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GENERAL INFORMATION

Brookdale Community College is pleased to announce that beginning Fall 2008 we will be participating in the William D. Ford Federal Direct Loan Program (FDLP), which consists of Federal Subsidized Loans, Federal Unsubsidized Loans and Federal PLUS Parent Loans. For a description of loan programs and current interest rates click here

WHAT IS A FEDERAL DIRECT LOAN?

Congress established the William D. Ford Federal Direct Loan Program to reduce the complexity within the financial aid process. The difference between the Federal Direct Loan Program and the Federal Family Education Loan Program (FFELP), is that the Federal Direct Loan Program does not involve the use of a private lender such as a bank. You are borrowing from the federal government. If you would like more information about federal loan programs, as well as instructions for completing the loan process click in these links:

Students, click here to download instructions on How to apply for a Federal Direct Loan for 2013-2014.

Parents, click here to download instructions on How to apply for a Parent Federal Direct Loan (PLUS)

HOW MUCH YOU CAN BORROW

The annual maximum amount (see chart below), may be awarded to you as a combination of subsidized and unsubsidized Federal Direct Loans. You will be charged interest on the portion that is unsubsidized until which time you go into repayment. If you do not pay the interest while in school or during any grace or deferment period, you can elect to have the interest added to the principal. This is called capitalization. If you choose to capitalize the interest, you will have a larger payment when you begin to repay your loan.

Consistent with federal regulations, Federal Direct Direct Loans have an origination fee of up to 2.0 percent with a 1.5 percentage rebate. A .5 percentage fee will be deducted from the loan proceeds before the funds are applied to your student account. Once in repayment, you will need to make 12 consecutive payments or the 1.5 percentage rebate will be added back to your loan obligation.

The aggregate amount for Subsidized loans are $23,000 (subsidized and unsubsidized combined), plus $23000 additional Unsubsidized loans for independent undergraduate students.

The maximum annual Direct Loan limits are listed in this chart:

Complete a FAFSA
Complete Loan Entrance Counseling
Complete a Master Promissory Note Online
Download Federal Direct Loan Instructions
Download a Federal Direct Loan Request Form
Download a Direct Loan Appeal Form
Download a Request For Unsubsidized Loan Dependent Status Review Form
 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPENDENT STUDENT

Academic Level

Annual Limit

Subsidized & Unsubsidized

Annual Limit Additional Unsubsidized

Total Annual Limit

1st year (less than 24 credits earned)

$ 3,500

$ 2,000*

$ 5,500

2nd year (24 or more credits earned)

$ 4,500

$ 2,000*

$ 6,500

Note: Additional Unsubsidized Loan funds of up to $4000.00* per year, (not included in chart) may be available for students whose parents are denied a Parent Loan for Undergraduate Students (PLUS).

*Subject to approval

INDEPENDENT STUDENT

Academic Level

Annual Limit

Subsidized & Unsubsidized

Annual Limit

Additional Unsubsidized

Total Annual Limit

1st year (less than 24 credits earned)

$ 3,500

$ 6,000*

$ 9,500

2nd year (24 or more credits earned)

$ 4,500

$ 6,000*

$ 10,500

WHAT YOU NEED TO APPLY FOR A LOAN

To be considered for a Federal Direct Loan you must have the following: