Federal Loan Interest Rates & Loan Limits:
| |
STAFFORD |
|
PLUS |
| Fixed Rate After 7-01-06 |
6.8% |
|
8.5% |
| Loans On or After 7-01-98 |
|
IN-SCHOOL
91 Day T-Bill
+1.7%
|
REPAYMENT
91 Day T-Bill
+2.3%
|
| 6.62% |
7.22% |
|
|
91 Day T-Bill
+3.1%
|
| |
|
|
8.02% |
Annual Loan Limits:
How much FFEL can I borrow? (Important Change) New (7/01//07)
| Effective for the 2007-2008 Award Year |
Base Amount Subsidized/Unsubsidized |
Additional Unsubsidized |
| 1st year undergraduate |
$3,500 (dependant - maximum) |
$4,000(independent maximum) |
| 2nd year undergraduate |
$4,500 (dependant - maximum) |
$4,000 (independent maximum) |
Aggregate Loan Limits:
| Dependency Status |
Maximum Subsidized & Unsubsidized |
| Dependent Undergraduate |
$23,000 |
| Independent Undergraduate |
$46,000 |
BCC Lender List
Applying for a Stafford Loan not Listed on the BCC Lender List
If you choose to use a bank not listed on the lender list, take the following steps:
- All borrowers must Complete Entrance Counseling, go to www.Nelnet.com. On the bottom of the left hand tool bar click on "Entrance or Exit Counseling", and follow the prompts. Once completed an Entrance Counseling Complete" page will appear. Print a copy for your records.
- All borrowers must Complete the Master Promissory Note for your chosen lender.You must provide two references that reside at different addresses and have telephone numbers.
- You must sign the Master Promissory Note according to the instructions of your chosen lender.
How will I receive my loan funds?
- The lender will mail a "paper check" to BCC.
- The "Office of Financial Aid" will notify you by mail that the loan check has arrived with instructions on how to sign for the loan check.
- "You" the borrower have 30 days from the date of the letter to come into the Office of Financial Aid, located in room L-123 (Pitikin Education Center) to sign the Loan Authorization release form.
- If you fail to endorse the check within 30 days, the check will be returned to the lender. The loan will be cancelled, and you will be responsible for any outstanding tuition and fees.
- Once signed, the funds will be deposited and applied to your tuition and fee 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.
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