Student Loans at BC3
In This Section
Borrow Smart, Borrow Only What You Need
Student loans can be a helpful tool to bridge the gap when grants and scholarships don’t cover all your costs. At BC3, we’ll help you understand your options so you can make informed decisions and avoid unnecessary debt.
Types of Loans
Federal Direct Subsidized Loan
- Based on financial need.
- Government pays interest while you’re in school.
- Must be enrolled at least half-time (6+ credits).
Federal Direct Unsubsidized Loan
- Not need-based.
- Interest accrues while in school.
- Must be enrolled at least half-time.
Federal Parent PLUS Loan
- For parents of dependent students.
- Requires credit approval.
- May cover the full remaining cost of attendance.
Alternative (Private) Loans
- Offered by banks or lenders, not the federal government.
- Often have higher interest rates.
- May require a co-signer.
- Should be a last option after exploring federal loans.
Loan Limits
Annual maximums depend on your year in school and dependency status:
- Dependent Students: $5,500–$6,500 per year.
- Independent Students: $9,500–$10,500 per year.
How to Apply for a Loan
- File your FAFSA.
- Complete Entrance Counseling (first-time borrowers).
- Sign a Master Promissory Note (MPN) online.
- Submit the Loan Request Form (emailed to your BC3 account).
- Watch your BC3 email for your award letter.
Deadlines
- Fall: November 15
- Spring: April 15
- Summer: June 30
Responsible Borrowing
- Borrow only what you need for tuition, books, and essentials.
- Understand repayment terms before accepting loans.
- Keep track of your total borrowing through the National Student Loan Data System (NSLDS).
- Consider part-time work or payment plans before borrowing more.