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Loans

 
 
Loans should always be taken only as a last resort. Always maximize your other sources of aid (e.g. grants, scholarships, work study) whenever possible and only borrow as much as you truly need to cover educational costs.

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.


Subsidized Loans
are subsidized by the federal government i.e. the federal government covers the interest while the borrower is in school.
Direct Subsidized 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.

Unsubsidized Loans are not subsidized by the federal government i.e. the federal government does not cover the interest while the borrower is in school. Direct Unsubsidized Loans are federal aid, so FAFSA completion (as well as resolution of any resulting red flags) is required. As with Subsidized funds, a student must 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
Remember, loans must be repaid even if you do not ultimately complete your degree or secure employment, etc. For more information regarding federal loans (types, interest rates, repayment options, etc.) view our loan videos or visit www.studentloans.gov.

Loan Application Process

  

Direct Subsidized Loans:

NOTE: Previous Direct Loan Borrowers may skip Step 1.
Step 1. Complete a Direct Loan Master Promissory Note (MPN) as well as Direct Loan Entrance Counseling

Complete a Direct Loan Master Promissory Note (MPN) as well as Direct Loan Entrance Counseling at www.studentloans.gov​. All first time borrowers must do both before they can receive a federal student loan.

Step 2. Attend a Debt Management Workshop (DMW)

Students who (1) Are on financial aid 'Warning' (2) Have defaulted on a prior loan (3) Have aggregate student loan debt greater than $15,000 while enrolled in an Associates or certificate program (4) Have aggregate student loan debt greater than $30,000 while enrolled in a Bachelors program are strongly encouraged to attend a DMW session.

Step 3. Confirm Your Loan Award
Log into your MyBC account​ and go to your 'Award' Financial Aid page to confirm that your loan award has been posted. (If the term for which you would like the loan has not already started this could take a few weeks.)
Step 4. Decline, Reduce or Accept Your Loan
Once your loan has been posted, go to your 'Application Status' Financial Aid page and click on the red flag to Decline, Reduce, or Accept the Subsidized loan amount. As long as the loan is simply 'Offered' it does not provide coverage and will not pay your tuition etc. If you already have sufficient aid and don't need the loan to cover any educational costs you should strongly consider declining it. It is debt that must be repaid.   
Step 5. Confirm That Your Tuition Has Been Paid
​Approximately 5 to 7 days after you've accepted your Subsidized Loan log into your MyBC account and review your schedule to confirm that you have a zero balance for tuition. (If you qualify for grants they may have already covered your tuition.) If you have loan funds above and beyond your tuition amount you may have at least a portion of that balance available in the bookstore to purchase books and supplies.  

Direct  Unsubsidized Loans:

NOTE: Previous Direct Loan Borrowers may skip Step 1.
Step 1. Complete a Direct Loan Master Promissory Note (MPN) as well as Direct Loan Entrance Counseling
Complete a Direct Loan Master Promissory Note (MPN) as well as Direct Loan Entrance Counseling at www.studentloans.gov. All first time borrowers must do both before they can receive a federal student loan. (If you've already completed a MPN and Entrance Counseling for a Subsidized loan, there is no need to re-do either for your Unsubsidized loan.)
Step 2. Attend a Debt Management Workshop (DMW)
Students who (1) Are on financial aid 'Warning' (2) Have defaulted on a prior loan (3) Have aggregate student loan debt greater than $15,000 while enrolled in an Associates or certificate program (4) Have aggregate student loan debt greater than $30,000 while enrolled in a Bachelors program are strongly encouraged to attend a DMW session.​
Step 3. Submit an Unsubsidized Loan Request Form

Submit an ​unsubsidized loan request form. Remember, you must fall into one of the approved categories listed above in order to submit this application and be considered for Unsubsidized funds. Note: There is no appeal process to request Unsubsidized loans if you do not meet any of the approved criteria.

Step 4. Confirm Your Loan Award
Log into your MyBC account​ and go to your 'Award' Financial Aid page to confirm that your loan award has been posted. (If the term for which you would like the loan has not already started this could take a few weeks.)

Step 5. Confirm That Your Tuition Has Been Paid

Approximately 5 to 7 days after your Unubsidized Loan has been offered log into your MyBC account and review your schedule to confirm that you have a zero balance for tuition. If you have loans funds above and beyond your tuition amount you will likely have at least a portion of that balance available in the bookstore to purchase books and supplies.

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