Baptist Bible College of Pennsylvania - Outstanding Christian Education

FINANCIAL AID » Loans

A student loan is an award of financial aid for which the lender will have to be paid back. Some loans are subsidized, meaning the federal government pays the interest that accrues on the loan from the date of disbursement until the loan is paid in full. Other loans are unsubsidized, meaning you will be responsibile to pay all interest that accrues on the loan from the date of disbursement until it is paid in full.  

You may need to carefully consider taking out a loan to help pay the costs of your education. The following information will helpful to you as you consider student loans.

Loans	Eligibility	Annual Amount	Applications	Application Deadline
Federal Stafford Loan	- Need	Freshman: $3,500 Sophomore: $4,500 Junior/Senior: $5,500	- FAFSA** - Loan application -Contact BBC Office of Student Financial Services	June 30, 2009
Federal Unsubsidized Stafford Loan	- Independent Students	Freshman/Sophomore: $4,000 Junior/Senior: $5,000	- FAFSA** - Loan application -Contact BBC Office of Student Financial Services	June 30, 2009
Additional Federal Unsubsidized Stafford Loan for Undergraduates	- Dependent Students	$2,000 each year	- FAFSA** - Loan application -Contact BBC Office of Student Financial Services	June 30, 2009
Federal Plus Loan (Parent Loan for Undergraduate)	- Approved Credit History - Dependent & Undergraduate Student	Up to Full Cost of Academic Year	- Apply Now -Contact BBC Office of Student Financial Services	June 30, 2009
Alternate Loan	- Cosigner may be required - Approved Credit History	Up to Full Cost of Academic Year	- Apply Now -Contact BBC Office of Student Financial Services	Varies

**Free Application for Federal Student Aid (FAFSA)

Baptist Bible College bases its selection of preferred loan lenders solely on the best interests of its students and their parents. Though BBC makes every effort to ensure that lenders on our list provide the least expensive loans and best service possible, students and parents have the right and ability to select the lender of their choice, regardless of our suggested lender list.

FEDERAL STAFFORD LOAN

The amount of Stafford loan money that a student may receive in a year depends on what year of school they are in.

School Year	Stafford Loan Base Amount	Additional Unsubsidized for Undergraduates	Additional Unsubsidized for Independent Students*
Freshmen	$3,500	$2,000	$4,000
Sophomore	$4,500	$2,000	$4,000
Junior	$5,500	$2,000	$5,000
Senior	$5,500	$2,000	$5,000
Graduate / Seminary	$8,500	N/A	$12,000

The base amount for which you are eligible in a given academic year may include either, or both, subsidized and unsubsidized amounts depending on your calculated need. For instance, if you are eligible (based on the FAFSA's EFC calculation) for a $2,000 subsidized Stafford loan during your sophomore year, you may also take a $2,500 unsubsidized Stafford loan during the same year for a total of $4,500 to bring you to the maximum base amount. In addition to the base amount, Dependent undergraduates may request an additional $2000 unsubsidized Stafford loan, as shown above.

Click here to download Stafford Loan Instructions.
Click here to download Stafford Loan Request Form (2007-2008)

Parent's Plus Loans

Parents may apply for the PLUS loan during the years that their student is eligible for federal aid. The application must be filed by the parents to the lender of their choice, who will then examine the parents' credit history. The amount of the PLUS loan is figured by a simple calculation. Subtract accepted student aid from the cost of attendance. That difference is the maximum amount of the PLUS loan for that year, unless the lender sets a lower limit based on their findings of the parents' credit history. Parents may specify an amount lower than that difference on the Master Promissory Note, if they do not want the full amount they are eligible for.

Please note that PLUS loans are subject to a 3% origination fee which is stated in the Borrower’s Rights and Responsibilities Statement of the MPN (Master Promissory Note). Therefore, the amount of PLUS loan that is actually disbursed onto a student’s account will be 3% less than what was originally requested. Please take this into consideration when determining the amount you would like to request.

Apply now.

Alternative Loans

Alternative loans are private loans (not part of the federal government programs) that are obtained through a lending institution. You may apply for an alternative loan by clicking on one of the following lenders.

• Chase Select
• Key Bank - Key Alternative Loan
• PNC Bank - The Resource Loan
• SallieMae - Signature Loan

To compare the loans, click here.