USA STUDENT LOAN INFORMATION
FINANCIAL ASSISTANCE FOR CITIZENS
AND
PERMANENT RESIDENTS
OF THE UNITED STATES
American citizens and permanent residents studying full-time can apply for subsidized and unsubsidized Direct Loans, Parent Plus Loans and/or Private Loans. Students are expected to have their applications to the Bethany Financial Aid Office by July 15th.
A. How to apply for a Direct loan (all 4 steps must be completed for the loan money to be released)
- Complete the FAFSA at http://www.fafsa.ed.gov. You will need a pin number for your signature. If you do not have one you can apply on line at www.pin.ed.gov. If you are a dependent student your parent will need to sign the FAFSA with a pin number as well. They can obtain this pin number at www.pin.ed.gov.
- Complete a Master Promissory Note (MPN) at www.studentloans.gov. You will need your pin number from the FAFSA to complete this step.
- Complete a Request letter indicating how much you would like to borrow up to the maximum of your academic level. (eg. Sophomore $4,500 + $2,000). You can either scan & email it to me at muscroftr@bbc.ca, or fax it to me at 1-506-432-4425.
- Complete an Entrance Interview at www.mappingyourfuture.org. Choose Entrance Counseling: Stafford Loan: select country: select school and proceed thru the next 6 steps.
B. Parent Plus Loan
Parents of dependent students may apply for a Parent Plus loan to help their son/daughter through post secondary education. This is the parent’s loan but made available to the student for college costs. A credit check is done on the parent applying for the loan. Parents may borrow up to the amount of what it costs the student to attend a year at Bethany Bible College minus any grants, scholarships, Direct loans.
To apply for the Parent Plus loan go to: www.studentloans.gov and sign in with your pin number and then follow the directions for doing the Master Promissory Note for a Parent Plus loan.
Note:
If parent(s) are denied the Plus Loan based on credit, the following options are available.
- The student can receive an additional unsubsidized loan (Contact the Financial Aid Office at 1-506-432-4423)
- The parent can seek an endorser at www.studentloans.gov.
- The parent can appeal the credit decision at www.studentloans.gov.
C. Private Loans are available to students with a co-signer. If interested in this private loan contact SALLIE MAE at http://www.salliemae.com/apps/onlineapp.asp?school_id=02102100
Disbursement of Loans
Loan monies come in two disbursements - mid to late August and late December or early January.
Bethany Bible College Contact Information
Ruth Muscroft – Director of Financial Aid
Phone: 506.432.4423 or 888.432.4444
muscroftr@bbc.ca
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