Coronavirus and Forbearance Info for Students, Borrowers, and Parents
Many of our students ask about student loan opportunities. On this page, you’ll find a variety of options for which you might be eligible. The Financial Aid Office can help you every step of the way to find real resources to make your TU education possible.
The facts about financing your education:
Few students can afford to pay for college without some form of education financing.
Grants, scholarships, work-study, and other forms of gift aid may not cover the full cost of tuition, fees, and room and board. Many students find that they must supplement their savings with government and private loans.
First, what is a student loan?
A student loan is a form of financial aid that must be repaid.
Your primary loan options include:
Federal Direct Stafford Loans
Federal Parent PLUS Loan for Undergraduate Students
Federal Graduate PLUS Loans (if applicable)
Federal Direct Loans - The student is the borrower of this loan. It is awarded by the financial aid office based on the results of the Free Application for Federal Student Aid, (FAFSA). The loan can be subsidized or unsubsidized. Subsidized loans are awarded based on financial need. Subsidized loans have their interest paid by the federal government while the student is in school. Unsubsidized Stafford loans accrue interest to the student from the time the loan is disbursed to the student’s account. The interest rate on the subsidized and unsubsidized loans for undergraduate students for loans originating after July 1, 2017 is 4.45%. The interest rate on unsubsidized loans for graduate students for loans originating after July 1, 2017 is 6%. Payments can be deferred for as long as the student is enrolled at least half-time (6 credits as an undergraduate). Graduate students only qualify for unsubsidized loans.
Important Note about Federal Direct Loans:
- All first-time students at Tiffin University borrowing from the Federal Direct Loan Program must complete an online Entrance Counseling session and a Master Promissory Note.
Current students who will be graduating, withdrawing, or dropping below half-time enrollment status must complete an online Exit Counseling session.
For more information about Entrance Counseling, a Master Promissory Note, and Exit Counseling Federal Parent PLUS Loan for Undergraduate Students - The parent of the dependent undergraduate student is the borrower of this loan. The loan can be made available after the student has completed the FAFSA and has been awarded other forms of financial aid. The parent may borrow up to the cost of education, minus other forms of aid, for each academic year. Interest accrues from the time the loan is disbursed, but parents may elect to have their payments deferred while you are in school. The interest rate for PLUS loans originating after July 1, 2017 is 7%. To apply for the Parent Plus loan please go to: studentloans.gov
Federal Graduate PLUS Loan - Graduate and professional degree students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and the interest rate for loans originating after July 1, 2017 is 7%. Applicants are required to complete the FAFSA. They also must have applied for their annual loan maximum eligibility under the Federal Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan. To apply for the Graduate PLUS loan please go to: studentloans.gov
Private Loans – are credit based loans in the student’s name (with possible cosigner). Most of these loans offer deferment of repayment until six months after graduation or until six months after falling below half-time status as a student. When considering this option please compare repayment options, interest rates and the origination fees of each loan. Students can choose to borrow from any lender that they prefer, students do not have to choose from the lenders below. Tiffin University has chosen these preferred lenders below because they have great customer service and a great reputation with working with students and parents.
Preferred Lender List for Private Loans:
- Citizens Bank
- CU Student Loans
- Discover Student Loans
- Educational First Credit Union
- PNC Bank
- Sallie Mae
- Sun Trust Bank
- Union Federal
Please visit these lenders’ websites to compare the lenders and their disclosure terms and conditions to determine which one fits your needs. You can also apply and review these terms and conditions on our website through FastChoice.
Once approved, the financial aid office is notified of the approval and the amount. Most of these funds will be received by the school electronically.
* If you will be attending TU in both the fall and spring semesters, please apply for a loan in the amount you would like for the entire academic year (we will split that amount evenly between fall and spring semesters). Please remember to accept your Federal Stafford Loans before you decide on a Private Loan.
Differences and Comparison of Federal Loan vs Private Loan