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How to Get Your Loan
Apply
All students can take advantage of the on-line student
loan application process. Whether you are new to borrowing at BCC
or have previously borrowed, call (413) 499-4660 ext. 1644 or stop
by the Financial Aid Office, Field Administration Building, Room
122 for details. Apply anytime during the school year until April
1.
Qualify
Enroll in at least 6 credits per semester Maintain
academic progress as described in the "Financial Aid Satisfactory
Academic Progress Policy" Not be delinquent or in default of a prior
educational loan
How
Much Can You Borrow?
Up to $2,625 for first-year students* Up to $3,500
for second-year students* You are not obligated to borrow the entire
amount; only you know the right amount of money you need to borrow.
The interest rate on a Stafford loan is variable (changing every
July 1st) but will not exceed 8.25%. *Independent students may qualify
for additional funds.
How
Do You Get the Money?
Once we certify your loan, you can use it towards
your tuition and fee bill immediately; simply contact the Business
Office. After your tuition bill is paid, any remaining balance will
be put on account for you at the College Store to purchase books
and supplies (ONLY 1 week before and 3 weeks after the start of
each semester) Finally, if there are any loan funds remaining after
your tuition bill and bookstore charges are paid, you will receive
a check for the balance.
Checks are issued approximately
30 days after the start of each semester; budger your living expenses
accordingly!
When
Do You Pay the Loan Back?
You start to repay the loan six months after you
graduate or drop below 6 credits.
Is
This Loan Right for You?
Borrowing money to help pay for college is a very
personal decision. Only you can decide if this option is right for
you. Consider alternatives to borrowing available to you here at
BCC such as Federal Work-Study jobs, the 3-installment
payment plan (TIPP), education tax credits, and scholarships
for future semesters.
Loan
Counseling
All students who borrow a Federal Stafford Loan at
BCC must complete both an entrance and exit counseling session.
If you have received a "REMINDER" notice, you may complete
your loan counseling session by clicking on "REMINDER."
updated: 6/25/08, /std
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