Loans | Tougaloo College
Source: https://www.tougaloo.edu/admissions/financial-aid/loans
Archived: 2026-04-23 17:10
Loans | Tougaloo College
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William D. Ford Federal Direct Loans
Tougaloo College participates in the William D. Ford Federal Direct Loan Program (Direct Loans). Under the Direct Lending program, the funds for your loan come directly from the federal government and NOT from a bank, credit union, or other lending institution.
Important Changes
Due to our participation in the Direct Lending program,
ALL students
who are requesting a student loan will be required to complete a Master Promissory Note and Loan Entrance Counseling, even if you have already completed this in the past.
Eligibility Requirements
Must be enrolled for at least
6 credit hours
Must be in
good academic standing
Must complete the
FAFSA
to determine family contribution
Must complete
Entrance Counseling
and
Master Promissory Note
First-Time Borrowers
Delayed disbursement of funds (30 days after the first day of instruction) is required for all first-time borrowers in the Direct Loan program.
Federal Direct Loan Amounts
Loan amounts vary based on your dependency status, academic year, and family financial circumstances.
Dependent Students
A dependent student can borrow the following loan amounts:
Academic Year
Credit Hours Earned
Maximum Loan Amount
First-year student (Freshman)
0-29 hours earned
$3,500
Second year student (Sophomore)
30-59 hours earned
$4,500
Third and Fourth year student (Junior and Senior)
60-186 hours earned
$5,500
Independent Students or Dependent Students Whose Parents Cannot Get PLUS Loan
These students can borrow additional unsubsidized loan amounts:
Academic Year
Total Maximum Amount
Subsidized Limit
First year student
$9,500
Only $3,500 can be subsidized
Second year student
$10,500
Only $4,500 can be subsidized
Third year student and beyond
$12,500
Only $5,500 can be subsidized
Subsidized vs. Unsubsidized Loans
Subsidized Loans:
Interest is paid by the federal government while you're enrolled at least half-time and for six months after you leave school
Unsubsidized Loans:
Interest is your responsibility from the time the loan is disbursed
Repayment:
Principal repayment begins six months after you're no longer enrolled at least half-time
Direct Loans Application Process
Note to All Applicants
Must be enrolled for at least
6 credit hours
and in good academic standing
FAFSA results must be on file at the college before loan processing
All Direct Loan borrowers must complete Loan Entrance Counseling online
All borrowers must complete a new Master Promissory Note (MPN) online
For STUDENTS to Apply for Direct Loan
1
Complete Entrance Counseling
Log on to the entrance counseling website and complete the required counseling session.
Start Entrance Counseling
2
Complete Master Promissory Note
Log on to the student loans website and choose the Direct Loan MPN you want to preview or complete.
Complete MPN
For PARENTS to Apply for Direct PLUS Loan
1
Paper Application Option
Complete the Federal Direct PLUS Loan Credit Application and mail or fax (return information included).
2019-2020 Application
2
Electronic Application Option
Complete the application process online through the federal student aid website.
Steps:
Log on to
www.studentaid.gov
Complete PLUS Loan application
Complete Master Promissory Note for PLUS Loan
Start PLUS Application
Essential Loan Resources
Access the tools and resources you need to manage your student loans.
Entrance Counseling
Required for all first-time borrowers. Complete online counseling to understand your loan responsibilities.
Complete Counseling
Master Promissory Note
Complete your MPN online to finalize your loan application and terms.
Complete MPN
Important Loan Information
Loan Disbursement Process
Direct Loans disburses loans (less the 1.5% origination fee) in two installments directly to the college. Funds are credited to student accounts through an electronic funds transfer (EFT) process.
First-time borrowers:
Your loan cannot be disbursed until at least 30 days after the first day of school.
Important Requirements and Consequences
Enrollment Requirement:
If loan funds are disbursed for a student who is not enrolled for at least 6 credit hours, funds must be returned to Direct Loans.
Withdrawal Policy:
If you totally withdraw from college prior to completing 60% of the semester, the loan must be prorated based on the number of days in attendance. Unearned loan funds must be returned to the lender. If the loan was used to pay tuition, you may have an outstanding bill with the college.
Exit Interview:
A Loan Exit Interview is required upon graduation or when you cease to be enrolled for at least 6 credit hours.
Interest and Repayment
Subsidized Loans:
Government pays interest while you're in school at least half-time and during grace period
Unsubsidized Loans:
You're responsible for all interest from disbursement
Grace Period:
6 months after graduation or dropping below half-time enrollment
Origination Fee:
1.5% of loan amount is deducted before disbursement
Senior Exit Interview (Graduates)
U.S. Department of Education regulations require Federal Stafford and Federal Unsubsidized Stafford Loan recipients to complete Exit Loan Counseling when graduating from or leaving Tougaloo College.
Exit Counseling Requirements
Students who borrowed Stafford and/or Unsubsidized Stafford Loans can meet this requirement online. This is an opportunity for your lender to remind you of your rights and responsibilities as a student loan borrower.
Complete Exit Counseling
Required Information for Exit Counseling
You will be required to provide
three personal references
for Exit Loan Counseling. One of these references must be the address of your immediate next of kin.
All references should be adults who live at separate addresses
Addresses must include street and/or P.O. Box numbers
Include city, state, and zip codes
Provide complete phone numbers
Access Your Loan History
For a complete listing of your financial aid history, you can access the National Student Loan Data System. You will be required to set up an identification profile for security purposes. The National Student Loan Data System is maintained by the U.S. Department of Education.
View Loan History
Need Help with Student Loans?
Tougaloo College Financial Aid Office
financialaid@tougaloo.edu
| (601) 977-7769
Office Hours:
Monday - Friday: 8:00 AM - 5:00 PM
Location: Administrative Building, 2nd Floor
Our financial aid counselors are available to help you understand the loan process, complete required forms, and answer questions about your student loans. Don't hesitate to contact us for assistance.
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Skip to main content
Loans
Student Loans
Office of Financial Aid Homepage
Documents and Forms
Estimated Costs
Financial Aid Sources
Loans
Net Price Calculator
Scholarships
Quick Links
Office of Financial Aid Homepage
Documents and Forms
Estimated Costs
Financial Aid Sources
Loans
Net Price Calculator
Scholarships
William D. Ford Federal Direct Loans
Tougaloo College participates in the William D. Ford Federal Direct Loan Program (Direct Loans). Under the Direct Lending program, the funds for your loan come directly from the federal government and NOT from a bank, credit union, or other lending institution.
Important Changes
Due to our participation in the Direct Lending program,
ALL students
who are requesting a student loan will be required to complete a Master Promissory Note and Loan Entrance Counseling, even if you have already completed this in the past.
Eligibility Requirements
Must be enrolled for at least
6 credit hours
Must be in
good academic standing
Must complete the
FAFSA
to determine family contribution
Must complete
Entrance Counseling
and
Master Promissory Note
First-Time Borrowers
Delayed disbursement of funds (30 days after the first day of instruction) is required for all first-time borrowers in the Direct Loan program.
Federal Direct Loan Amounts
Loan amounts vary based on your dependency status, academic year, and family financial circumstances.
Dependent Students
A dependent student can borrow the following loan amounts:
Academic Year
Credit Hours Earned
Maximum Loan Amount
First-year student (Freshman)
0-29 hours earned
$3,500
Second year student (Sophomore)
30-59 hours earned
$4,500
Third and Fourth year student (Junior and Senior)
60-186 hours earned
$5,500
Independent Students or Dependent Students Whose Parents Cannot Get PLUS Loan
These students can borrow additional unsubsidized loan amounts:
Academic Year
Total Maximum Amount
Subsidized Limit
First year student
$9,500
Only $3,500 can be subsidized
Second year student
$10,500
Only $4,500 can be subsidized
Third year student and beyond
$12,500
Only $5,500 can be subsidized
Subsidized vs. Unsubsidized Loans
Subsidized Loans:
Interest is paid by the federal government while you're enrolled at least half-time and for six months after you leave school
Unsubsidized Loans:
Interest is your responsibility from the time the loan is disbursed
Repayment:
Principal repayment begins six months after you're no longer enrolled at least half-time
Direct Loans Application Process
Note to All Applicants
Must be enrolled for at least
6 credit hours
and in good academic standing
FAFSA results must be on file at the college before loan processing
All Direct Loan borrowers must complete Loan Entrance Counseling online
All borrowers must complete a new Master Promissory Note (MPN) online
For STUDENTS to Apply for Direct Loan
1
Complete Entrance Counseling
Log on to the entrance counseling website and complete the required counseling session.
Start Entrance Counseling
2
Complete Master Promissory Note
Log on to the student loans website and choose the Direct Loan MPN you want to preview or complete.
Complete MPN
For PARENTS to Apply for Direct PLUS Loan
1
Paper Application Option
Complete the Federal Direct PLUS Loan Credit Application and mail or fax (return information included).
2019-2020 Application
2
Electronic Application Option
Complete the application process online through the federal student aid website.
Steps:
Log on to
www.studentaid.gov
Complete PLUS Loan application
Complete Master Promissory Note for PLUS Loan
Start PLUS Application
Essential Loan Resources
Access the tools and resources you need to manage your student loans.
Entrance Counseling
Required for all first-time borrowers. Complete online counseling to understand your loan responsibilities.
Complete Counseling
Master Promissory Note
Complete your MPN online to finalize your loan application and terms.
Complete MPN
Important Loan Information
Loan Disbursement Process
Direct Loans disburses loans (less the 1.5% origination fee) in two installments directly to the college. Funds are credited to student accounts through an electronic funds transfer (EFT) process.
First-time borrowers:
Your loan cannot be disbursed until at least 30 days after the first day of school.
Important Requirements and Consequences
Enrollment Requirement:
If loan funds are disbursed for a student who is not enrolled for at least 6 credit hours, funds must be returned to Direct Loans.
Withdrawal Policy:
If you totally withdraw from college prior to completing 60% of the semester, the loan must be prorated based on the number of days in attendance. Unearned loan funds must be returned to the lender. If the loan was used to pay tuition, you may have an outstanding bill with the college.
Exit Interview:
A Loan Exit Interview is required upon graduation or when you cease to be enrolled for at least 6 credit hours.
Interest and Repayment
Subsidized Loans:
Government pays interest while you're in school at least half-time and during grace period
Unsubsidized Loans:
You're responsible for all interest from disbursement
Grace Period:
6 months after graduation or dropping below half-time enrollment
Origination Fee:
1.5% of loan amount is deducted before disbursement
Senior Exit Interview (Graduates)
U.S. Department of Education regulations require Federal Stafford and Federal Unsubsidized Stafford Loan recipients to complete Exit Loan Counseling when graduating from or leaving Tougaloo College.
Exit Counseling Requirements
Students who borrowed Stafford and/or Unsubsidized Stafford Loans can meet this requirement online. This is an opportunity for your lender to remind you of your rights and responsibilities as a student loan borrower.
Complete Exit Counseling
Required Information for Exit Counseling
You will be required to provide
three personal references
for Exit Loan Counseling. One of these references must be the address of your immediate next of kin.
All references should be adults who live at separate addresses
Addresses must include street and/or P.O. Box numbers
Include city, state, and zip codes
Provide complete phone numbers
Access Your Loan History
For a complete listing of your financial aid history, you can access the National Student Loan Data System. You will be required to set up an identification profile for security purposes. The National Student Loan Data System is maintained by the U.S. Department of Education.
View Loan History
Need Help with Student Loans?
Tougaloo College Financial Aid Office
financialaid@tougaloo.edu
| (601) 977-7769
Office Hours:
Monday - Friday: 8:00 AM - 5:00 PM
Location: Administrative Building, 2nd Floor
Our financial aid counselors are available to help you understand the loan process, complete required forms, and answer questions about your student loans. Don't hesitate to contact us for assistance.
Accessibility Tools
Text Size
Text Spacing
Visual Modes
Reset
Font Size: 100% | Line Height: 1.5 | Letter Spacing: 0px