Federal Stafford Loans

Generally, you are eligible for a Federal Stafford Student Loan if you:

• Are not in default on a federal student loan.
• Do not owe money back on a federal student grant.
• Enroll in or be admitted to a degree-seeking program of study at BCC.

• Meet the Financial Aid Office standards of academic progress

   Students must meet the following in order to have a FFELP loan certified:

•   Have a valid ISIR at BCC.
•   Must be seeking a degree or certificate program.
•   Must be making Satisfactory Academic Progress. (SAP). 
•   Must be registered for six or more credits.
•   Must be U.S. citizen or eligible non-citizen.
•   Male students 18-26 must be registered with Selective Service.
•  Verification must be complete.

         APPLYING FOR A STAFFORD LOAN

All first time borrowers and transfer students must complete an Entrance Interview and and sign a Master Promissory Note (MPN). 

FIRST TIME BORROWERS and TRANSFER STUDENTS

PRIOR BORROWERS

Step 1.      Read and accept ELM lender agreement, select state and school. ·         Click on Complete Entrance Counseling ·         Once you have successfully completed Entrance Counseling print the exam. Step 2.  Review and Compare BCC Lender List: ·         Select lender and click on Apply Now you will be redirected to that lenders website. ·         Click on the lender Stafford Loan button (Apply Now, Application Center, I’m a Student, Apply for a Loan)   Read and complete all pages of the loan application and Master Promissory Note.  Close session. Step 3. BCC Financial Aid Loan Process via WebAdvisor.  Read instructions ·         Select Click  here to proceed to WebAdvisor  on “Current Student.  Select Financial Aid Loan Application. Complete and submit.   NOTE:  The Master Promissory Note (MPN) requires you to provide the complete name, address and telephone number of two references.  Refer to the MPN when completing the Financial Aid Loan Application.   APPLY NOW

Go to: www.go.bergen.edu to initiate loan.    We encourage you to use the same lender every year.   ·         Log into Webadvisor. ·         Click on Current Student. ·         Click on and complete the Financial Aid Loan application. ·         Complete and submit      NOTE:    You are free to choose any lender participating in the FFEL program.   If you have selected a lender other than those listed on the BCC Lender List you must complete the Lender Notification Form to the Financial Aid Office .   Upon completing click on submit.

 2009-2010 ANNUAL LOAN LIMITS 

Additional unsubsidized Stafford loan limits applicable to undergraduate students are increased for loans first disbursed on or after July 1, 2008. Subsidized limits (up to base amount) are unchanged. For students enrolled as regular students in eligible programs, annual Stafford loan limits are as follows:

Dependent Students (Except Students Whose Parents Cannot Borrow PLUS)	Base amount	Additional unsubsidized loan amount
		Prior to July 1, 2008	Effective July 1, 2008
Freshman	$3,500	0	$2,000
Sophomore	$4,500	0	$2,000
Junior or senior	$5,500	0	$2,000

 

Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan	Base amount	Additional unsubsidized loan amount
		Prior to July 1, 2008	Effective July 1, 2008
Freshman	$3,500	$4,000	$6,000
Sophomore	$4,500	$4,000	$6,000
Junior or senior (not applicable to Bergen Community College students)	$5,500	$5,000	$7,000

The Federal Stafford Loan inschool interest rates for loans originated and disbursed after July 1st, 2008  Subsidzided Loans  6.0% fixed    Unsubsidized Loans   6.8% fixed    

 What will delay my loan funds?

• Failure to submit any additional documentation requested to complete your financial aid file. For a list of missing financial aid documents see WebAdvisor. 
• Failure to sign a Master Promissory Note online or failure to complete online loan entrance counseling will delay the loan disbursement process. All loan proceeds will be held by the lender until the Master Promissory Note is signed and the Entrance Counseling is completed online

When will my Loan be Certified?

• You should allow a minimum of ten (10) working days for our office to certify your loan.  If you are a first-time borrower, more time may be needed since you will be required to sign a promissory note and complete online loan counseling. 

When will I receive my loan funds?

• All Stafford loans must be disbursed in two installments, even if your loan is for one semester only.
• Loan funds are electronically transmitted to the college by your lender. These funds will then be deposited in your BCC account and applied to your charges. If there are funds remaining, the Bursar's office will mail you a refund check within 14 days of receipt of funds on campus.

Financial Aid Loan Repayment

For general information about student loans, see The Student Guide, Financial Aid from the U.S. Department of Education