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L8) What are the differences between a loan under the CARES Act and a regular TRS loan?

The chart below summarizes some key differences:

 

CARES Act Loans

Regular Loans

Maximum Loan Amount

$100,000 (across TRS and DCP loans), subject to other conditions
Note: Regular limits apply after September 9, 2020

$50,000 (across TRS and DCP loans), subject to other conditions

Application Deadline

Higher loan amounts not available after September 9, 2020

No deadline

How to Apply

E-form on TRS' website

Online application (or e-form on TRS’ website, for retiring members only)

Processing Time

E-form must be submitted by Wednesday for disbursement the following Friday

Online application must be submitted by midnight Sunday for Friday disbursement 

Loan Payment Deferral

12-month deferral available at loan initiation through December 4, 2020

12-month deferral not available at loan initiation but may be elected by qualified members at any time through December 13, 2020