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Financial Aid - Direct Loans

 

Direct Loans are low-interest loans for a student's college education.. The lender is the U.S. Department of Education, though the entity you deal with, your loan servicer, can be a private business.

 

 

 

Important Information About Student Loans @ BC3

  • Fall semester deadline date: November 30
    No loan will be processed for the fall semester after November 30.
  • Spring semester deadline date: April 16
    No loan will be processed for the spring semester after April 16.
  • Summer semester deadline date: June 30
    No loan will be processed for the summer semester after June 30.
  • Maximum number of loan changes: 2 per year
    Students will be limited to two loan changes per academic year.

 

It is important you plan your financial needs ahead of time to ensure you receive the loan funds you need to cover the entire enrollment period.

 

How to Qualify For Loan:

  1. Complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov
  2. Enroll at least half-time (6 or more credits)
  3. Be making Satisfactory Academic Progress
  4. Have a complete MPN on file with the Department of Education

    New Borrowers: complete an MPN at studentloans.gov:

      • Sign In using the same four digit pin# used for the FAFSA Application
      • Complete Entrance Counseling if you are a first time student loan borrower
      • Complete the Master Promissory Note: It takes approximately 30 minutes and must be completed in one session.
      • Select Subsidized/Unsubsidized Loans
      • SUBMIT

5. Complete a Loan Request Form:

    Emailed to your BC3 account once we receive your student loan information.

     

    Before requesting an amount, consider the cost of tuition, books, and other financial aid you are receiving so you do not over-borrower.

     

Notes

  • The Department of Education delays a first-time borrower's initial disbursement until 30 days into the semester.

 

  • Please allow 4-6 week for processing.
     

 

     

Information about Loans:

 

Standard Loan Certification Amounts:

 

Freshman       (0-29 credits)      $3500 Full Year     $1750 One Semester

Sophomore    (30 and over)       $4500 Full Year     $2250 One Semester

 

*Additional unsubsidized loan amounts must be requested in writing.

 

 

Interest Rates:

 

6.8% Direct Subsidized Loans for undergraduates with a first disbursement date between July 1, 2012, and June 30, 2013.

 

6.8% Direct Subsidized Loans for graduate students and Direct Unsubsidized Loans for all students.

 

Note:  Rates are subject to change.

 

 

Parent PLUS Loans:

 

Complete the Application at  www.studentloans.gov

  • Sign In using Parent PIN#
  • Click Complete Master Promissory note
    • Click Parent PLUS and complete the application
    • Be sure to list the parent as the borrower and the student under student!
    • Submit
  • On the left-hand side, Click on Request  Direct PLUS Loan
    • Click Parent PLUS and complete the Plus Loan Request for Supplemental Information
    • This section preforms the required credit check
    • Submit

 

 

Alternative Loans:

 

Bridge the gap when a student’s financial aid award is not enough to cover the COA.

  • The loans are offered by private lenders.
  • Eligibility may be driven by the applicant’s and co-applicant’s credit score.
  • Private education loans tend to cost more than federal education loans  - variable interest rates
  • Parents who are considering a private alternative education loan often consider a HOME EQUITY LOAN or a Federal Direct PLUS Loan. There are several tradeoffs between these options.

 

To select a private alternative education loan, it’s best to do your own research:

  • Ask lenders for comparison charts
  • Go online. Entering “private student loans” or “alternative student loans” on any search engine will yield quite a few sites.
  • You may also want to read the information on “Private Education Loans” on www.finaid.org.

 

Students applying for a private alternative loan must complete the Private Loan Self Certification Form and submit it to your lender.

 

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Federal School Code:  003240

 

Contact Information

Financial Aid Office

Butler County Community College

107 College Drive

Butler PA  16003

email:  financialaid@bc3.edu

phone: 724.284.8509

fax:        724.287.4961

 

Office Hours

Monday thru Friday

8am - 4pm

Meet our staff

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Butler County Community College • 107 College Drive • Butler, PA • 16002
724.287.8711 • Toll-Free: 888.826.2829 • Fax: 724.285.6047
mailing address: PO Box 1203 • Butler, PA • 16003-1203

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