Direct Loan Program Information

Important Direct and Direct PLUS Loan Information

If you choose to borrow through the William D. Ford Federal Direct Loan Program, you must complete the entire loan request process.  You must complete and sign a Loan Request Form, specifying the amount you wish to borrow for each semester.  All first-time borrowers must also complete a Master Promissory Note (MPN) and On-line Entrance Counseling.  Both these processes may be completed at the website www.studentloans.gov.  You will need your personal information and the PIN you used to complete the FAFSA. Prior borrowers need only complete the Loan Request Form.

If your Parent chooses to borrow under the Direct PLUS Loan Program, he or she must complete the PLUS Loan Request Form and Credit Check Authorization.  In addition, he or she must complete the parent loan master promissory note at www.studentloans.gov.

All loan steps must be completed in order for us to obtain this financial aid in your name.  Your Direct and/or Direct PLUS Loan will not be valid or disbursed to the school until you complete all steps in the loan process.

Federal law requires that we inform you that the average Stafford Loan indebtedness (Subsidized and Unsubsidized).  Bluefield College students (including both 4-year and accelerated programs) is approximately $18,784, with an average monthly payment of $265.00.

Subsidized and Unsubsidized Direct Loans

The Subsidized Direct Loan requires financial need, which is determined by using a federal formula. These loans are "subsidized" in that the government pays the interest for you during the following periods:

• While you are enrolled in school at least half-time

• During periods of authorized deferment

The Unsubsidized Direct Loan is not based on financial need and is available to all federally-eligible students regardless of income and assets. Because these loans are not subsidized by the government, you are responsible for all interest which accrues during in-school, grace, and deferment periods. You may choose to make payments to cover the accruing interest while in school, or you may simply allow the interest to accrue and be included in the amount you owe when you begin repayment.

Federal Direct PLUS Loans

The Federal Direct PLUS Loan is available to parents of dependent students (by FAFSA dependency rules, not IRS dependency rules) to help them pay for their child who is enrolled in school at least half time and is making satisfactory academic progress. Direct PLUS Loans are not based on financial need, and parents of all income levels may apply. Parents may borrow an amount equal to the cost of attendance minus any other aid.  Repayment begins within 60 days after the final disbursement with a minimum monthly payment of $50 and a maximum repayment term of 10 years.

Bluefield College encourages our students and parents to borrow conservatively and responsibly. Click here to estimate your student loan repayment.  Students and parents can begin repayment at any time to reduce total debt without penalty. At any time a student or parent can access their federal student loan information at www.nslds.ed.gov.  Payment deferment may be available upon approval from The Department of Education.

Bluefield College also offers a payment plan that can be used in conjunction with loans, or as an alternative means of payment.  SallieMae tuition payment plans are an interest-free way to break down your educational expenses that are not covered by financial aid into easy-to-manage installments.  You can learn more or enroll in at tuition payment plan by visiting www.tuitionpay.salliemae.com.