Student Loans

How do I apply for a loan?

In order to be considered for a loan at OC you must complete ALL of the following:

• Complete your Financial Aid file, including the FAFSA and all requested documents
• Click the Loan Request Form link below (or pick one up in our office), complete and return the form to our office
• Have your current major and address on record in the Registrar's Office
• Transcripts must be received and evaluated for all colleges previously attended
• Complete the online loan application at TG Loans By Web (login instructions) Your application at TG Loans By Web will remain active online for 120 days. If your application has not been certified as a loan by the 120th day it will no longer be active.

Student loans should be considered only after exhausting all other aid sources. Student loans are serious financial obligations that must be repaid. Loans may have long-term implications and may affect your ability to borrow for a home or car after college.

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Choosing a Lender

When completing the TG Loans By Web process, you will be asked to choose a lender (OC cannot select a lender for you).  We strongly encourage you to review the information provided on the lender fact sheet provided by TG at www.tgslc.org/factsheets/lenders/new_lender.cfm before making your selection as there are differences among lenders including but not limited to fees and repayment benefits.  Selecting a lender needs to be a very thoughtful process.  As a borrower of a federal educational loan, you are initiating an actual relationship with an entity to which you will be responsible to repay a financial debt.  So choose a lender with whom you will be comfortable.

It would be wise to do the research needed to help determine which institution will be best suited to meet your expectations regarding timely and reliable funding while you are attending school.  In addition, when the time comes that you are required to begin the repayment of your loan debt, the ease of access to your lender should also be considered.  Keep in mind that most lenders will sell their loans to a loan servicer and once the loans are sold, you will contact the servicer if you have any questions or problems with your loans.

Once you have made your selection, write down the lender’s name, address, phone number and lender ID number.

Federal Stafford Loan - Subsidized and Unsubsidized

These loans are available to students who are enrolled in at least six credit hours, are making satisfactory academic progress in a degree or certificate program and can demonstrate financial need on the FAFSA. In addition to a FAFSA, a separate loan application is required. Stafford loan checks will be dispersed in two installments each semester. The first check will be disbursed the first day of class (if the loan is certified after classes start, the first check will be issued generally within a week or two of being certified).The second check will not be issued until after 50% of the semester is completed. All students must attend an entrance counseling session before their loans will be certified. First-time, first-year borrowers must wait 30 days after the first class day to pick up their first check. A Stafford Loan must be repaid within ten years from the date a student is last enrolled in a participating institution. Repayment begins six months after a student ceases half-time enrollment. Contact Student Financial Services for interest rates and disbursement dates.

Subsidized Stafford Loans: The government pays the interest while the student is enrolled in at least a half-time (six credit hours) enrollment status in school.

Unsubsidized Stafford Loans: For students who meet eligibility requirements but do not qualify at least in part for a Subsidized Stafford Loan. The government does not pay interest for the student; students must pay all of the interest that accrues.  Additional Unsubsidized loans may be awarded to independent students or to dependant students whose parents were denied a PLUS loan.

Federal Parent Loan (PLUS)

Available for parents or step-parents of dependent students to cover school costs, less any other aid. Applicants (parent/step-parent) must have satisfactory credit. The interest rate is variable. Parents may choose to start repaying the loan 60 days after the date of the last disbursement or they can defer payments until six months after the student ceases to be enrolled at least half-time. In addition, the interest that accrues can either be paid by the parent monthly, quarterly, or be capitalized quarterly. The parent chooses the lender and the loan checks are mailed to the parent without the 30 day delay(as mentioned above in the Stafford Loan section). A complete financial aid file including, but not limited to, the submission of a completed FAFSA is required by the student. The parent must complete the PLUS loan request form, and the application at TG Loans by Web (login instructions). The student is not required to attend an entrance counseling session.