MyBrookdale

Applying for a Student Loan

General Information 

Since 2008, Brookdale has participated in the William D. Ford Federal Direct Loan Program (FDLP), which consists of Federal Subsidized Loans, Federal Unsubsidized Loans, and Federal PLUS Parent Loans.

What is a Federal Direct Loan? 
How Much Can I Borrow? 
What Will I Need, to Apply for a Loan?
Request for Unsubsidized Loan Dependent Status Review 
Entrance Counseling 
How to Apply for a Federal Direct or Parent Plus Direct Loan 
How Will I Be Notified?
How Will My Loan Funds Be Disbursed to Me?
How Do I Repay My Loan?


 

What is a Federal Direct Loan?

Congress established the William D. Ford Federal Direct Loan Program to help reduce complexity in the financial aid process. The difference between the Federal Direct Loan Program and the Federal Family Education Loan Program (FFELP)?  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, start with these links:

Students, click here to download instructions - How to apply for a Federal Direct Loan for 2013-2014
Parents, click here to download instructions - How to apply for a Parent Federal Direct Loan (PLUS)

Federal Direct Student Loans – Beginning 2012-2103

Federal Direct Subsidized Direct Loan – $3500 for first year students enrolled in a program that is a full academic year program. Repayment begins six months after student drops to less than half-time status; student has up to 10 years to repay. Current interest rate is 0% in-school (subsidized by federal government) and after July 1, 2012, it is 6.8% as soon as the student drops below 6 credits. Repayment begins 6 months later.

Federal Direct Unsubsidized Direct Loan
Same amounts as Subsidized loan; if student is not eligible to receive funds from the Subsidized Direct Loan, limit cannot exceed $5500.  After July 1, 2013, the interest rate is 6.8% and will accrue during in-school and six-month grace periods.

Federal Direct Parent Loan for Undergraduate Students (PLUS)
Annual loan limit is the dependent student’s cost of education minus any estimated financial aid received. Repayment begins within 60 days of disbursement, or 6 months after the student drops to less than half time status, with up to ten years to repay. After July 1, 2013, the interest rate is 7.9%.

Alternative Loans
Alternative loans should be a last resort for students whose financial aid package already includes Direct Loans and other sources of financial aid, and who still needs additional funding to meet his or her educational costs. Annual loan limit is the cost of education minus any estimated financial aid received. Eligibility is determined by the lender. The borrower may need to be credit worthy and have established annual income, or may need a co-signer. Start your search on the internet or contact your personal banker to learn about Private Alternative Loans.


How Much Can I 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. 


 Dependent Student

Academic Level        Annual Limit
Subsidized & Unsubsidized       
Annual Limit
Additional Unsubsidized           
Total Annual Limit              
First Year (less than
24 credits earned)                        
$3,500 $2,000* $5,500
Second Year (24 or
more credits earned)
$4,500 $2,000* $6,500

Note: Additional Unsubsidized Loan funds of up to $4,000* per year (not included in the 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        
First Year (less thank 
24 credits earned)                       
$3,500 $6,000* $9,500
Second Year (24 or 
more credits earned)
$4,500 $6,000* $10,500

What Will I Need, to Apply for a Loan? 

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

Completed a Free Application for Federal Student Aid (FAFSA) –  http://www.fafsa.ed.gov
Obtained a Federal Personal Identification Number ( PIN) –  http://www.pin.ed.gov

Completed an online Loan Request

Requesting a student loan is optional. You must be registered for 6 credits to qualify. To request a loan you must have access to the MyBrookdale Portal.

  • Using your Brookdale ID# and password, log on to MyBrookdale Portal.
  • Under the QuickLaunch Navigation, left sidebar, click on Student Information and the Dollar Sign.  
  • Click on the “Apply Online” tab; complete the questions and click on “Submit”.
  • If you are a first time borrower, you will also be required to complete Entrance Loan Counseling and a Master Promissory note online at http://studentloans.gov

Meet all other criteria applicable to federal aid programs including:

  • Be a US citizen or eligible non-citizen
  • Be matriculated and enrolled for a minimum of 6 credits
  • Maintain satisfactory academic progress
  • If requested, provide additional documentation to the college

Request for Unsubsidized Loan Dependent Status Review

Financial aid regulations state that dependent students are required by law to provide parental information and signatures to be considered for financial aid.

If your parent has ended providing parental support and refuses to complete the parental sections of the FAFSA, you may be eligible to receive a Federal Direct Unsubsidized Direct Loan. Support is defined as: cash support, payment by the parent of educational costs, non-cash support such as room and board, and/or health insurance benefits.

In order to be considered for eligibility, please complete and submit a Request For Unsubsidized Loan Dependent Status Review 


In Addition: Entrance Counseling

Federal regulations require that ALL first-time Brookdale Community College Federal Direct Loan borrowers complete Direct Loan Entrance Counseling before being awarded a Federal Direct Direct Loan. Click here to complete Direct Loan Entrance Counseling, follow the instructions, and submit. An electronic confirmation will transmitted to the Financial Aid Office within 24 hours.


How to Apply for a  Federal Direct or Parent Plus Direct Loan

  1. Read the directions below and when you are ready, click here to start your Master Promissory Note. – NOTE -BROKEN LINK
  2. Click on What to Expect from the side tool bar to see an overview of completing your Master Promissory Note.
  3. Once you have reviewed the steps, click on Complete New MPN for Student Loans, or Complete New MPN for Parent PLUS Loans.
  4. Click on Continue
  5. Click on Proceed to PIN Registration to begin. (You will use the same PIN you use to sign your FAFSA. If you don’t have one, you will be instructed to go to the PIN website and apply for one.)
  6. We recommend that you print out the section of the MPN process which explains the Borrower’s Rights and Responsibilities for future reference.
  7. VERY IMPORTANT: While completing the electronic MPN on line, make sure to write down the three character Confirmation Code located at the end of Step 8 where a window will appear for you to review your signed MPN. You MUST enter the code on the screen after you finish reviewing your signed MPN.
  8. Be sure to print a copy of your MPN for your records.
  9. An electronic confirmation will be transmitted to the Financial Aid Office within 24 hours.

How You Are Notified  

The Financial Aid Office at Brookdale will send you an Award Letter when your loan has been awarded. Awards are determined on an ongoing basis and completed after your financial aid record is complete. To be complete you must respond to all requests for additional information and we must be in receipt of your Entrance Counseling, signed Master Promissory Note and BCC Confidential.

Please notify the Financial Aid Office if you change your mind and decide not to participate in the Direct Loan Program. You can cancel your loan up to 30 days after your loan is applied to your student account.


How Are My Loan Funds Disbursed to Me? 

Your award will be posted as “pending” until it is applied to your student account as a disbursement which occurs after the drop/add period of the term (approximately 2 weeks after classes start). All loans are disbursed in two payments. If your pending loan exceeds your tuition and fee charges you may purchase books using your remaining loan balance. The bookstore will have your information on file and will apply your available book charges against your tuition account. Any remaining credit balances will forwarded to you within 14 days of being credited on your student account. Click here to learn about E-CHECKS


How Do I Repay My Loan?  

Click HERE to read more.


 

Questions? Contact e-mails, office location and hours, and more – here.