TCU: Office of Financial Aid
Loan Central – Frequently Asked Questions
- My awards from TCU include certain loans that say “Credit Ck Required.” What does that mean? Is the amount for these awards what I have to borrow?
Any loan listed with the phrase “Credit Ck Required” is a program based on credit-worthiness. It means that this loan is not a “sure thing” until the borrower or cosigner has passed the appropriate credit check for the loan. The amounts listed for these programs represent the total amount the student qualifies for within financial aid “cost of attendance” estimates. A family is not expected to borrow this much – it’s just to give you an idea of what you might need. Use the Cost vs. Resources tool online to determine what your needs for loans might be.
- When should we apply for educational loans? How long do these loans take to process?
Loan applications should be done as soon as possible after you receive your Financial Aid award letter from TCU. Loan applications can also be completed at any time during the year, should the need arise after school starts. Most PLUS loan applications will take about two weeks to process once the application is complete with the lender. The state loan program, the College Access Loan, takes about four weeks. Private loan applications also take about four weeks.
- How do we apply?
All loan applications can be done online! Start at the TCU Education Loan website. From that page, you can click on the loan programs to learn more about each, see a comparison chart of the various loan types (click on “Which education loans are right for me?”) and access online applications for each lender TCU recommends. To select a lender not on these pages, check out the lender’s website, or contact the lender by phone.
- If I need one, how do I select a private education loan?
Selecting a private education loan is an important decision. While you may use any lender you wish for education loans at TCU, we provide a list of recommendations on our website. These lenders have been chosen based on benefits they offer to borrowers, and on customer service. Before you choose a loan, explore the information available online regarding their specific programs and benefits, or call a lender to see what type of customer service you receive.
- Do I have to get what I need from one loan program, or can I combine several?
Because many loans are limited in amounts (like Stafford Loan), many students take advantage of several loan programs to get to the amount they need. The combination, within the limits allowed, is up to you.
- How and when will I receive my loan funds? How does that work with the bill I have due to TCU?
Loan funds usually disburse about 5 days before the beginning of each semester. The billing office will usually have a record of which loans have been approved for you within a couple of weeks of your application being approved by your lender.
- Other tips:
– Check your TCU email daily – this is how all campus offices (including Financial Aid) will communicate with you about things you need to know.
– Periodically check your http://my.tcu.edu Financial Aid – Requested Information list to see if we have requested any items from you. Not completing these items may delay your financial aid processing!
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