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). 

• 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.

• 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.

• 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

LENDER	BENEFITS FOR ACADEMIC YEAR 2008-2009	APPLY
You can choose a  lender from the list below:	For each lenders  borrower benefits you can log on to their website for additional information. Reminder do not apply directly on the lenders website logon for informational purposes only!	Select the appropriate link below.
Nelnet Academic Loan	www.nelnet.net/academicloan	First Time Borrower Prior BCC Borrower
PNC Bank	www.eduloans.pncbank.com	First Time Borrower Prior BCC Borrower
SLMA Education Trust	www.salliemae.com	First Time Borrower Prior BCC Borrower
Union Bank (prior borrowers)	www.asapubt.com/students	Prior BCC Borrower
Wachovia (Educaid)	www.wachovia.com/students	First Time Borrower Prior BCC Borrower

 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:

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