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A Federal Direct Loan is a form of financial aid that is borrowed and must be repaid with interest. Loans are available to students and parent(s) to help meet the cost of education after all other funding options have been exhausted.         

Students must be enrolled in a minimum of six credit hours that meet Program Objective Enrollment Compliance (POEC) to be considered for a loan. Initial amounts may be adjusted if your graduation term falls within your loan period.

There are three types of loans available:

  • Direct Subsidized Loans are available to eligible students who demonstrate financial need. The U.S. Department of Education pays the interest while the student is in school at least half-time (six or more credit hours), for the first six months after the student leaves school and during a period of deferment.
  • Direct Unsubsidized Loans are available to eligible to students, but in this case, the student does not have to demonstrate financial need. The student is responsible for paying the interest during all periods. If the student chooses not to pay the interest while in school, during grace periods and deferment or forbearance periods, the interest will accumulate and be added to the principal amount.
  • Direct PLUS Loans are available to eligible parents of dependent students to help pay for educational expenses not covered by other financial aid. The parent must not have an adverse credit history. The parent is responsible for paying the interest during all periods. If the parent chooses not to pay the interest while the student is in school, the interest will accumulate and be added to the principal amount.

Annual Loan Limits

Annual loan limits are determined by class (freshman, sophomore, etc.) and dependency status.

Academic Level
​Dependent
​Independent
​Freshman (0-30 credits)
​$3,500 ($2,000 Unsubsidized) ​$3,500 ($6,000 Unsubsidized)
​Sophomore (31-60 credits) ​$4,500 ($2,000 Unsubsidized) ​$4,500 ($6,000 Unsubsidized)
​Junior and Senior (61 credits or more) ​$5,500 ($2,000 Unsubsidized) ​$5,500 ($7,000 Unsubsidized)


Aggregate Loan Limits

Aggregate loan limits are maximum loan amounts that a student can receive throughout their academic career. Once the aggregate loan limit is met, the student becomes ineligible for Federal Direct Loans.


​Subsidized Loan Limit ​Unsubsidized Loan Limit ​Combined Loan Limit
​Dependent
​$23,000 ​$8,000 ​$31,000
​Independent ​$23,000 ​$34,500 ​$57,500



Interest Rates

The interest rate varies depending on the type of loan and the first disbursement date of the loan. The table below provides interest rates for loans first disbursed on or after July 1, 2017.

Interest Rates for Direct Loans disbursed on or after July 1, 2017 and before July 1, 2018​. ​
​Subsidized
​4.45%
​Unsubsidized ​4.45%
​Direct Parent PLUS
​7%



Loan Process

  
Federal Direct Subsidized and Unsubsidized Loans:
​NOTE: Previous Broward College Federal Direct Loan borrowers may skip Step 2.
Step 1. Review Your Estimated Current Loan Debt Information

Once the student logs in to myBC, a page will appear advising the student to review their financial aid information. Next, the student will view another page displaying their estimated current student loan debt for the current aid year. The student must review and confirm this information in order to proceed to their home page. Note: Students who have no prior loan history will not see these pages.

Step 2. Accept, Decline or Reduce Your Loan

Once a Direct Subsidized Loan has been offered, the student is required to log into myBC to accept, decline or reduce the loan amount.

A student must submit an Unsubsidized Loan Request Form.pdf in order to request a Direct Unsubsidized Loan; there is no acceptance required in myBC. 

Step 3. Complete a Master Promissory Note and Entrance Counseling
Broward College requires loan borrowers to complete a Master Promissory Note (MPN) and Entrance Counseling. The MPN is a legal document in which the student promises to repay their Federal Direct Loan(s) and any accrued interest and fees to the lender or loan holder. The goal of entrance counseling is to help students understand what it means to borrow a loan. The MPN and entrance counseling is available through Federal Student Aid. 

Students may access this system by logging in with their FSA ID and password.

Federal Direct PLUS Loans:
​NOTE: Previous Broward College Federal Direct PLUS Loan borrowers may skip Step 2.
Step 1. Complete Plus Loan Documents

The parent is required to complete the following documents in order to be considered for a Parent Plus Loan:

 

a. PLUS Loan application - Please enter the parent information under the borrower section and the student information under the student section.

b. Loan Agreement for a PLUS Loan (MPN) - The MPN is a legal document in which the parent promises to repay the Federal Direct PLUS loan and any accrued interest and fees to the lender or loan holder.

c. PLUS Credit Counseling - PLUS Credit Counseling helps parents understand the obligations associated with borrowing a PLUS loan and assist them in making careful decisions about taking on student loan debt.

 

All of these documents are available on StudentLoans.gov. Parents can access this system by logging in with their FSA ID and password. Please note that the FSA ID and password is the same one used to complete the FAFSA. 


Step 2. Complete the Authorization and PLUS Loan Request Form
If the Direct PLUS Loan application is approved by the Department of Education, the parent will receive an email from the Financial Aid Office. The email will confirm the approval of the application and instruct the parent to complete an Authorization Form and Direct PLUS Loan Request Form. These forms will be included as an attachment in the email. Please allow 7-10 business days from the date the PLUS loan application is submitted before receiving the email from the Financial Aid Office.

Direct Subsidized Loans are subsidized by the federal government i.e. the federal government covers the interest while the borrower is in school, while Direct Unsubsidized Loans do not carry the beneit of deferred interest. Both Subsidized and Unsubsidized loans are federal aid, so FAFSA completion (as well as resolution of any resulting red flags) is required. A student must also be enrolled in a minimum of six POEC compliant credit hours to be considered.

*Please note that Broward College was selected to participate in a U.S. Department of Education initiative designed to reduce excessive student loan borrowing. Effective July 1, 2012 Unsubsidized loans at Broward College will only be available to students who meet one or more of the following criteria.

  • Admitted to a Health Sciences program which requires clinicals. Students receiving sponsorships are not eligible for Direct Unsubsidized Loans.
  • Enrolled in the A.S. - Professional Pilot Technology program
  • Out of state and paying non-resident tuition
  • Receiving no Federal or State aid (Direct Subsidized Loans included)
  • Total financial aid award, including Direct Subsidized Loans, is less than $5,500

PLUS Loans entail the parent taking out a loan on the student's behalf i.e. the parent is the borrower. A credit check, among other eligibility factors, is reviewed by the federal government to determine if the parent qualifies. Visit studentloans.gov for additional information and/or to apply.

For more information regarding federal loans (types, interest rates, fees, repayment options, etc.) view our loan videos or visit studentloans.gov


Important Tools


The purpose of this form is to reduce, increase or cancel any type of financial aid that the student has already accepted through myBC. This form may be printed, completed and submitted to any Broward College Financial Aid Office.​

Financial Aid Adjustment Request Form

​If the student graduates, withdraws or drops below half-time (five credits or less) and has borrowed a Federal Direct Loan, Broward College requires that the student complete exit counseling. The goal of exit counseling is to reiterate the righs and responsibilities as a student loan borrower. Exit counseling is available through Federal Student Aid. Students may access this system by logging in with their FSA ID and password.

The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. Information regarding students' Federal Direct Loans will be submitted to NSLDS. Students may access this system and learn about their loan debt and payment options by logging in with their FSA ID and password. However, beginning with the 2017-18 award year, Broward College will provide the following information annually to our students receiving loans:

  • An estimate of the student's total amount of borrowed student loans.
  • An estimate of the student's total potential loan repayment amount, including principal and interest, for the total amount of borrowed student loans.
  • An estimate of the student's monthly loan repayment amount for the student's total amount of borrowed student loans.
  • The percentage of the borrowing limit that the student has reached at the time the information is provided.

This information can assist with reinforcing the information available to students who complete the FAFSA regarding federal student loans and obligations related to incurring debt.  It should be used to increase students' awareness regarding their aggregate federal student loan debt and estimated repayment obligations.

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