PLUS LOANS
A PLUS Loan (Parent Loan for Undergraduate Students) is a government-guaranteed, low-interest student loan that parents can use to help pay for their student’s education. Parents of students attending an eligible college at least half-time can use a PLUS Loan to finance the entire cost of education, minus other financial aid. If you determine a PLUS Loan is right for you, please complete the PLUS application by following this process:
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You complete the PLUS Loan Worksheet & Promissory Note as follows: |
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Access this link to complete the worksheet: PLUS Loan |
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Select 'Big Bend Community College PLUS Loans' from the drop-down list. |
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After completing the worksheet, click on 'submit'. You will then be taken to the NELA log-in page to complete the Promissory Note. |
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Complete the rest of the application process as directed. |
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If you are a first time borrower, you will need to set up your User ID and Password by following the instructions to create a new account. Be sure to WRITE DOWN your User ID and Password EXACTLY as entered. You will need this information for any future loans. Answer all questions for the set-up, then continue with the loan process.
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If you have any existing loans, just enter your User ID and Password, then continue with the loan process. |
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Big Bend Community College will then certify your loan if… |
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The student's financial aid application is complete at BBCC, and |
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You are eligible for loan proceeds. |
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The student will receive an Electronic Award Notification with the maximum loan amounts you are eligible to receive or the maximum amount of your request, whichever is lower. |
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Your lender will process your loan and disburse the appropriate funds by the Electronic Funds Transfer process to BBCC quarterly. |
Listed below are some facts regarding the PLUS Loan program
Facts At A Glance
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Parent Borrower Eligibility |
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To be eligible for a PLUS Loan, the parent must:
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Be the natural or adoptive parent of a dependent student or spouse of the natural or adoptive parent of a dependent student
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Be applying for the loan to pay the post-secondary educational costs for an eligible dependent undergraduate student who is enrolled or accepted for enrollment at least half-time at a participating school
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Not have an adverse credit history
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Be a U.S. citizen or national, or an eligible noncitizen
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FAFSA Required? |
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Big Bend Community College does require a Free Application for Federal Student Aid (FAFSA) be submitted to the U.S. Department of Education
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Interest Rate |
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8.02% for the 2007-2008 academic year
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Origination Fee |
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3.00% (paid to the U.S. Department of Education)
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Guarantee Fee |
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1.00% (paid to the guarantor)
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Minimum Loan Amount |
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$200
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Annual Loan Limit |
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Cost of attendance (per child), minus other financial aid, as certified by the Financial Aid Office
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Aggregate Loan Limit |
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None
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Grace Period |
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None; repayment begins after the final disbursement
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Repayment Terms |
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Up to 10 years from the beginning of repayment
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Repayment Options |
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Standard, Graduated (including Interest-Only), Income-Sensitive, and Extended
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Repayment Benefits |
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Vary from lender to lender
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Deferment and Forbearance Eligibility |
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Yes
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Consolidation Eligibility |
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Yes |