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Student Loan BorrowersTyler Junior College Financial Aid Office will offer all of the student loan funds for which you are eligible once your awarding process is complete. You must accept these awards on Apache Access if you wish to. A Master Promissory Note (MPN) must be done and a signature received by your lender before funds will be received by TJC. New borrowers funding will be delayed 30 days.How do loans cover tuition and fees? Once a student has accepted their student loans and completed their MPN an FFELP loan will be placed on the student account to cover the cost of tuition and fees until the actual loan funds are received from the lender. Loan funds will not be sent to the school until after classes have begun. Once we receive the loan funds they will be placed on the student account to pay the tuition and fees. Any remaining amount will then be disbursed to the student. How do loans cover my books? Once a student has been awarded financial aid funds, including loans, they will be able to go to the on-campus bookstore and “charge” their books to their financial aid. The amount of the books will automatically be debited from the funds before they are disbursed to the student. What are the interest rates? Undergraduate Subsidized Stafford Loans disbursed on or after July 1, 2009 will have a fixed interest rate of 5.6%. Unsubsidized Stafford Loans will have a fixed interest rate of 6.8%. The interest rate for Parent Plus Loans will have a fixed interest rate of 8.5%. How Much Can I Borrow at TJC
Borrower Benefits Tyler Junior College makes a Preferred Lenders list available all borrowers. You may use any lender of your choice, including lenders not on this list. No contractual relationship exists between Tyler Junior College and any lender. Lenders listed have responded to an open request for proposal and were selected based on: 1. Customer Service, 2. Borrower Benefits, 3. Local Branches, 4. Life of Loan Servicing. It is our recommendation in choosing a lender that you compare the borrower benefits of each lender to see which benefits you are more likely to qualify for.
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