The U.S. Government offers a variety of financial-assistance programs. All federal programs require the completion and submission of the FAFSA (Free Application for Federal Student Aid), plus the submission of all other documentation required by the TCL Financial Aid Office.
All financial aid is awarded without regard to race, color, sex, age, religion, national origin, disability, or other individual distinction.
Important Notes:
- To have the best opportunity for financial aid awards each fall, have your FAFSA and scholarship applications completed and returned by April 1st.
- Go to www.studentaid.gov to complete the current academic year application. TCL school code is 009910
- Start the Financial Aid process EARLY.
GRANTS
Federal Pell Grant
Description
The Federal Pell Grant is the largest federal student aid gift assistance program available to undergraduates.
Eligibility
To determine eligibility, a student must apply for this grant by completing the Free Application for Federal Student Aid (FAFSA).
Based on information submitted on the FAFSA, the school receives an Institutional Student Information Report (ISIR) from the Department of Education. Simultaneously, the student receives a FAFSA Submission Summary. This report provides the Student Aid Index (SAI) number that is used to determine Pell Grant eligibility.
Other factors that affect the amount of the grant are enrollment status (full-time or part-time) and the cost of attendance. United States Department of Education regulations require that students receiving federal student aid (i.e.: Pell Grant, Direct Loans, and Work Study) be enrolled in courses that are applicable toward their degree.
Students enrolled in coursework not applicable toward their degree requirements could see their financial aid package prorated or cancelled. To remain eligible and receive the full financial aid package, students must be enrolled in a minimum of 12 credit hours within their degree program each semester.
Grant Amount
The grant amount depends on your SAI and a budget passed by Congress annually.
View the maximum Federal Pell Grant award for this academic year.
Requirements
To receive the Pell Grant, a student must:
- Apply by submitting the FAFSA to the federal processor
- Be enrolled in a Title IV eligible program of study:
- The grant is not available to students who have previously received a bachelor’s degree from any institution or to students who have not yet earned a high school diploma or GED equivalent.
- Be a U.S. citizen; be in the United States for other than a temporary purpose with the intention to become a permanent resident: or be a citizen of the Federated States of Micronesia, the Republic of the Marshall Islands or the Republic of Palau.
- Maintain satisfactory academic progress
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
Description
This program is available to full-time first-time undergraduates who have exceptional financial need.
Eligibility
Students must maintain satisfactory academic progress to receive FSEOG assistance.
Grant Amount
Varies according to funding, but is typically $1,000.
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Requirements
- Apply by submitting the FAFSA to the federal processor:
- These funds are automatically awarded if the student is eligible based on their FAFSA information and available funding. However, if selected for verification, that process must be completed before a student can receive their grants.
- Be enrolled in a minimum of 6 credit hours in a Title IV eligible program of study.
- The grant is not available to students who have previously received a bachelor’s degree from any institution or to students who have not yet earned a high school diploma or GED equivalent.
- Submit any required follow-up documents promptly.
*FSEOG awards only available until funds are depleted. Students should complete the FAFSA early.
FEDERAL WORK STUDY (CWS)
Learn more about the Federal Work Study program here.
LOANS
Student loans can help fill the gap between the cost of attendance and the amount of aid received through scholarships and grants. However, because these funds must be repaid, students are encouraged to only borrow the amount they need. TCL students must submit a Loan Request through Self Service in order to be evaluated for federal loan eligibility.
TYPES OF LOANS
FEDERAL DIRECT LOAN
Federal Direct Loans are federally regulated low-interest educational loans provided by lending institutions. Student must be enrolled at least half-time (6 credit hours for undergraduate) in a Title IV eligible program and maintain satisfactory academic progress. Financial need is not necessary, but the Free Application for Federal Student Aid (FAFSA) is required. Loan repayment begins six months after graduation or departure from school.
SUBSIDIZED VS. UNSUBSIDIZED DIRECT LOANS
Subsidized Direct Loans
A subsidized Direct Loan is awarded to undergraduate students only based on financial need as determined by the results of the FAFSA and other financial aid (such as grants and scholarships) received. You will not be charged interest on the loan while you are in school at least half-time or during grace and deferment periods. The federal government “subsidizes” the interest on these loans.
Unsubsidized Direct Loans
An unsubsidized Direct Loan is not awarded based on financial need. You will be charged interest on the loan from the time of the first disbursement until it is paid in full. If you allow the interest to accumulate while you are in school (or during other periods of nonpayment), it will be capitalized. This means the interest will be added to the original principal amount of your loan, and additional interest will be based on the higher amount. Making interest-only payments while in school will result in a lower amount repaid in the long run.
LOAN AMOUNTS
THE MAXIMUM AMOUNT YOU CAN BORROW EACH ACADEMIC YEAR DEPENDS ON YOUR GRADE LEVEL AND DEPENDENCY STATUS. SEE THE CHART FOR ANNUAL AND LIFETIME BORROWING LIMITS. THE AMOUNTS BELOW ARE THE MAXIMUM VALUES — YOU MIGHT NOT BE ELIGIBLE FOR THE MAXIMUM ANNUAL AMOUNTS BECAUSE OF OTHER FINANCIAL AID YOU RECEIVE.
MAXIMUM LOAN AMOUNTS
| Year | Dependent Undergraduate | Independent Undergraduate |
| First (0-29 earned hours) | $5,500 (including up to $3,500 subsidized) | $9,500 (including up to $3,500 subsidized) |
| Second (30-59 earned hours) | $6,500 (including up to $4,500 subsidized) | $10,500 (including up to $4,500 subsidized) |
| Third and beyond (60+ earned hours) | $7,500 (including up to $5,500 subsidized) | $12,500 (including up to $5,500 subsidized) |
| Aggregate Loan Limits | $31,000 (including up to $23,000 subsidized) | $57,500 (including up to $23,000 subsidized) |
HOW TO APPLY FOR A DIRECT LOAN
The FAFSA is required for both subsidized and unsubsidized Federal Direct Loans. When you complete the FAFSA, and all required verification documents (if applicable), you have the option to complete a Loan Request Form through the Financial Aid portal of your Self Service account. After your Loan Request Form has been submitted you do have the option to submit a Loan Adjustment Form (found on the Financial Aid Forms page) to reduce the amount of your loan or decline the loan completely.
To complete the loan process, you will need to:
- Complete the Loan Request Form in Self Service.
- Complete entrance loan counseling at studentaid.gov if this is your first loan at TCL.
- Complete a Master Promissory Not (MPN) at studentaid.gov if this is your first Direct Loan.
- When notified to do so, accept the financial aid offer in the Self Service Financial Aid portal.
View Interest Rates for Federal Direct Loans
PROMISSORY NOTES
An electronic loan application will be created and transmitted to the U.S. Department of Education. First-time borrowers through the Direct Loan program will be directed to complete a promissory note. This can be done electronically at studentaid.gov. The promissory note is a legal, binding document whereby you agree to repay the loan.
CHANGING LOAN AMOUNTS
You are encouraged to only borrow needed funds. If your originally request a loan for more than you desire, you can reduce the amount by submitting a Loan Adjustment Form located on the Financial Aid Forms page. You will need to complete the form in its entirety and submit electronically to the Office of Financial Aid.
FEDERAL PARENT PLUS LOAN
Through this program, parents of dependent undergraduate students can borrow up to the annual cost of attendance minus any other financial aid that the student receives for the year. Financial need is not necessary, but the Free Application for Federal Student Aid (FAFSA) is required. Eligibility for a PLUS loan is based on a parent’s creditworthiness and not on financial need. Repayment of PLUS loans begin 60 days following the final disbursement of the loan each year. Parent borrowers may defer repayment while the student is enrolled at least half-time for an additional six months beyond the student’s graduation or when the student drops below half-time enrollment. Deferment periods must be corrected by contact-
HOW TO APPLY FOR A PLUS LOAN
- Submit the FAFSA.
- Complete the Federal Parent PLUS Loan application for the appropriate academic year on studentaid.gov.
- Complete a PLUS Loan Master Promissory Note for parents at studentaid.gov.
LOAN AMOUNT
Parents may borrow up to the annual cost of attendance minus any other financial aid that the student receives for the year.
View Interest Rates for Federal Parent PLUS Loans
ELIGIBILITY REQUIREMENTS
- The student must be enrolled at least half-time (6 hours or more).
- The student must maintain satisfactory academic progress as defined by the Technical College of the Lowcountry Satisfactory Academic Progress Policy.
- The student and borrower must not have defaulted on or owe a refund to any previous student aid program.
- The student and borrower must be U.S. citizens, U.S. nationals or permanent residents.
PRIVATE LOANS
Private loans help bridge the gap between the cost of education and the limited amount of financial aid available through federal programs.
If assistance beyond what is available through the federal loan programs is desired, there are several private lenders who offer alternative loans to cover educational expenses. Loan approval is generally based on creditworthiness and ability to repay—for students, a credit-worthy, employed co-signer might be required (and is strongly encouraged to get the best rates and terms).
BEFORE APPLYING FOR A PRIVATE LOAN
Consider Federal Loans
In most cases, it is advantageous for students to pursue Unsubsidized Federal Direct Loans and for parents to pursue Federal PLUS Loans before seeking private loans. A major advantage of these federal programs is that the federal government caps the interest on the loans. Additionally, alternative loans typically do not offer the same benefits as federal loans, such as consolidation, service cancellations and military repayment.
Applying for a Private Loan
For funds to be available for payment purposes, we recommend that applications be submitted by these priority dates:
- June 30 for the Fall semester
- November 1 for the Spring semester
- April 1 for the Summer semester
Please note that the credit check performed by many lenders expires after 90 to 120 days. Therefore, you should not apply for a private loan more than three months before the start of the loan period. However, because of processing time, you should apply as soon as possible within the three-month window.
FUND DISBURSEMENT
Most private loan disbursements are made via Electronic Funds Transfer from your lender to TCL. These funds are applied to the student’s account with any excess – after all tuition and fees are satisfied – being released to the student.
CHANGING LOAN AMOUNTS
You are encouraged to only borrow needed funds. If the loan approval is more than you desire, you can reduce the amount by following the directions provided by the lender on the disclosure statement you receive. Requesting an increase to a private loan will most often require submitting a new loan application to your lender.
LOAN CONSOLIDATION
Loan consolidation is not applicable to in-school financing, but it might be desirable to student with loans from multiple sources.
Factors you should consider when deciding if consolidation is right for you
- Are your monthly payments manageable?
If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options and/or want to avoid default, a Direct Consolidation Loan may help you. - Are too many monthly payments driving you crazy?
If you send payments to more than one lender every month and want the convenience of a single monthly payment, consolidation may be right for you. With a Direct Consolidation Loan, you will have a single lender—the U.S. Department of Education—and a single monthly payment. - What are the interest rates on your loans?
If you have variable interest rates on your federal education loans, you may want to consolidate. The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan. The rate is based on the weighted average interest rate of the loans being consolidated, rounded to the next nearest higher one-eight of one percent and cannot exceed 8.25%. - How much are you willing to pay over the long term?
Like a home mortgage or a car loan, extending the years of repayment increases the total amount you must repay. - How many payments do you have left on your loans?
If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.
For more information on Federal Direct Loan Consolidations, visit the Federal Direct Loan Consolidation Information Center.
