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Federal Stafford Loans
Generally, you are eligible for a Federal Stafford Student Loan if you:
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Are not in default on a federal student loan.
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Do not owe money back on a federal student grant.
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Enroll in or be admitted to a degree-seeking program of study at BCC.
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Meet the Financial Aid Office standards of academic progress
Students must meet the following in order to have a FFELP loan certified:
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Have a valid ISIR at BCC.
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Must be seeking a degree or certificate program.
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Must be making Satisfactory Academic Progress. (SAP).
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Must be registered for six or more credits.
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Must be U.S. citizen or eligible non-citizen.
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Male students 18-26 must be registered with Selective Service.
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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).
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Step 1. Choose a lender from the BCC Lender List, click on First time borrower. You will be redirected to Nelnet.com and Mapping Your Future.org to complete the process.
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Step 2. Prior BCC borrowers go to the BCC lender list and select the Prior Borrower link. Complete the Financial Aid Loan application on WebAdvisor.
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Step 3. If you have selected a lender other than the one listed on the BCC website you must submit notification to the Financial Aid Office by clicking here
BCC Lender List
2008-2009 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:
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Dependent Students
(Except Students Whose Parents Cannot Borrow PLUS) |
Base amount
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Additional unsubsidized loan amount
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Prior to July 1, 2008
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Effective July 1, 2008
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Freshman
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$3,500
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0
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$2,000
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Sophomore
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$4,500
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0
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$2,000
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Junior or senior
|
$5,500
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0
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$2,000
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Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan
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Base amount
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Additional unsubsidized loan amount
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Prior to July 1, 2008
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Effective July 1, 2008
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|
Freshman
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$3,500
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$4,000
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$6,000
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Sophomore
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$4,500
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$4,000
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$6,000
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Junior or senior (not applicable to Bergen Community College students)
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$5,500
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$5,000
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$7,000
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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
Are there any special charges?- Is a fixed rate state supplemental student loan program offered by the NJ Higher Education Student Assistance Authority. This is a credit-based loan. A Federal PLUS loan is available to an eligible parent of a dependent undergraduate student attending Bergen Community College on at least a half-time basis. The parent may borrow up to the cost of education minus any financial assistance that the dependent student is expected to receive. A PLUS loan borrower must be credit worthy or must obtain a credit worthy endorser on the loan.The parent borrower is responsible for paying to the lender the interest that accrues on the loan from the time the loan is disbursed until it is paid in full.
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© 2008 Bergen Community College 400 Paramus Road, Paramus, New Jersey 07652, 201-447-7100 |
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