Types of Loans

Two students studying in lounge

A Loan is a form of financial assistance that requires repayment. Repayment of principal typically begins six months after the student′s educational experience has ended.

Student Loans

Trine University participates in the Federal Direct Stafford Loan program. These loans are available through the Department of Education. There are two types of Stafford Loans: subsidized and unsubsidized. Not all students are eligible for both. The interest is paid by the government for the Subsidized Loan while the student is enrolled at least half-time. The Unsubsidized Loan accrues interest while in school and is capitalized to the loan when the student begins repayment. To be eligible for these loans the student must complete a FAFSA and be enrolled at least half-time.

In addition to accepting the loan(s), students must complete two additional steps at https://studentloans.gov to utilize the loan(s). The below links will take you directly to the pages you need. You will need your FSA ID and password to log in.

  1. Entrance Counseling 
  2. Master Promissory Note

Need help? See our "How-to Complete a Stafford Loan"Opens in new window instructions on our forms page.

Private student loans are offered through a variety of banks, credit union and other types of lenders. The best rates on private loans generally are offered to borrowers who have good credit and/or who have a co-signer with good credit. Before you consider a private loan, we recommend you determine your eligibility for federal student loans, which generally have better terms. More information about federal student loans is available at https://studentaid.govOpens in new window.

General Info

Private educational loans are usually higher interest programs with interest that accrues while the student is in school.

Students (or co-borrowers) must have a good credit history to obtain private educational loans.

Most lenders require that you are enrolled at least half time in a degree-seeking program (dependent on the lender). We will certify your loan up to the cost of attendance, less other aid.

Depending on the private loan lender, it is possible to apply for private educational loans for prior loan periods (retroactively) after the end of the loan period.

You will be required to complete a Self Certification Form (142k)Opens in new window to provide financial aid information to your lender.

Your lender is required to provide the borrower with three additional Truth-in-lending  statements at specific points in the application process. As a result, we are recommending that you apply at least three weeks prior to the date you need the funds and comply quickly to information requests from your lender.

Our Involvement

As long time members of the National Association of Student Financial Aid Administrators (NASFAA), our employees fully adhere to NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.Opens in new window We want to assure all educational loan borrowers that our Financial Aid offices do not receive any form of payment or remuneration from lenders. Student and/or parent borrowers have the right to select a lender of their choice. Per federal and institutional guidelines, our office will process any loan from any lender. We highly recommend that a borrower's lender choice be carefully considered as to what is best for you.

Private Loan Programs

Students should apply through the lender of their choice for a private student loan. We do not  promote specific lenders. You should thoroughly research all options before making your decision. Below are tools to assist you in the process of comparing lenders and choosing the right loan for you. You may elect to borrow through any lender, not just the lenders included as part of these services.

Truth in Lending Requirements

Provisions in the Truth in Lending Act have resulted in a number of changes in the process of applying for and receiving private student loans. Lenders who provide these loans must comply with the following requirements:

  1. Lenders must provide 3 separate loan disclosures to borrowers; one at the point of application, one when the loan is approved, and one before the loan is disbursed.
  2. A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
  3. Students must also sign an Applicant Self-Certification form and submit it to the lender before the loan can be disbursed.

The Graduate PLUS loan differs from the Parent PLUS Loan. To be eligible, you must be a graduate or professional degree student continuing your education beyond an undergraduate degree. If you are a parent of a Dependent undergraduate student please see the Federal Parent PLUS Loan for information.

This loan does require you to complete an application, with a credit check, and also to complete a Grad PLUS Master Promissory Note.

Those are completed at https://studentloans.gov and the below links will take you directly to the pages you need. You will need your FSA ID and password to log in.

  1. Grad PLUS Loan Application
  2. Grad PLUS Master Promissory Note

For more detailed information visit https://studentaid.gov/understand-aid/types/loans/plus.

We will receive electronic notification once you have completed and submitted the paperwork.

A consolidation loan allows you to combine all of your federal student loans into a single loan.  Consolidation loans have a fixed interest rate based on the weighted average of the interest rates of the loans being consolidated.  Consolidation for student loans is only available after the student is no longer enrolled.  Remember that although consolidation can simplify loan repayment, it can increase the total cost of repaying your loans.  For more information visit https://studentaid.gov or call 1-800-557-7392.

If you borrowed to pay for college, it is important to remember that student loans have to be repaid.  Refinancing is one option to consider as you begin repayment.

Refi loans combine all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation.  This option may reduce the amount you pay and/or provide a more manageable monthly payment amount.  On the INvestED Refi Loan Marketplace, they allow you to compare options in their "Student Loan Refinancing" section. 

 Please Note: If you combine federal loans with private loans, make sure you clearly understand any impact to losing federal loan repayment benefits.


Parent PLUS loans are federal loans parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education offers Parent PLUS Loans to eligible borrowers.

Parent Loans

PLUS stands for Parent Loan for Undergraduate Students. This is a financing option where parents can take out a loan in their name to help pay for their student's education. Parents can choose to make payments immediately or defer until after the student has graduated. The interest will accrue on the loan if you choose to defer.

This loan does require a credit check on the parent who is taking out the loan (it only goes in one parent's name). This takes place when you complete the application. After the application is completed then a Master Promissory Note is needed. At this point, the loan can be processed.

Those are completed on the studentaid.gov website and the below links will take you directly to the pages you need. You will need your FSA ID and password to log in.

  1. Parent PLUS Loan Application
  2. Parent PLUS Master Promissory Note

Need help? See our "How-to Complete a Parent PLUS Loan"Opens in new window instructions on our forms page.