FEDERAL PROGRAMS

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Financial Aid

Applying For Federal Direct Loans


 

Federal Pell Grants - The Educational Amendments of 1972 established the Basic Educational Opportunity Grant program, now referred to as the Federal Pell Grant, a program of financial assistance for undergraduate students in postsecondary education. The program introduced for the first time the concept that eligible students in need of financial assistance will be assured of receiving federal funds to help pay for education beyond high school.

The law requires that financial need for Pell Grants be assessed by a formula, which is reviewed by Congress each year and is applied uniformly to all applicants. This formula considers such indicators of family financial strength as income, assets, family size, and family educational expenses. Students with bachelor's degrees are not eligible.

An undergraduate student who requests financial aid from BCCC must have his or her Federal Pell Grant entitlement determined before he or she may receive an award.  A student must reapply each year for a Federal Pell Grant, and the amount of his or her grant may vary from year to year. To apply for a Federal Pell Grant, complete the
FAFSA.You will need to include the financial aid code for Beaufort County Community College (008558) on the FAFSA in order for our college to receive the information electronically. The results from the FAFSA will help the financial aid administrator determine your eligibility for the Pell Grant.

Federal Supplementary Educational Opportunity Grant (SEOG) The Supplemental Educational Opportunity Grant Program is designed specifically for students with exceptional financial need. Priority is given to Pell Grant recipients. Selection is based on enrollment status, financial need and application date. The program is federally funded, and the College is responsible for selecting eligible students.

Student Employment - Part-time jobs on campus are available for students who wish to earn money for part of their college expenses. These include jobs in the library, laboratories, offices, etc. The federal government through its college work-study program provides funds for these student jobs. The student will earn $7.50 an hour and is expected to work between 8 to 12 hours per week.
A student may be selected for employment under the college work-study program only if he/she meets ALL of the requirements listed below. He/she must be:


1. A citizen of the United States
2. Enrolled at the college for at least 6 credit hours
3. In need of financial assistance from such employment in order to pursue a course of study at the college. Need is defined as a cost of attending the college less the resources available to the student and is computed by using the national needs analysis system.
4. Maintaining Satisfactory Academic Progress currently and while employed under the program. Students should carefully review the BCCC financial aid standards of progress.

A student should consider carefully whether his or her academic responsibilities permit him or her to assume the obligations of part-time work. If the student accepts campus employment, he or she is expected to fulfill the requirements of the job, but the student must maintain a primary concern for his or her academic work.

Direct Subsidized and Unsubsidized Loans for Students

Direct Loans are low-interest loans made to students through the William D. Ford Federal Direct Loan Program. Repayment terms are up to 10 years.

A Direct Subsidized Loan is available to students who have financial need. A Direct Unsubsidized Loan is an option for students who do not demonstrate financial need. Need is determined by completion of the Free Application for Federal Student Aid (FAFSA).

Direct Subsidized Loans

For the student with financial need, the federal government pays the interest on the subsidized loan while the borrower is enrolled in college at least half time. Once the student is no longer enrolled s/he becomes responsible for the loan interest and repayment.

The Direct Loan amount students may borrow depends on their grade level in school, program length, amount of other financial aid received, dependency status and – in the case of the Direct Subsidized Loan—the amount of their financial need.

Direct Unsubsidized Loans

Student borrowers with no financial need are eligible for Direct Unsubsidized Loans. Interest on these loans is not paid by the federal government and is the responsibility of the student at all times.

 

INTEREST RATES FOR DIRECT LOANS

Loan Types Grade Level Federal Direct Student Loans 2014-2015
Interest Rates
Effecttive for Loans First Disbursed on or after July 1, 2014 and prior to July 1, 2015

 

   
Subsidized Loans Undergraduate 3.68
     
Unsubsidized
Loans
Undergraduate 3.68

 

How Much Can I Borrow?

The amount you are able to borrow is based on your dependency status and your grade level. First year students are students who have completed 32 or less credit hours. Second year students are students who have completed 33 or more credit hours. You can never go over your cost of attendance.

If eligible, you may be able to borrow:

•First year of undergraduate school: $3,500 subsidized funds
•Second year of undergraduate school: $4,500 subsidized funds
•Any funds requested over the subsidized loan maximum for your grade level and dependency status will be unsubsidized funds.

Aggregate liftetime maximums for Federal Direct Loans are listed below:

•$31,000, dependent undergraduate students (maximum $23,000 subsidized)
•$57,500, independent undergraduate students (maximum $23,000 subsidized)

Don't borrow more than you need. Remember, this is a loan and must be repaid. Final determination on the amount you are eligible to borrow is determined by the Financial Aid Office.

 


Beaufort County Community College    252-946-6194