Financial Aid - Student Loans
Because grants and scholarships are limited, many students must rely on loans to cover educational expenses. We encourage students to borrow wisely. Students transferring to a four-year school may run out of eligibility at the four year school if they borrow too much at BC3.
In addition to the Free Application for Federal Student Aid (FAFSA), students interested in Stafford Loans must complete a seperate loan application called a Master Promissory Note (MPN).
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Student Loans
Stafford Loans
The Federal Stafford Loan is a low interest loan. This is the first loan option that students should consider. You must be enrolled for at least 6 credits to be considered for a student loan. Re-payment begins six months after the student ceases to be a half-time student. This loan may be subsidized or unsubsidized
Subsidized Stafford Loan
- Based on financial need as determined by the FAFSA, other aid sources and educational costs
- The federal government pays the interest on the loan while the student is enrolled half-time in school
- 6.0% Fixed Rate
Unsubsidized Stafford Loan
- Not based on financial need
- The student pays the interest while in school or it can be capitalized into the principal thus increasing the amount owed
- 6.8% Fixed Rate
Steps to Receive the Federal Stafford Loan
- Complete the FAFSA and indicate you are interested in loans on the FAFSA. If your previous lender is still participating, your loan will be reactivated.
- Complete Entrance Counseling at www.aesSuccess.org (for first-time borrowers).
- Complete the MPN (Stafford Loan Application)
- Complete a Loan Request Form. One will be mailed to you when we receive your loan application.
Freshmen Students may be eligible for a maximum of $3500 a year in Stafford Loans.
Sophomore Students may be eligible for a maximum of $4500 per year in Stafford Loans.
Independent students may be eligible for an additional maximum of $4000 or up to the cost of attendance per year in unsubsidized Stafford Loan.
*Sophomores at BC3 are defined as having earned and/or transferred in 25 or more credits and are enrolled in an Associate Degree program.
Alternative Loans
Private Alternative Loans are not part of the federal loans programs and should be used as a last resort. We encourage all students to first consider the Federal Stafford and PLUS Loan programs as they offer the lowest fees and interest rates. However, if those loan programs do not cover your educational expenses you may want to consider the alternative loan option.
Please Note: Private loans will not hold your schedule for the purge. To research and compare alternative/private loans go to Simple Tuition.com
Borrowing and Debt Management
Do you have a question about borrowing or debt management?
Log onto ww.youcandealwithit.com for inforatmion on creating a budget, loan repayment options, and loan tools and calculators.
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Financial Aid Resources
Useful Information
Federal School Code: 003240
Financial Aid Office
Butler County Community College
107 College Drive
Butler, PA 16003
Phone: 724.284.8509
Fax: 724.287.4961
Office Hours:
Monday thru Friday
8:00 AM to 4:00 PM
