BHSU Pay for College - Student Loans & Grants

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The MPN is a promissory note that can be used to make one or more Stafford Loans for one or more academic years (up to 10 years). If you are attending a school that is authorized and chooses to allow the use of the MPN for more than one academic year, and you wish to use the same lender over multiple academic years, you will only sign one MPN. For example, if you enroll in college as a freshman and borrow from the same lender for all years of study, you may be able to borrow under one MPN for all years.

Federal Perkins Loan

Who is eligible?

Undergraduate and graduate students based on financial need.

How do I apply?

You apply for a Federal Perkins Loan when you fill out the need analysis (FAFSA). BHSU is the lender for this loan and handles the paperwork. Funding is limited. Applications must be submitted by March 1 for priority consideration.

Amount Available

Undergraduate:
- Up to $4,000 per year
- Up to $20,000 cumulative total for the bachelor's degree.
Graduate:
- Up to $6,000 per year.
- Up to $40,000 cumulative total for the master's degree, including undergraduate loans.

Costs & Fees

Interest during the repayment period.

Repayment

5% interest. Monthly repayment starts nine months after graduation, withdrawal or dropping below half-time enrollment.
$40 minimum monthly payment; 10-year maximum repayment period.

Federal Stafford Loan

Who is eligible?

Undergraduate and graduate students based on financial need.

How do I apply?

BHSU will send you an award letter indicating your maximum Federal Stafford Loan eligibility and will provide you with instructions on how to apply. Please review Award Handbook , If questions, contact the Financial Aid Office.

Amount Available

Maximum Annual Eligibility (beginning July 1, 2007):
- Freshman -- $3,500
- Sophomore -- $4,500
- Junior/Senior -- $5,500
- Grad year -- $8,500
Cumulative Totals:
- $23,000 undergraduates
- $65,500 graduate and professionals.
- Additional unsubsidized available for Independent Students

Costs & Fees

Origination fee paid to your lender. Federal default fee paid to the guarantee agency.
Interest during the repayment period.

Repayment

Interest rate is a fixed of 6.0% beginning July 1, 2008.
Interest is paid on the Subsidized Stafford Loan by the federal government while the student is in school and during any grace period or deferment periods.
Repayment starts six months after graduation, withdrawal or dropping below half-time enrollment.
$50 minimum monthly; 10-year maximum repayment period.

Unsubsidized Stafford Loan - Depend

Who is eligible?

Dependent undergraduate students who do not qualify in whole or in part for a Federal Loan.

How do I apply?

BHSU will send you an award letter indicating your maximum unsubsidized Federal Stafford Loan eligibility and will provide you with instructions on how to apply -- refer to the Award Handbook. The application can be found at the MPN App Express link at the top of this Student Loan tab. If questions, contact the Financial Aid Office.

Amount Available

The combination of subsidized and unsubsidized Federal Stafford Loans cannot exceed Federal Stafford Loan limits. Refer to Award Handbook.

Costs & Fees

Origination fee paid to your lender. Federal default fee paid to the guarantee agency. Interest begins to accrue from the date the funds are disbursed.

Repayment

Interest is a fixed 6.8% rate.
Interest begins accruing from the date the funds are disbursed. The borrower may make the interest payment or have them capitalized. Payments may be deferred up to six months after graduation, withdrawal, or dropping below half-time enrollment. $50 minimum monthly payment; 10-year maximum repayment period.

Unsubsidized Stafford Loan - Indepen

Who is eligible?

Independent undergraduate or graduate students who do not qualify in whole or in part for a Federal Stafford Loan.

How do I apply?

BHSU will send you an award letter indicating your maximum unsubsidized Federal Stafford Loan eligibility and will provide you with instructions on how to apply -- refer to Award Handbook. If questioins, contact the Financial Aid Office.

Amount Available

The combination of subsidized and unsubsidized Federal Stafford Loans cannot exceed (beginning July 1, 2007):
- Freshman -- $7,500
- Sophomore -- $8,500
- Junior/Senior -- $10,500
- Grad year -- $20,500
Cumulative Totals:
- $46,000 undergraduates
- $138,500 graduate and professionals.

Costs & Fees

Origination fee paid to your lender. Federal default fee paid to the guarantee agency. Interest begins to accrue from the date the funds are disbursed.

Repayment

Interest is a fixed 6.8% rate.
Interest begins accruing from the date the funds are disbursed. The borrower may make the interest payment or have them capitalized. Payments may be deferred up to six months after graduation, withdrawal, or dropping below half-time enrollment. $50 minimum monthly payment; 10-year maximum repayment period.

Federal Parent PLUS Loan

Who is eligible?

Natural or adoptive parents of dependent students who meet federal government, guarantee agency and lender eligibility requirements. A credit analysis will be required.

How do I apply?

Connect to the link below for the on-line application.
- EASCI (Parent Federal Loan)
Or contact the Financial Aid Office for a paper application.

Amount Available

Cost of attendance per child (minus other aid) is the only cap on PLUS limits.

Costs & Fees

Origination fee paid to your lender. Federal default fee paid to the guarantee agency. Interest begins to accrue from the date the funds are disbursed.

Repayment

Interest rate accures on disbursed amounts; fixed interest rate of 8.5% beginning July 1, 2006.
Repayment begins 30-60 days after loan is fully disbursed. $50 minimum monthly payment; 10-year maximum repayment period.