Student Loans - Stafford

Subsidized Stafford Loan:

Subsidized Stafford Loans are for undergraduate, graduate and professional degree students. You must have financial need. You must be enrolled as at least a *half-time student to be eligible. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during periods of *half-time enrollment and periods of deferment. Once the loan goes into repayment, the borrower (student) is responsible for the payment of the loan’s principal and interest.

Unsubsidized Stafford Loan:

Unsubsidized Stafford Loans are for undergraduate, graduate and professional degree students. Financial need is not a requirement to obtain an Unsubsidized Stafford Loan. You must be enrolled as at least a *half-time student to be eligible. The borrower (student) is responsible for the interest on the loan while in college and during grace and deferment periods. Once the loan goes into repayment the borrower (student) is responsible for the payment of the loan’s principal and interest.

Note:
full-time is defined as 12 or more credit hours each semester of attendance *half-time is defined as 6-8 credit hours each semester of attendance.

Loan Eligibility:

When the Financial Aid Office determines your eligibility for financial aid, consideration is given to your estimated costs for tuition, fees, books and supplies as well as living expenses and transportation. This is called the cost of attendance. The following is an average cost of attendance for a full-time, Colorado resident:

  Living with parents or relatives Living independently
Tuition and Fees $2,357 $2,357
Books and Supplies $1,749 $1.749
Living Expenses and Transportation $9,843 $13,176
Total $13,949 $17,282

Please note: in Colorado the value for all allowable cost of attendance components, except for tuition and fees, is annually determined by the Colorado Department on Higher Education. Individual expenses will vary based on your choice of lifestyle and living arrangements. Loan eligibility is determined by using the student's cost of attendance minus estimated family contribution (EFC), minus their total award package. The EFC calculation is derived from the FAFSA.

Additional Unsubsidized Loan

Dependent students may request an additional $2,000 in an unsubsidized loan above the federal loan that they have already been offered. Independent students may request an additional $6,000. Fill out the Loan Request Form to request the additional loan.

Loan Limits

Award Amounts - Effective July 1, 2008

Stafford Loan limits depend on year in school and dependency status

Classification/Year Base Amount Subsidized Loan Unsubsidized Loan Amount Total
Dependent Students
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Independent Students AND Students whose parents are unable to obtain a Plus Loan
Freshman $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500

Dependent students may borrow up to a $31,000* maximum as an undergraduate (not more than $23,000 subsidized)

Independent students may borrow up to a $57,500* maximum as undergraduates (not more than $23,000 subsidized)

*New limit(s) in effect July 1, 2008.

 

Federal Direct Stafford Loan Process

Entrance Counseling, Financial Awareness Counseling
Master Promissory Note (MPN) Instructions:

Go to https://studentloans.gov
Sign in using your FSA User ID and Password
If you are a new user or have forgotten your ID or password:
https://fsaid.ed.gov/npas/index.htm

Complete Step 1, Step 2 and Step 3

Step 1: COMPLETE ENTRANCE COUNSELING
Click on Complete Counseling
Select Entrance Counseling (1st option)
Follow all steps to completion.
Note: This step must be done if you have never completed this counseling before. It is also highly encouraged if you have not completed this counseling recently due to the many changes with student loans.

AND

Step 2: Complete Financial Awareness Counseling
Click on Complete Counseling
Select Financial Awareness Counseling (2nd option)
Follow all steps to completion
Note: This step is highly encouraged if you are requesting any additional loans during the current academic year.

AND

Step 3: SIGN A NEW MASTER PROMISSORY NOTE (MPN)
Click on MPN (Master Promissory Note)
Select 'Subsidized/Unsubsidized'
Follow all steps to completion.
Note: Borrowers who signed a MPN in the previous year do not need to complete a new MPN.

Electronic confirmation will be received within 24 - 48 hours for each of these sessions.

AND

Step 4: Complete the Federal Direct Stafford Loan Form indicating the amount of loan requested.
FEDERAL DIRECT STAFFORD LOAN REQUEST FORM


All pages of this form must be completed, signed and returned to the Financial Aid Office

You can fax the form to:
719-846-5420

or mail to:
TSJC, Financial Aid Office
600 Prospect St.
Trinidad, CO 81082

or you can email to:
financialaid@trinidadstate.edu

Electronic confirmation will be received within 24 - 48 hours for each of these sessions

Disbursement of Your Stafford Loan

Your loan will be disbursed in at least two installments. No installment will be greater than half the amount of your loan. If you are a first-year undergraduate student and a first time borrower, your first disbursement cannot be made until 30 days after the first day of your enrollment period.

NSLDS Disclosure

Please note that any loan borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.



Disclaimer
The Financial Aid Office has taken great care in providing the most recent information. Contents are subject to change without notice because of changing federal, state or institutional policies. All financial aid awards are contingent upon availability of funds and the student's final eligibility determination.