Question:c How do I apply?
Answer: Students are eligible for a Direct Subsidized and Unsubsidized or Parent PLUS Loan by completing a Free Application for Federal Student Aid (FAFSA) or when you renew your FAFSA. When you receive your award letter, you will have the option to accept, decline or reduce your loan. Additional Requirements Once you are awarded a Direct Subsidized, Unsubsidized or Plus Loan, you must complete additional requirements before loan funds can be credited to your account. Completion of the Entrance Counseling Entrance Counseling help you understand your rights and responsibility as a student or parent borrower It provides useful information and tips to budget your educational expenses. It is designed to help you better understand your obligations as a borrower. The Entrance Counseling is available online at https://www.dl.ed.gov. A quiz will be administered online to ensure that you do understand your rights and responsibility with the Direct Loan Program. You must pass the online quiz to complete the entrance counseling. Direct Loan funds will NOT be posted to a student’s account without the completion of the Entrance Counseling. Completion of the Master Promissory Note Before receiving your first Direct Loan, you must sign a Master Promissory Note (MPN). The MPN explains the terms and conditions of your loan and is your legally binding agreement to repay your loan(s). The MPN can be used to make one or more loans for one or more academic years (up to 10 years) while at BRCC. You may be able to complete the MPN online at https://dlenote.ed.gov. You will be required to use your Federal Personal Identification Number (Pin) to complete the MPN online. For the Parent Plus loan, a parent can apply for a Federal Personal Identification Number (Pin) online at http://www.pin.ed.gov. Completion of the Exit Counseling Exit Counseling is an educational course that Direct Loan borrowers are required to take upon separating from a Direct Loan school. Exit Counseling will review the diff erent types of loan repayments. You can also set up automatic payments to ensure that your payments will always be made on time. During the Exit Counseling, you will receive information about money management, avoiding delinquency and default, and loan consolidation. An online quiz (https://www.dl.ed.gov) will be administered to ensure that you do understand your obligation in repaying your student loans. You will be required to complete Exit Counseling prior to withdrawing or graduating from the institution.
Financial Aid Direct Loan FAQs
How can Direct Loans help me go to college?
How do I apply?
What is the interest rate?
Is there a charge for this loan?
How will I receive my loan money?
When do I have to begin repaying my loan?
How much time will I have to repay my loan, and how much will I have to pay each month?
What happens if I don't repay my Direct Loan?