Main Menu

ContactApply

Loans

Types of Federal Loan Assistance

Federal Direct Subsidized Loan

A variable interest loan available to degree seeking students enrolled at least half-time, based on financial need. The interest rate changes every July 1st and is paid by the government while the students are attending school. Repayment of principal and interest begins 6 months after enrollment ceases to be at least half-time. The current interest rate on this loan is 4.29%.

Federal Direct Unsubsidized Loan

A variable interest loan available to degree seeking students enrolled at least half-time, not based on financial need. Eligibility for the subsidized loan must be determined before an unsubsidized loan can be considered. The interest rate changes every July 1st and will be charged from the time the loan is disbursed until it is paid in full. The interest can be paid while the student is still in school. Repayment of principal and interest begins 6 months after enrollment ceases to be at least half-time. The current interest rate on this loan is 4.29%.

***Interest Rates will change on July 1, 2016 for the 2016-2017 aid year.

Federal regulations require that the College delay delivering the proceeds of educational loans to first-time borrowers until 30 days after the start of classes.  In addition, all first-time borrowers must receive loan counseling before loan funds can be disbursed. Students must complete a Master Promissory Note and Entrance Loan counseling.
Year Dependent Independent
First year (0 to 29 credits)

$5,500

No more than $3,500 of this amount may be in subsidized loans.

$9,500

No more than $3,500 of this amount may be in subsidized loans.

Second Year (30 or more credits)

$6,500

No more than $4,500 of this amount may be in subsidized loans.

$10,500

No more than $4,500 of this amount may be in subsidized loans.

Lifetime Limits

$31,000

$57,500

Federal Direct Parent Loan for Undergraduate Students (PLUS)

This program allows the parent with a good credit history to borrow to pay the cost of education for a dependent undergraduate student enrolled at least half-time. The yearly limit is equal to the student's cost of attendance minus any other financial assistance expected or received. The interest rate for PLUS loans disbursed between July 1, 2015 - June 30, 2016 is fixed at 6.84. There is no grace period for this loan. Interest begins to accumulate at the time the first disbursement is made. Repayment of both principal and interest will begin 60 days after the full loan amount has been disbursed.

Parents can apply for the Parent PLUS loan by completing the Parent PLUS loan request form.

When you complete the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA, you are applying for all of the aid programs for which you may be eligible, including Direct Loans. Direct Loans are not automatically awarded or packaged to students.

FSA Student Loan Ombudsman Office

Via on-line assistance: http//studentaid.gov/repay-loans/disputes/prepare

Via telephone:
877-557-2575
 Via fax:
606-396-4821 
 Via mail:
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633

Private Loans

Private loans are options for students (and their parents) who do not show financial aid eligibility for other types of financial aid, or who need additional funds to meet educational expenses. Most private loans requirs a credit check.

Many of the private loan programs also look at what financial aid you are already receiving for that particular period. Other financial assistance is deducted from the cost of attendance before aid eligibility is determined for other programs.

Note: Our office does NOT endorse any particular lender. This information is only provided for your convenience and can change without notice. You should request current information directly from the lender or company offering the program.

 

Steps to Apply for Loan Assistance

Log in to the Federal Student Aid Student Loans site at www.studentloans.gov with your Federal Personal Identification Number (FAFSA PIN). You will need to complete the following:

  1. National Student Loan Data System - You must review your aggregate loan amounts at NSLDS.
  2. Financial Awareness Counseling -You must complete the Financial Awareness Counseling. To complete, click here.
  3. Repayment Estimator Calculator - Use this tool to learn your anticipated total loan expenses. Click on the "Your Loans" button to add the amount of your loan request. To complete, click here.
  4. Master Promissory Note (MPN) - You must complete the Master Promissory Note (MPN) for Baton Rouge Community College.
  5. Loan Entrance Counseling - You must complete the Loan Entrance Counseling for Baton Rouge Community College.
  6. Loan Request Form- You must complete the Loan Request Form indicating the amount of loan funds you would like to borrow.
©