Information Specific to Loans

In Person Loan Advising Session

Texarkana College is a public two-year college with relatively inexpensive tuition and fee rates.  In an effort to keep student loan debt to minimum, Federal Direct Loans are not automatically awarded to financial aid students at the college.  Students are required to attend an In Person Loan Advising Session to be informed about federal student loans, conditions of the loans, how the loan process works, and about the benefits of borrowing the least amount of money possible.  This is not a replacement for the federally required Entrance Counseling for Student Loan Borrowers, but a supplement to the loan advising process that will provide students with necessary information concerning their student loans in a small group environment that encourages questions and an interactive learning format.

After the In Person Loan Advising Session, students are offered budgeting assistance in order to keep loan amounts requested to the minimum necessary.  Thus, borrowers can keep their student loan debt to a minimum.

After completing the session, students will turn in an In Person Loan Advising Session Loan Request form.  The form will be used as an active confirmation of the exact amount the student is requesting.  Provided that the student’s financial aid file has been processed and the student is eligible for the amounts requested, the loan(s) will be added to his/her financial aid award within an average of 72 hours.  Loans cannot be added to financial aid awards if the student’s financial aid file has not yet been processed.

Students are encouraged to proceed with the online Entrance Counseling for Student Borrowers and the Master Promissory Note at https://studentloans.gov/myDirectLoan/index.action immediately after their In Person Advising Session is completed.

Entrance Counseling for Student Loan Borrowers

Prior to the first disbursement, first-time borrowers of Federal Direct Loans at Texarkana College must complete the online Entrance Counseling for Student Loan Borrowers at https://studentloans.gov/myDirectLoan/index.action.  The online counseling will provide comprehensive information on the terms and conditions of the loan and of the borrower’s rights and responsibilities.

Once completed an electronic file confirming the completion of the Loan Entrance Counseling requirement will be sent to Texarkana College.  The average time for the entrance counseling confirmation file to process, be sent, and download into the student information system at the college is 3 to 4 days.  Students will be able to confirm the college’s receipt of the loan counseling confirmation file by checking the financial aid tab in their school myTC account.

Federal Direct Loan funds will not disburse to your student account until Texarkana College receives confirmation of the student’s completion of this requirement.

Master Promissory Note (MPN)

Prior to the first disbursement, first-time borrowers of Federal Direct Loans at Texarkana College must complete the Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/index.action.  The MPN is your legally binding promise to repay the funds you borrow under the Federal Direct Loan Program at Texarkana College.  The MPN also contains the fees, interest rates, terms and conditions of your student loan.

Once completed an electronic file confirming the completion of the Master Promissory Note requirement will be sent to Texarkana College.  The average time for the MPN confirmation file to process, be sent, and download into the student information system at the college is 3 to 4 days.  Students will be able to confirm the college’s receipt of the MPN by checking the financial aid tab in their school myTC account.

Federal Direct Loan funds will not disburse to your student account until Texarkana College receives confirmation of the student’s completion of this requirement.

Exit Counseling for Student Loan Borrowers

Prior to graduation or dropping to less-than-half-time (6 credit hours) student borrowers at Texarkana College must complete the online Exit Counseling for Student Loan Borrowers at https://studentloans.gov/myDirectLoan/index.action.  The online counseling will provide comprehensive information on repayment options, repayment plans, loan deferments, loan forbearances, and debt management strategies.

Once completed an electronic file confirming the completion of the Loan Exit Counseling requirement will be sent to Texarkana College.  Students will be able to confirm the college’s receipt of the loan counseling confirmation file by checking the financial aid tab in their school myTC account.

Not completing exit counseling requirements would mean you would not have critical information in the management and repayment of you federal educational loans.  In addition, not completing loan exit counseling could also affect requests for transcripts at Texarkana College.