Student Loans
Trinity participates in the Stafford Student Loan Program. The specific type of Stafford Loan available to Trinity students is the FFEL (Federal Family Education Loan). The maximum Stafford Loan that a graduate student can receive in one year is $20,500. In order to be eligible for a Stafford Loan the student must be enrolled in a degree program and registered for a minimum of six credit hours during the semester. Students with Stafford Loans must maintain satisfactory academic progress. Trinity’s desire is for students to graduate with a minimal amount of indebtedness so that loan repayments do not unduly burden their future ministries.
Click here to read Trinity's Cost of Attendance (COA) Policy.
Below are the steps a student needs to take in order to determine his or her eligibility, request, and receive a Stafford Loan.
1) FAFSA
The Free Application for Federal Student Aid (FAFSA) is the first step to determining if a student qualifies for federal student loans. Ideally one should submit the FAFSA before June 30 (especially if one is applying for a Trinity scholarship). The U.S. Department of Education uses FAFSA data to calculate the student’s EFC (Expected Family Contribution) and to verify other loan eligibility requirements. For some incoming students, their annual income will greatly be reduced when they become full-time students. In this case, the student’s first FAFSA will reflect a financial situation that is no longer accurate. As long as the student can provide supporting documentation to the Financial Aid Director for this change, the EFC can be changed to reflect the student’s current financial situation. Complete a FAFSA online at www.fafsa.ed.gov. Each academic year, the student will have to file a new FAFSA.
2) AES Loan Application
This step is for students without a current MPN (Master Promissory Note).
Trinity processes student loans through AES/PHEAA (American Education Services/The Pennsylvania Higher Education Assistance Agency). To begin the loan process, the student needs to complete a Stafford Loan Application on the AES web site: www.aessuccess.org. Once a student has a current MPN, this step will not have to be repeated in subsequent years.
3) Loan Eligibility Calculations and Loan Request through VFAO
The next step is for the student to complete an online interview with the VFAO (Virtual Financial Aid Office) at https://tesm.vfao.com. The amount that an individual student is eligible to borrow is calculated based on Trinity’s official Cost of Attendance (COA), other aid that the student anticipates receiving, and the EFC derived from the student’s FAFSA. Trinity sets the COA for all students but is allowed to make adjustments on a per student basis for exceptional situations based on federal guidelines. If this should be an issue, the student should see the Financial Aid Director. The VFAO calculates the student’s loan eligibility; and then, the student requests a loan amount within his or her eligibility limits. Interviews for Academic Year 2008-2009 are not yet available to complete at this time.
4) Award Letter
The student will receive an Award Letter that indicates his or her loan amount(s) and the anticipated disbursement dates.
5) Disbursements
Student loans are released in two disbursements — usually within a few days of the beginning of the fall and spring semesters. Loan funds are first applied against outstanding tuition, fees, and optionally to the student’s Trinity Bookstore balances. The student has the option of keeping remaining funds on account or receiving them in check form. When the funds arrive at Trinity, the Student Billing Administrator will contact each student.
