Loans

Student Loans are an investment in your future and can be a very useful tool in helping to finance your education.

Federal Direct Student Loans

Through the FAFSA, students can borrow subsidized and unsubsidized student loans. A federal subsidized loan is awarded based on need as defined by the FAFSA and does not accrue interest while borrowers are enrolled at least half-time. A federal unsubsidized loan is not based on a student’s financial need and interest is charged throughout the life of the loan. Annual and lifetime loan limits are set by the federal government. Students must be enrolled in a minimum of 6 credit hours to receive these loans. For additional information, please click here.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

Parents of dependent students can apply for the PLUS Loan through this site. This loan is not based on financial need and the annual limit is equal to the student’s Cost of Attendance, as defined by TCF, minus any other financial aid the student is receiving. Parents are required to pass a credit check; if the parent is denied this loan, please contact the FA Office for additional options. PLUS Loans carry a fixed interest rate and an origination fee. We must have a valid FAFSA on file before we can process a PLUS application.

Alternative Student Loans

Alternative loans are private (non-federal) student loans. The terms and eligibility requirements will vary according to each lender. You (and your co-borrower, if applicable) should carefully research the available options and apply with the lender that best suits your needs. To assist with this, TCF partners with Sparrow, a service that allows you to search and compare real, personalized student loan offers from 16+ lenders through a simple, three-minute sign up process. Sparrow provides a suite of analytical tools that make loan comparison easy, digestible, and visual. Using Sparrow is free and does not impact your credit score. Visit the Sparrow platform here. Once you have applied and been approved through the lender of your choosing, the Financial Aid Office will process your loan.