Direct Loan Application Guidelines 2015/2016 UNDERGRADUATE STUDENTS University of Dublin, Trinity College is approved by the US Department of Education to certify loans under the William D. Ford Direct Loan Program. Under this Program, eligible students can obtain Subsidized & Unsubsidized Direct loans and also Direct PLUS loans.* Step 1 FAFSA / SAR To being the Federal Aid process, you must log onto the FAFSA (Free Application for Student Aid) www.fafsa.ed.gov and make an online application. Once you have completed your online application, you will receive confirmation from FAFSA in a few days. FAFSA will email you a Student Aid Report (SAR) which you then email to the Financial Aid Officer along with other documents required (see Step 2) PLEASE NOTE THE STUDENT AID REPORT (SAR) IS NOT SENT DIRECTLY TO TRINITY COLLEGE FROM FAFSA. Step 2 Documents Required New Entrants commencing in 2015/2016 Academic Year. The following documents must be sent to the Financial Aid Officer; (1) Student Aid Report. Website www.fafsa.ed.gov (2) Official Offer letter/acceptance to Trinity College or screen dump of acceptance screen. (3) Copy of current passport. (4) Copy of High School Diploma from your previous High School. Please note that unofficial copies of Diploma s will not be accepted. (5) Email confirmation that you have completed an MPN for a Federal Direct Subs/Unsubsidized loan and if applicable email confirmation that a Parent Plus application and MPN has been completed by your parent (see Step 3) www.studentloans.gov (6) Confirmation that you have completed Entrance counselling (see Step 4) www.studentloans.gov ** Our eligibility to provide US Financial Aid is subject to approval from the US Department of Education and this approval can be revoked/terminated by the US DoE should Trinity College not satisfy audit requirements. All above documents should be sent to Valerie Farmer by email. The email address is farmerv@tcd.ie. If you are unable to send the documents by email, please mail to: Valerie Farmer, Financial Aid Officer, Academic Registry, Watts Building, Trinity College, Dublin 2. The contact telephone number for Valerie is +353 1 896 2724. Page 1 of 10
Continuing US students who have had previous US Federal loans administered through Trinity College are only required to submit (1) & (5) above. If your passport has expired recently then a copy of your new passport will be required. Step 3 Master Promissory Notes The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). MPN s for both Federal Subs/ Unsubsidized loans and Parent Plus loans are completed on www.studentloans.gov All MPN s issued in respect of studies at a foreign school are valid for 1 year. New MPN s are required to be completed for every year of study at a foreign school. When completing your MPN you must select the school at which you will be studying. The school code for Trinity College Dublin is G06842 What to do next? a) Complete a Federal Subs/Unsubsidized MPN if you wish to borrow funds up to the undergraduate limit. (See table below) b) Complete a Federal Subs/Unsubsidized MPN & parent/borrower must complete a Parent Plus application and MPN if you wish to borrow funds in excess of the undergraduate limit. When applying for a Parent Plus loan (a parent borrows funds on behalf of the student), a credit check will be carried out on the individual requesting the loan. No PLUS loan can be certified until this is completed. To initiate the credit check you must select: Complete PLUS Request Process If you have an adverse credit history, you may still receive a Parent PLUS Loan. You can obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. Page 2 of 10
Step 4 Entrance Counselling This helps you to understand your responsibilities regarding your loan and is a federal requirement. All students attending Trinity College for the first time in academic year 2015/2016 must complete entrance counseling. If you are applying for both Federal Direct Subs/ Unsubsidized loans and Parent Plus loans you must complete entrance counseling for both. Entrance Counseling can be completed at the following website: www.studentloans.gov If you fail to complete online Entrance Counseling, it may delay the payment of your loans. Step 5 Loan Entitlements On receipt of the required documents, the Financial Aid Officer will then calculate your Financial Aid package and email you a Cost of Attendance along with Loan Declaration Form (see sample below). If an application for a Parent Plus loan has made through www.studentloans.gov, you will also be sent a Parent Plus authorisation form which the parent/borrower must sign. When you decide how much you wish to borrow, you then complete the Loan Declaration form and email along with the Parent Plus Authorisation (if applicable) to farmerv@tcd.ie Please note that you cannot borrow funds in excess of the Cost of Attendance as this is the maximum limit set for the 2015/2016 academic year. If you are in receipt of an outside Scholarship/Grant or a Trinity College award, you must notify the Financial Aid Officer in advance by email. Any payments from grants/scholarships or awards will be noted on your Cost of Attendance and will reduce your Financial need. If you fail to declare this information, the Financial Aid Officer will reduce any further disbursements of funds due to you. On receipt of the Loan Declaration form, the Financial Aid Officer will then create your loans on the US Department of Education s Common Origination Disbursement system (COD) Step 6 Loan Approval All loans will be originated by Trinity College Dublin with the US Department of Education. Page 3 of 10
Step 7 Disbursements Federal loans are released in 2 disbursements and disbursements coincide with the start of the 2 teaching terms in the 2015/2016 academic year. In 2015/2016 loans will be disbursed in 2 payments, September & January. You will receive notification by email from the US to state that your loans have been disbursed. This is not the date that the funds are received by Trinity College, this is the date that the funds are released from the U.S. It takes approximately 10-12 working days for the funds to be received and processed. When the 1 st disbursement of loan funds is received, it is applied to your tuition. Half of your tuition fees plus any charges are deducted from the 1 st disbursement. If there is a surplus of funds, a refund will be issued to you in the form of a euro cheque and you will be notified by email by the Financial Aid Officer. In the case of Parent Plus Loans, College must have permission from the parent to release surplus funds to a student. The refund cheque is then collected by the student from the Academic Registry. You then lodge the cheque to your Irish bank account. If you have paid your fees in full, then a full refund will be issued for the euro value of the US funds in the form of a euro cheque. US$ cheques will not be available under the Direct Loan program. If your borrowings are insufficient to cover your tuition fees, the excess should be paid by you immediately after the 2 nd disbursement is received in January 2016. Satisfactory Academic Progress Students who are in receipt of Direct Loan Federal Funds from the US Department of Education must comply with Satisfactory Academic Progress Regulations to maintain their eligibility to receive loan funds. A copy of the Satisfactory Academic Progress regulations will be provided to all students prior to the start of term Page 4 of 10
Direct Loan Annual Loan Limits 2015/2016 Dependent Undergraduates Subsidized Unsubsidized Combined (Max) First year $3,500 $2,000 $5,500 Second year $4,500 $2,000 $6,500 Third year & beyond $5,500 $2,000 $7,500 Independent Undergraduates & Subsidized Unsubsidized Combined (Max) dependent students whose parents cannot borrow PLUS loan First year $3,500 $6,000 $9,500 Second year $4,500 $6,000 $10,500 Third year & beyond $5,500 $7,000 $12,500 Graduate & Professional Students Subsidized Unsubsidized All years $0.00 $20,500 Aggregate Limits for Stafford Loans Subsidized Total (Subsidized & Unsubsidized) Dependent Undergraduates $23,000 $31,000 Independent Undergraduates & dependent students whose parents cannot borrow PLUS loan $23,000 $57,500 Graduate & Professional Students $65,500 (Up to 06/30/2012) $138,500 *From 01 July 2012, graduate and professional students are no longer eligible to receive subsidized loans. If you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year. Page 5 of 10
SAMPLE: COST OF ATTENDANCE COST OF ATTENDANCE 2015/2016 AWARD YEAR 2015/2016 STUDENT NAME STUDENT NUMBER COURSE TWO SUBJECT MODERATORSHIP SSN YEAR 1 EGD SCHOOL COSTS EURO USD $ Tuition 16,925.00 $22,003 Books 1,100.00 $1,430 Supplies 1,500.00 $1,950 LIVING EXPENSES Rent 11,000.00 $14,300 Utilities 3,800.00 $4,940 Food 4,700.00 $6,110 Misc/Personal 4,700.00 $6,110 TRANSPORTATION Airlines 2,800.00 $3,640 Commuting 1,000.00 $1,300 TOTAL 47,525.00 $61,782.50 COA FOR 2015/2016 Average rate used $1.30/ 1 Page 6 of 10
EFC 10000 EFA USD $ Total Cost of Ed $61,782.50 Scholarship Federal Subs $3,500.00 Other Federa Unsubs $2,000.00 Total EFA $0.00 Total $56,282.50 EFA DIRECT LOAN USD $ Grad Plus $0.00 LIMITS: Subsidized $3,500.00 Total $56,282.50 Unsubsidized $2,000.00 *THE COST OF ATTENDANCE IS CALCULATED ON AN ANNUAL BASIS. COSTS OF ATTENDANCE VARY FROM STUDENT TO STUDENT DEPENDING ON THEIR ANNUAL TUITION FEES. Page 7 of 10
SAMPLE: LOAN DECLARATION Dear Student, Based on the information received the following are the limits for the various loans currently available to you. To enable us to certify your loans for 2015/2016 academic year, please complete the following; 1. Enter the amounts you wish to borrow in the column marked 'Requested Loan Amounts' 2. Sign the form at the bottom 3. Return this form to the Fees Office by emailing to farmerv@tcd.ie or mail to: Valerie Farmer, Financial Aid Officer Student Finance Academic Registry Watts Building Trinity College Dublin 2. Page 8 of 10
Student Name: Student Number: Course: LOAN TYPE xxxxxxx xxxxxxx TWO SUBJECT MODERATORSHIP MAX LOAN AMOUNT REQUESTED LOAN AMOUNT Stafford Subsidized $3500.00 Stafford Unsubsidized $2000.00 $ Graduate Plus/Parent Plus $56282.50 $. Total/Cost of Attendance $61782.50 $ Signed: Dated: Page 9 of 10
SAMPLE: PARENT PLUS AUTHORISATION Student Number: Student Name: SSN: Parent: SSN: UNDERGRADUATE PARENT PLUS LOAN AUTHORISATION I, authorize Trinity College to refund any surplus funds of the Parent Plus Loan directly to the above mentioned student after the deduction of tuition fees. Signed: (Parent) Print: Dated (mm/dd/yyyy): Page 10 of 10