Loan Processes 2014-2015
Federal Direct Stafford Loans
- Based on the results of the FAFSA, you may be offered funding through the Federal Direct Stafford Loan program. The maximum amount of Stafford loans per year for graduate students is $20,500. The Stafford loan has a 1.072% fee deducted from the disbursements, and a 5.41% fixed interest rate.
- Completing your Stafford Loan process requires either 2 or 3 steps, depending on whether you have used a Federal Stafford loan before:
- Accept your Stafford Loan awards online at http://my.tcu.edu/. Log in and click on Financial Aid, Financial Aid Home, then Accept/Decline Financial Aid.
- Within 2 business days, TCU may notify you via email that it is time to complete the Master Promissory Note (MPN) for your Federal Direct Stafford Loan. Go to http://www.studentloans.gov/ and click on the green Sign In button. You will need your federal PIN number (this is the number you used to e-sign the FAFSA) to log in. Once you're in, click on Complete MPN on the left side menu. Then choose the loan type Subsidized/Unsubsidized, and follow the on-screen instructions from there. TCU will receive electronic confirmation that you have completed the MPN process.
- This step is required if you have never used Federal Stafford Loan funds before at any school. Within the http://www.studentloans.gov/ site, click Complete Entrance Counseling on the left menu and follow the instructions. TCU will be notified electronically that you have completed this step.
Other Loan Options
- The Federal Stafford Loan Program has an annual loan limit of $20,500 for graduate students. If you anticipate needing more than $20,500 for the 2014-2015 academic year, you may need to consider applying for an additional loan. Click below to compare the different loan types available.
General Loan Comparison Information
Remember, your requested loan amount is only for the 2014-2015 academic year, which includes summer 2014 through spring of 2015. (Loan Payment Calculator)
The TCU Financial Aid Office will notify you through your TCU email when loan funds have credited your student account. However, you can review https://my.tcu.edu/ – Student Accounts for your financial aid credits and current account balance.
The TCU Financial Aid Office will notify you by TCU email when loan funds have credited your student account. However, you can review https://my.tcu.edu/ – Student Center – Account Inquiry for your financial aid credits and account balance.
Disbursement of loans is contingent upon enrollment of classes and completion of requested form(s). It may take 3-5 days after enrollment for loans to credit a student’s account.
Once your financial aid has disbursed and if you have a credit on your student account, you can request a check refund from Student Accounts in Financial Services (Sadler 2011). (Click here for more information about credit balance refunds.)
Debbie Mar, Graduate Financial Aid Advisor
Sadler Hall Room 3101