.

• Independent students may request up to $6,000 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.
• Dependent students may borrow an additional $2,000 from the Unsubsidized Stafford Loan.  

Federal Parent Loan for Undergraduate Students (PLUS):  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.

INTEREST RATES (effective July 1, 2009)

For information regarding interest rates prior to July 1, 2008, please contact your lender or a campus financial aid office.

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 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. Also, please review the information below regarding the College's lender list.
   
   
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 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 2009-2010 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 2009-2010 (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

121 College Place

Norfolk, VA 23510

TCC PLUS Loan Forms

PLUS Loan Request Form 2009-2010 

PLUS Master Promissory Note (with Addendum)

Make sure you read/print/maintain the Addendum at the end of the Master Promissory Note.

LENDER LIST

Tidewater Community College provides a list of lenders to aid students in making an informed decision regarding their student loan borrowing.

The primary selection criterion is always low cost, but other criteria also play a role.  These criteria include the quality of customer service, lender reputation, benefits available to the borrower, ability to participate in the College's online loan process, and the lender's efforts in the area of default management.

Tidewater Community College does not discriminate against any lender or require families to borrow only from lenders on this list.  Students and parents may choose to borrow from any lender.  Tidewater Community College does not delay in certifying a loan from a lender that is not on this list.

Students who choose to use a lender from the lender list may complete the College’s online student loan application (see link above).  Students who select a lender that is not on the lender list will need to complete the appropriate application and receive counseling in person at the campus financial aid office.

Tidewater Community College does not receive inducements, direct or indirect, from any lender as is compliant with the Higher Education Opportunity Act of 2008.

The College’s lender list is developed through a multi-step process.  First, a questionnaire is developed in order to ascertain those qualities or borrower benefits that we feel are most beneficial to students.  This questionnaire is then sent to lenders in the Tidewater and Virginia service area.  A rating system is developed to assign points to each question, based on what we feel are the most important aspects of the student loan borrowing and repayment process.  Those lenders with the highest rankings are discussed and the final list of five lenders is established.  The committee reviewing lender responses is comprised of the Director of Central Financial Aid, the Assistant Director of Central Financial Aid, the Student Loan Supervisor, and the financial aid administrators from each of the College's four campuses.

The 2009-2010 lender list at Tidewater Community College includes the following lenders in no particular order:

PNC Bank (809402)

SunTrust (819873)

Wachovia (830005)

Edamerica (831453)

Sallie Mae (802218)

Questions regarding the College's preferred lender list may be directed to any campus financial aid office.

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		M Simmons ~ VBFinAid@tcc.edu
Phone ~ 757 - 822 - 1236		Phone ~ 757 - 822 - 7292

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