Federal Stafford Loans
All students who file a FAFSA will be considered for a Stafford Loan. Depending upon a student’s demonstrated financial need, the Stafford Loan may be subsidized (government pays the interest while the student is enrolled at least half-time) or unsubsidized (interest begins to accrue on receipt of the loan). Interest rates are fixed at 3.76% for loans first disbursed on or after July 1, 2016 and prior to July 1, 2017 or 4.45% for loans disbursed on or after July 1, 2017 and prior to July 1, 2018 for both subsidized loans and unsubsidized loans. The annual amounts are $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors. Repayment begins six months after the student ceases to be enrolled at least half-time. Independent students can borrow the same loan limits plus an additional $4,000 for freshmen and sophomores and $5,000 for juniors and seniors.
PLUS Program (Parent Loan for Undergraduate Students)
Parents may borrow up to the total cost of attendance per year for each of their dependent undergraduate students. Past credit history is used to determine eligibility. The interest rate is 6.31% for loans first disbursed on or after July 1, 2016 and prior to July 1, 2017 or 7% for loans disbursed on or after July 1, 2017 and prior to July 1, 2018. Contact the office of financial aid for more information. BRCN requires the FAFSA be submitted prior to processing a PLUS loan.
Alternative (Private) Education Loans
Alternative loans are funded by banks, credit unions and other private lending institutions. Students who need additional funds to pay educational costs, and who have exhausted their federal direct loan eligibility and other funding resources, may consider borrowing an alternative (private) education loan. This option should be carefully considered. You are not required to select a lender from the link below. You are free to choose any lender and loan product you feel best suits your needs.
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Federal Pell Grant
This grant is awarded to students demonstrating the greatest financial need according to a federal eligibility formula. To be eligible, you must be an undergraduate student working toward your first bachelor’s degree. Award amounts typically change each academic year and range depending upon financial need, as determined by a federal formula, and are prorated based on hours enrolled as of the add/drop period. If you would like to know your estimated Federal Pell Grant for full-time enrollment, it would be listed on your Student Aid Report (SAR) that you receive from the U.S. Department of Education after filing your Free Application for Federal Student Aid (FAFSA). Once your eligibility is determined, you will receive an award notice from the Financial Aid office. Award amounts are subject to change based on your enrollment status and changes to your FAFSA.
Federal Supplemental Educational Opportunity Grant
This need-based federal grant is awarded to students who demonstrate the greatest financial need. To be eligible, you must be an undergraduate student working toward your first bachelor’s degree.
To be considered for the MAP grant, students must complete the Free Application for Federal Student Aid (FAFSA). If eligible and funds are available, the MAP grant award will be listed on a student’s financial aid award letter notification. Annual award amounts are subject to state appropriations, and MAP grants can only be applied towards actual tuition and fee charges up to 15 credit hours per semester. Award amounts will be prorated based on eligibility and enrollment.
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*Blessing-Rieman College of Nurisng & Health Sciences 3-Year Cohort default rate is 7.2