Loans

Educational loans are low interest loans that must be repaid. Many students take advantage of educational loans in combination with other aid sources and financing strategies to make a Trinity education possible.  Loans are available through the federal, state, institutional and private lenders (known as alternative loans).  We encourage you to research your options before making a choice of a loan program to pursue.  It is important that you exhaust all other options for aid before pursuing loans, and borrow only what you need. Your student loan payments should be only a small percentage of your salary after you graduate.

If you've submitted the FAFSA and CSS Profile, some loans may automatically be offered to you as part of your financial aid award letter. If you have not submitted the FAFSA and CSS Profile, or if you would like to learn about additional borrowing options, contact Student Financial Services at 1-800-TRINITY or studentfinancialservices [at] trinity.edu.

Federal Loans

Institutional Loan Programs

Direct Subsidized

Walton Perkins Loan

Direct Unsubsidized

Walton Family Loan

Direct PLUS Loan for Parents

 

Direct Graduate PLUS

 

 

Interested in Accepting your Federal Loans?

Complete the following requirements online at https://studentloans.gov/ to accept the Federal Direct Loans (Subsidized, Unsubsidized or PLUS):

FEDERAL LOAN PROGRAMS
borrower must be a U.S. citizen or eligible non-citizen

DIRECT SUBSIDIZED LOAN

(Need-Based; FAFSA Required) 

  • Fixed interest rate of 4.53% (subject to change) for loans disbursed on or after July 1, 2019.
  • U.S. Federal Government subsidizes this loan (pays the interest on the loan) while you are in school.
  • You must apply annually (complete a FAFSA and a Loan Form) and demonstrate financial need.
  • Trinity determines whether you are eligible and originates the loan application.
  • You complete Entrance Counseling electronically (online at https://studentloans.gov).
  • You complete the promissory note for the loan (also called Master Promissory Note or MPN) online at https://studentloans.gov.
  • The loan has a 1.062% (subject to change) origination fee, which is taken from the loan at the time of each disbursement.
  • Available to Undergraduate students enrolled at least half-time (half-time is defined as 6 hours Undergraduate).
  • Repayment of principal and interest begins 6 months after you graduate or you are no longer enrolled at least half-time.
  • You have up to 10 years to repay this loan.
  • This loan may be consolidated with other Federal education loans.
  • Students taking out Federal Direct loans for the first time with Trinity will need to complete the Federal Direct Loan Entrance Counseling requirements; and will need to complete a Federal Direct Loan Master Promissory Note. 
  • Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

For detailed information on how to apply for a Federal Direct Subsidized loan, click here.

DIRECT UNSUBSIDIZED LOAN

(Non-Need-Based; FAFSA required)

  • Fixed interest rate of 4.53% (subject to change) for undergraduate level students and 6.0% (subject to change) for graduate level students for loans disbursed on or after July 1, 2019.
  • The loan continues to gather interest while you are in school as well as during deferment periods.
  • You must apply annually (complete a FAFSA and a Loan Form) and demonstrate financial need.
  • Trinity determines whether you are eligible and originates the loan application.
  • Complete Entrance Counseling electronically (online at https://studentloans.gov).
  • Complete the promissory note for the loan (also called Master Promissory Note/MPN) online at https://studentloans.gov.
  • The loan has a 1.062% (subject to change) origination fee, which is taken from the loan at the time of each disbursement.
  • Available to Undergraduate, Graduate, enrolled at least half-time (half-time is defined as 6 hours Undergraduate; 3 or more hours Graduate).
  • Repayment of principal and interest begins 6 months after you graduate or you are no longer enrolled at least half-time.
  • You have up to 10 years to repay this loan.
  • This loan may be consolidated with other Federal education loans.
  • Students taking out Federal Direct loans for the first time with Trinity will need to complete the Federal Direct Loan Entrance Counseling requirements; and will need to complete a Federal Direct Loan Master Promissory Note.
  • Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

Independent students who are not eligible for a full subsidized federal loan may borrow their remaining subsidized eligibility under the unsubsidized program.

For detailed information on how to apply for a Direct Unsubsidized loan, click here.

DIRECT PLUS LOAN FOR PARENTS

(Non-Need-Based; FAFSA required)

Parents of dependent undergraduate students borrow the Parent PLUS Loan to help their children pay for college or career school.  The interest rate is fixed at 7.08% (subject to change) and the borrower must not be in default on a federal loan.  Creditworthy PLUS loan applicants may borrow any amount up to the total cost of attendance (COA) minus any other financial assistance being received by the student. Repayment of the loan begins sixty days after the loan is fully disbursed; however, parents may defer repayment until six months after their student graduates or is no longer enrolled at least half-time. A parent has up to ten years to repay.

If you are a dependent student whose parents are ineligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds. 

For more information on how to apply for a PLUS loan, click here.

DIRECT GRADUATE PLUS LOAN

(Non-Need-Based; FAFSA required)

Direct GRAD PLUS loans are available to graduate-level students. Although eligibility is not based on financial need or family income, a credit check is required. The interest rate is fixed at 7.08% (subject to change) and the borrower must not be in default on a federal loan. Creditworthy GRAD PLUS loan applicants may borrow any amount up to the total cost of attendance (COA) minus any other financial assistance being received. Repayment of the loan begins sixty days after the loan is fully disbursed; however, borrowers may defer repayment until six months after they graduate or are no longer enrolled at least half-time. A student has up to ten years to repay.

For more information on how to apply for a GRAD PLUS loan, click here.

The following shows the annual loan limits for Direct Subsidized and Unsubsidized loans:

Grade Level

Dependent

Undergraduate Student

Independent

Undergraduate Student

Freshman (0-25 completed hours)

$5,500

$9,500

Sophomore (26-57 completed hours)

$6,500

$10,500

Junior (58-89 completed hours)

$7,500

$12,500

Senior (90+ completed hours

$7,500

$12,500

  • Additional funds up to $4,000 if Parent PLUS loan is denied (Freshman and Sophomore)
  • Additional funds up to $5,000 if Parent PLUS loan is denied (Junior and Senior)
  • Graduate Student: $20,500 with a fixed interest rate of 6.6%

INSTITUTIONAL LOAN PROGRAMS 

WALTON PERKINS LOAN

(Need-Based; FAFSA and CSS Profile Required) 

The Walton Perkins Loan is a need-based loan program funded by the University and awarded to students demonstrating significant financial need whose parents’ adjusted gross income is greater than $50,000 a year.   Both student borrower and a parent cosigner must complete the requisite promissory note online annually with ECSI, a third-party loan servicer used by the University to handle billing and other services related to administration of the Walton Loan Program.  The interest rate is a fixed at 5% and it begins to accrue at the time of repayment, six months after the student is no longer enrolled at least half-time at Trinity. Students have up to ten years to repay the Walton Perkins Loan and may defer (i.e. postpone) payments while enrolled in graduate or professional school. Continued eligibility requires completion of the FAFSA, demonstrated need, satisfactory academic progress, and at least full-time enrollment.

WALTON FAMILY LOAN

(Non-Need-Based; FAFSA and CSS Profile Required)

Funded by the University, the Walton Family Loan is available to help meet educational costs for students whose parents' adjusted gross income is $50,000 or more. Funding is limited and eligibility must be confirmed by Student Financial Services. Both the student and a parent cosigner must complete an online promissory note each year to secure the loan funding offered. The interest rate for the Walton Family Loan is fixed at 5%, and payment on the principal is deferred while the student is enrolled at Trinity. Interest payments, however, must be made monthly. Repayment of the loan principal begins six months after the student leaves Trinity or falls below half-time enrollment. Payments are made over a 10-year period. Students may borrow up to $4,000 per year, not to exceed the cost of attendance minus other financial aid, and up to a maximum of eight semesters of undergraduate study.  An annual credit approval may be required for continued receipt of the Walton Family Loan. Continued eligibility requires satisfactory academic progress and at least full-time enrollment.

For detailed information on how to apply for the Walton Perkins and Walton Family Loans, view the Walton Perkins and Walton Family Loan Application Instructions PDF.

PRIVATE STUDENT LOANS

(Non-Need-Based; confirmation of approval by the lender is required)

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.

For students considering borrowing through private lending, please visit www.elmselect.com/#/.  This website is considered a starting point to help you research private loans.