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Loans for New Students

Loan programs listed on this page are programs administered and/or awarded through the B-CU Office of Student Financial Aid.

B-CU participates in the Federal Direct Loan Program which consists of the Federal Direct Stafford (subsidized) Loan, the Federal Direct Unsubsidized Stafford Loan, the Federal Direct PLUS Loan, and the Federal Direct Consolidation Loan Program. The U.S. Department of Education is the lender and, except for consolidation loans, delivers loan proceeds through the school. B-CU disburses the loans after loans have been processed and approved and classes have begun. When it is time for repayment, you (or your parents) will send all loan payments to the federal loan servicer.

Summary of Loans Chart

Loan Name
Interest Rate
for loans disbursed from
July 1, 2009
-July 1, 2010

Origination Fee
for loans disbursed from
July 1, 2009
-July 1, 2010

Repayment
Co-signer or
Endorser
Needed?

5.6% Fixed for Undergraduates
6.8% Fixed for Graduates
1.5% with 1.0% upfront rebate if you make your first 12 payments on time
Begins 6 months after you graduate or enroll for less than half time
No.
6.8%
Fixed
1.5% with 1.0% upfront rebate if you make your first 12 payments on time
Begins 6 months after you graduate or enroll for less than half time
No.
7.9%
Fixed
4.0% with 1.0% upfront rebate if you make your first 12 payments on time
Begins with 60 days of disbursement of loan funds
Dependent upon credit decision.




Subsidized Loans are loans for students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during grace and deferment periods.

Unsubsidized Loans are loans for students that are not based on financial need, as determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.

Subsidized and Unsubsidized Loan Limits
The amount you can borrow through the Federal Direct Loan Program is determined by your dependency status and classification in college.

To Apply for a Subsidized and Unsubsidized Student Loan:

  1. Complete a FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov.

To be Eligible You Must:

  1. be a U.S. citizen, national or permanent resident;
  2. be enrolled at least half-time;
  3. not have defaulted or owe a refund to any previous aid program;
  4. maintain satisfactory academic progress; and
  5. post-baccalaureate students must petition for eligibility.

To Receive Your Subsidized or Unsubsidized Loan You Need to Complete the Following Steps:

  1. Complete Entrance Counseling.
  2. Accept your loan award on the B-CU Online Financial Aid System may also cancel or reduce the amount of your loan.
  3. Complete a Master Promissory Note (MPN) at www.dlenote.ed.gov.

Parent PLUS Loans are loans for parents of dependent undergraduate students to borrow up to the student's cost of attendance, minus other financial aid. Interest is charged during in-school, deferment, and grace periods. The borrower is responsible for the interest from the time the PLUS Loan is disbursed until it's paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay.

How Much Can I Borrow?
The maximum amount you can borrow each academic year is calculated by subtracting other financial aid from your cost of attendance.

To Apply for a Parent PLUS Loan:

  1. Complete a FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov.
  2. Submit a completed PLUS Loan Application to our office.
  3. Complete a Master Promissory Note (MPN) for Parent PLUS Loans at www.dlenote.ed.gov.

To be Eligible You Must:

  1. be a parent of eligible step-parent of a dependent undergraduate student;
  2. the student must be enrolled at least half-time;
  3. the borrower and student must not have defaulted or owe a refund to any previous aid program;
  4. the student must maintain satisfactory academic progress;
  5. the parent borrower and student must be U.S. citizens, nationals, or permanent residents; and
  6. the parent borrower must have no adverse credit history.

The latest news from wildcat country...

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Julianne Malveaux to Keynote B-CU Commencement on May 14

Thought leader, author and noted economist Julianne Malveaux will be the keynote speaker at the Bethune-Cookman University spring commencement. The ceremony will be held at 2 p.m., Wednesday, May 14 in the Ocean Center.

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