Applying for a Student Loan

Applying for a Student Loan

General Information

Brookdale participates in the William D. Ford Federal Direct Loan Program (FDLP), which consists of  Subsidized Loans, Unsubsidized Loans, and PLUS Parent Loans. Students or parents who enter into an agreement regarding a Title IV HEA loan are advised that the loan will be submitted to NSLDS and accessible by authorized agencies, lenders, and institutions. 

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 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:

Every school has a different process for offering student loans. At Brookdale, we do not include an offer of a loan in a students award package. Every student who meets the requirements will qualify, however the process requires you to request the amount you wish to borrow using your WebAdvisor/My Financial Aid self-service. Click here for detailed instructions. Remember that first time borrowers must complete Entrance Loan Counseling and a Master Promissory Note found on studentloans.gov

Federal Direct Student Loans

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, 2022, it is 4.99% as soon as the student drops below 6 credits. Repayment begins 6 months later. Beginning July 1, 2023 interest rates are 5.50%.

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, 2022, the interest rate is 4.99% and will accrue during in-school and six-month grace periods. Beginning July 1, 2023 interest rates are 7.05%

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, 2018, the interest rate is 7.54%. Beginning July 1, 2023, interest rates are 8.05%

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 1.066%. This percentage fee will be deducted from the loan proceeds before the funds are applied to your student account.

The aggregate amount for Subsidized and Unsubsidized loans for Dependent Students is $31,000.00 and $57,500.00 for Independent students.

 Dependent Student

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

How Do I Apply?

Requesting a student loan is optional. Your financial aid package will not include a loan unless you follow these instructions to request one. You must be registered for 6 credits to qualify.

1. Complete a Free Application for Federal Student Aid (FAFSA)
2. Obtain an FSA ID 
3. Go to Federal Student Aid and complete both, Entrance Loan Counseling and a Master Promissory Note. (This is only required once while a student at Brookdale).
4. Go to My Financial Aid and click on the Request New Loan; answer all the questions and click on Submit.

You must also 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.  

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

1. Complete and submit a Request For Unsubsidized Loan Dependent Status Review.
2. Link to www.studentloans.gov and apply for a PLUS Loan.

How Am I Notified?

The Financial Aid Office at Brookdale will notify you by email 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 completed the loan process.

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?

Once you have been notified by Financial Aid of your award, and you have a bill because you are registered for classes, the amount of your award will be posted as “anticipated” until it is applied to your student account as a disbursement which occurs after the add/drop period of your term. To see your eligible anticipated aid, go to Self-Service and check in My Student Account.

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.

You have the option of receiving your refunds in your own bank account. If you do not sign up for anything, a check will be mailed to the address you have on file in the Registration office. To choose direct deposit, sign on to WebAdvisor and click on My Preferred Refund Method.

How Do I Repay My Loan?

Click HERE to read more.

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