Loans
Get all the information you need to determine if you’re eligible for student loans, how much you can borrow, how to apply, and more.
Loan Eligibility Criteria
Student Loan Applicants must:
- Be enrolled in at least 6 credit hours in an eligible degree program in required coursework;
- Not be in default on a student loan;
- Be a U.S. citizen or eligible non-citizen;
- Have a High School Diploma or GED/HiSET Certificate;
- Have a valid Social Security number;
- Not owe money back on a federal student grant;
- Be making satisfactory academic progress.
Cohort default rate for Three Rivers College FY19 is 5.6%.
National default rate is 2.3%.
Percentage of loan borrowers for FY21 is 12.5%.
Federal Direct Student Loan Program
Three Rivers College is approved to participate in the Federal Direct Student Loan program which includes Subsidized Student Loans, Unsubsidized Student Loans, and Parent PLUS Loans. Detailed information regarding the program can be found at the Department of Education’s Student Aid website. Completion of the FAFSA is necessary to determine eligibility. Student loans must be repaid.
We strongly encourage you to borrow responsibly. You can choose to reduce or decline your loan amount by completing a Direct Loan Change Form.
Annual Loan Limits
The amount of loan you may request is based on the number of credit hours you have completed and your dependency status (dependent or independent as determined by the FAFSA). It is recommended that you borrow only what is necessary. Students do not have to request the annual maximum amounts and are encouraged to borrow only what is needed. Students cannot borrow more than the cost of attendance minus any other financial aid received.
| Dependent Student Subsidized & Unsubsidized Combined | Independent Student Subsidized & Unsubsidized Combined | |
|---|---|---|
| Freshman (less than 30 credit hours) | $5,500 ($3,500 Subsidized & $2,000 Unsubsidized) | $9,500 ($3,500 Subsidized & $6,000 Unsubsidized) |
| Sophomore (30 or more credit hours) | $6,500 ($4,500 Subsidized & $2,000 Unsubsidized) | $10,500 ($4,500 Subsidized & $6,000 Unsubsidized) |
Student Loan Application Process
You will need your FSA ID and password to complete the online requirements. If you have misplaced your FSA ID and/or password, please visit the Federal Student Aid website to retrieve it. Next, complete the steps listed below:
- Complete Undergraduate Entrance Counseling for Three Rivers College. (First-time borrower)
- Complete the Master Promissory Note for Subsidized/Unsubsidized (MPN) for Three Rivers College at www.studentaid.gov. (First-time borrower)
- Encouraged to complete the Loan Simulator with the amount that you would like to borrow for the year along with current loan amounts taken.
- Submit a completed Student Loan Data Sheet indicating the amount you wish to borrow to the Three Rivers College Office of Financial Aid. In addition to downloading them online, this student loan form may be obtained at any Three Rivers location.
Loan Fees & Interest Rates
There is an origination fee on Direct Subsidized and Unsubsidized Loans. The loan fee is an expense of borrowing one of these loans. The loan fee is a percentage of the amount of each loan the borrower receives and is subtracted proportionately from each loan disbursement. The interest rate for Direct Subsidized and Unsubsidized Loans is capped at 8.25%. Loan fees and current interest rates are established by the Department of Education.
Disbursements
Loan Disbursements are not released until attendance verification has been completed. If prior to disbursement you wish to reduce or cancel your student loan, complete the Direct Loan Change Form.
Note: Students borrowing to assist with living expenses should have other resources available to assist them during the first month of the semester. Loan disbursements begin approximately the 5th-6th week of classes.
Exit Loan Counseling
Federal regulations require all Federal Direct Loan Borrowers to complete Student Loan Exit Counseling.
Exit Loan Counseling should be completed by Federal Direct Loan Borrowers upon leaving the institution. Students who withdraw or drop below half-time status are still required to fulfill the Exit Counseling requirement. Three Rivers College receives electronic notification once you have successfully completed your Exit Counseling Session at www.studentaid.gov.
Three Rivers does not offer alternative loans such as Perkins or private student loans.
Parent PLUS Loan
PLUS loans are federally funded, low-interest loans made available to eligible PARENTS of dependent undergraduate students. A PLUS loan borrower must be creditworthy or must obtain a creditworthy endorser on the loan. The borrower is responsible for paying the interest on the loan from the time the loan is disbursed. PLUS loans are not based on financial need and require no collateral.
PLUS Loan Eligibility Criteria
- Parent of full-time or half-time dependent undergraduate student;
- U.S. citizen or eligible non-citizen;
- No adverse credit history;
- Valid Social Security number;
- Certify that you are not in default on a federal student loan and that you do not owe money back on a federal student grant.
- Complete Parent Plus Application.
It is recommended that a student first borrow a Federal Direct Subsidized or Unsubsidized Student Loan if possible, as PLUS loan interest rates are higher and PLUS loan repayment begins immediately after the first disbursement of the loan.
