PLUS LOANS
The new process for applying for a PLUS Loan is now in place. Big Bend Community College has changed from the FFELP (Federal Family Education Loan Program) to the Direct Loan Program. The process is quite simple. You will need to complete the following steps for a PLUS Loan to be certified by BBCC:
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The student must have a complete financial aid file at BBCC. To begin this process, the student and parents must complete the FAFSA.
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Complete the attached "PLUS Loan Request" form and submit it to the BBCC Financial Aid Office. You can mail, bring it in, email (faidinfo@bigbend.edu), or fax (509.762.3648) the form to our office.
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Once all of the above items have been completed, BBCC will then certify your eligibility for a PLUS Loan for the 2010-11 academic year. If you have any problems or questions, please call the BBCC Financial Aid Office at 509.793.2034.
WHAT IS A PLUS LOAN: A PLUS Loan (Parent Loan for Undergraduate Students) is a government-guaranteed, low-interest student loan that parents can use to help pay for their student’s education. Parents of students attending an eligible college at least half-time can use a PLUS Loan to finance the entire cost of education, minus other financial aid.
Listed below are some facts regarding the PLUS Loan program
Facts At A Glance
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Parent Borrower Eligibility |
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To be eligible for a PLUS Loan, the parent must:
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Be the natural or adoptive parent of a dependent student or spouse of the natural or adoptive parent of a dependent student
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Be applying for the loan to pay the post-secondary educational costs for an eligible dependent undergraduate student who is enrolled or accepted for enrollment at least half-time at a participating school
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Not have an adverse credit history
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Be a U.S. citizen or national, or an eligible noncitizen
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FAFSA Required? |
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Big Bend Community College does require a Free Application for Federal Student Aid (FAFSA) be submitted to the U.S. Department of Education
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Interest Rate |
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8.50% for the 2008-2009 academic year
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Minimum Loan Amount |
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$200
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Annual Loan Limit |
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Cost of attendance (per child), minus other financial aid, as certified by the Financial Aid Office
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Aggregate Loan Limit |
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None
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Grace Period |
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None; repayment begins after the final disbursement
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Repayment Terms |
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Up to 10 years from the beginning of repayment
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Repayment Options |
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Standard, Graduated (including Interest-Only), Income-Sensitive, and Extended
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Deferment and Forbearance Eligibility |
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Yes
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Consolidation Eligibility |
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Yes |
