Loans

Federal Loans

Whether you are a dependent or independent student, it is likely that you will need to borrow some funds to pay for your college education. Grants, scholarships, work study and your Expected Family Contribution (EFC) will pay for most of your college expenses. A loan will fill in any financial gaps.

Once your FAFSA is complete and you have met with a Financial Aid Advisor, you have a good idea how much you will need to borrow. The Financial Aid Advisor will explain the types of loans that are available to you. You will also need to complete a Student Loan Entrance Interview online before you can receive any loans.

The table below contains a brief explanation of each Federal Direct Loan that Trocaire College participates in. A comprehensive explanation of the federal loan process is contained in the handbook, The Guide to Federal Student Aid. This handbook is free and available in our Financial Aid Office, or online at
www.FederalStudentAid.ed.gov.

Please note that Trocaire College does not participate in Federal Perkins Loans.

Directions for Completing Entrance Interview

1. Log on to Studentloans.gov.
2. Click on green 'sign in' button on the left hand side. You will need your Social Security Number, the first 2 characters of your last name, your date of birth, and your PIN #. (If you do not remember your PIN #, log on to www.pin.ed.gov to retrieve it.)
3. Under Counseling, click 'Complete Entrance Counseling'. Then you need to click on the blue link entitled 'Complete Entrance Counseling.'
4. Select ‘I am completing entrance counseling in order to receive loans as an undergraduate student.’
5. Click the 'Continue' button.
6. Read the guidelines, and then click the 'Continue' button.
7. You need to select your state (NY) and your school (Trocaire College).
8. Click the 'Continue' button.
9. There are 14 topics that require you to read a paragraph and answer multiple questions. Read each paragraph, and answer the questions.
10. Topic #15 contains information regarding consolidation options once you graduate, along with the National Student Loan Data System's (NSLDS) website and phone number. NSLDS contains all of your loan information from every school you attended with your lender information for each loan you borrowed.
11. Topic #16 reviews the Borrower's Rights & Responsibilities. You will need to click on the blue link entitled 'Click here to view the Borrower's Right & Responsibilities for Direct Loan Sub/Unsub/Perkins loan type.'
12. A new window will open that contains the rights and responsibilities for you as the borrower. Read and review everything contained in the box.
13. You will need to click the 'Submit' button.
14. Once you submit, you will receive a 'confirmation page' that states you have successfully completed the entrance counseling.

Alternative Loan Info

Important Information Regarding Lenders

Trocaire College's Financial Aid Office has adhered to specific criteria to assist students and families in receiving excellent customer service and quality loan products in the loan selection process. The criteria includes competitive rates, borrower benefits, customer service, problem resolution and technical support. Students have the right to select any lender of their choice and will suffer no penalty for selecting a lender who is not on our list.

What should students and parents consider in selecting a lender?

• Be sure that the lender you chose participates in processing your loan "electronically" with our college. If the lender uses a "paper only" process it can delay your financial aid. Our college, however, will always process your paperwork regardless of its format.
• Check www.FinAid.org for a listing of various lenders
• Check the terms and fine print carefully.

How can I be sure that the above information is honest and accurate?

New York State Attorney General Andrew M. Cuomo has produced a booklet on the student lending business. The booklet explains your rights and responsibilities under federal and state laws regarding lending for college. You can download a copy of the booklet by going to www.oag.state.ny.us to learn your rights and responsibilities and protect yourself before you make a financial commitment.

• Please call or look at websites to evaluate lender benefits and the best loan option for you before applying. Ask about interest rates, forbearance (not paying until graduation), and benefits while in repayment.

NOTE: All alternative loan borrows must submit a Self-Certification Form to the lender. Most lenders will provide this form to borrows. If needed a copy can be obtained at the Financial Aid Office.

Further Questions?
Please call the college at 716.826.1200 and ask for the Financial Aid Office.

Important Loan Info

The U.S. Department of Education's National Student Loan Data SystemSM (NSLDSSM) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.gov.

If you're not sure who your loan servicer is, you can look it up on www.nslds.ed.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913). To see a list of Federal Student Aid servicers for the Direct Loan Program and for FFEL Program Loans purchased by the U.S. Department of Education, go to the Loan Servicer page.

To resolve disputes with Federal Student Loans

The federal student aid Ombudsman of the Department of Education helps resolve disputes and solve other problems. Go to www.ombudsman.ed.gov for more information.

The new Income-Based Repayment (IBR) Plan & Calculator is available to borrowers on July 1, 2009.

Trocaire College Code of Conduct for Financial Aid Professionals. The Financial Aid Office will not participate in any agreements providing unfair advantage to a lender or result in financial benefits to the college or its employees.