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Federal Direct Loan Program


(information is subject to change without notice)



The Federal Direct Loan Program offers Direct Loans to eligible students and parents to help pay for the cost of a student's education after high school.  The lender is the U.S. Department of Education, though you may deal with a different entity as your loan servicer.

Types of Direct Loans are Subsidized Loans, Unsubsidized Loans, Parent PLUS Loans, and Graduate PLUS Loans.  Not all loans are available to all students.  Status and specific circumstances of the student and/or program may affect loan availability. 

With Direct Loans, you


•Borrow directly from the federal government and have a single contact-your loan servicer-for everything related to repayment, even if you receive Direct Loans at different schools.
•Have online access to your Direct Loan account information via your servicer's website.
•Can choose from several repayment plans, and you can switch repayment plans if your needs change.

Applying for Aid


As with all federal student aid, you apply for Direct Loans by filling out the Free Application for Federal Student Aid (FAFSA).  Most students use FAFSA on the Web to complete their applications.  Please include the TSBC School Code of 034754 on your FAFSA application.  This will allow the information on your FAFSA to be transmitted to TSBC.  If you are unable to utilize the Web or would like further assistance, please contact the TSBC Financial Aid Office. 

The Direct Loan Program offers the following types of loans:


•Subsidized: for students with demonstrated financial need, as determined by federal regulations.  No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
•Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
•PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students.  PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance.  Interest is charged during all periods.
•Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan.

Additional loan information is available on the Department of Education Federal Student Aid website at http://www.direct.ed.gov/student.html  This site includes information on interest rates, repayment plans, postponing payments, and Loan cancellation and consolidation

Students may also review loan processing information sorted by student status: 
Applying
In School
Leaving School
Repayment

Important Links for Loans
StudentLoans.gov
Loan Services
Direct Loan Consolidation
Federal Student Aid Repayment Plans
Student Aid on the Web