Financial Aid - Student Loans
Because grants and scholarships are limited, many students must rely on loans to cover educational expenses. Students who indicate an interest in loans on the FAFSA are automatically considered for loans. 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. The following loan options are available to students:
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Student Loans
Stafford Loans
The Federal Stafford Loan is a low interest loan with a fixed interest rate of 6.8%. This is the first loan option that students should consider. Re-payment begins six months after the student ceases to be a half-time student. This loan may be subsidized or unsubsidized
Subsidized
- 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
Unsubsidized
- 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
Steps to Receive the Federal Stafford Loan
- Complete the FAFSA and indicate you are interested in loans on the FAFSA
- Complete entrance counseling at www.aesSuccess.org
- Complete the MPN
- Complete a loan request form. One will be mailed to you when we receive your loan application.
Freshmen may be eligible for a maximum of $3500 a year in Stafford Loans. Sophomores may be eligible for a maximum of $4500 per year. 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.
Borrowing and Debt Management
Do you have a question about borrowing or debt management? Log onto www.youcandealwithit.com
