Loans

Students:

1. Go to the Federal Student loans website and log in with your FSA ID.
2. Click Complete Counseling and select Entrance Counseling. This quiz is required by the Department of Education and must be completed in one sitting.
3. Click Complete Master Promissory Note and select Subsidized/Unsubsidized.
4. Submit
5. Complete a Loan Request Form, which will be emailed to your BC3 account once we receive your application information.

• • Processing of the loan takes 2-4 weeks. You will receive an award letter in your BC3 email account once the loan has been certified and the amounts are made available on myBC3.
• Step-by-Step Application Guide

Students are limited to two loan changes per academic year.

It is important you plan your financial needs ahead of time to ensure you receive the loan funds you need to cover the entire enrollment period.

Loans cannot be processed after the semester deadline:

• Fall: November 15
• Spring: April 15
• Summer: June 30

Annual Federal Maximum Limits (Total for Fall, Spring, & Summer)

Dependent

• Grade Level 1 (0-29 credits earned)   $5,500   If eligible, no more than $3,500 of this may be subsidized
• Grade Level 2 (30+ credits earned)    $6,500   If eligible, no more than $4,500 of this may be subsidized

Independent

• Grade Level 1 (0-29 credits earned)   $9,500   If eligible, no more than $3,500 of this may be subsidized
• Grade Level 2 (30+ credits earned)    $10,500  If eligible, no more than $4,500 of this may be subsidized

• Click here for current interest rates on Federal Direct Subsidized and Unsubsidized Loans and Federal Direct Parent PLUS Loans.

Note: Rates are subject to change.

Before completing the loan application process, the student must first file a FAFSA, be enrolled in at least 6 credits, and be making Satisfactory Academic Progress (SAP).

Parents:

1. Go to Federal Student Loans website and log in with your FSA ID.
2. On the left-hand side, click on Request Direct PLUS Loan.
3. Click Parent PLUS and complete the PLUS Loan Request for Supplemental Information. This section performs the required credit check and will ask how much you want to borrow and for what loan term.
4. If the credit check is approved, click Complete Master Promissory Note and select Parent PLUS. The school will be notified of your application.
5. If denied, you may still receive a Direct PLUS Loan through one of these two options:
   • Obtaining an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if you do not repay it. The endorser cannot be the child on whose behalf you are borrowing.
   • Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.
6. If you are approved through one of the two options above you must also complete credit counseling for PLUS loan borrowers through the Federal Student Loans website.

If a parent borrower is unable to obtain a PLUS Loan, the student may be eligible for additional unsubsidized loans. The student should contact the Financial Aid Office for more information.

Step-by-Step Application Guide

An alternative or private loan is not guaranteed by the federal government. These loans are offered by banks and other lenders to supplement other financial aid and help students meet the full cost of education.

• The loans are offered by private lenders.
• Eligibility may be driven by the applicant’s and co-applicant’s credit score.
• Private education loans tend to cost more than federal education loans - variable interest rates
• Parents who are considering a private alternative education loan often consider a Federal Direct PLUS Loan.

To select a private alternative education loan, it’s best to do your own research:

The information provided here is maintained and updated in real-time by the represented lender and is reviewed regularly by staff to ensure that the benefits offered by the lenders continue to meet the criteria set forth by the staff at Butler County Community College.

Criteria considered in choosing a lender may include:

• Historical Listing – A previous lender service to Butler County Community College student borrowers
• Quality customer service as well as timely processing
• Borrower benefits (including low interest rates, no origination fees, co-signer release, and principal and interest rate reductions)
• And many other reviewed attributes performed by each school

You may visit: https://www.elmselect.com/v4/ for lender information and application.

Students applying for a private alternative loan must complete the Private Loan Self Certification Form and submit it to your lender.

Code of Conduct

This one-time debt relief is provided by the U.S. Department of Education (ED) as part of the Biden-Harris Administration student debt relief plan.

For more information about this plan, you may visit the Debt Relief Info page. 

Click this application link to access the application.

Supplemental FSA sites for students whose payments were paused and for students who have never made a payment:

• Borrowers whose payment was paused: StudentAid.gov/restart 
• Borrowers who are going to make their first payment: StudentAid.gov/firstpayment