If you choose to borrow through the William D. Ford Federal Direct Loan Program, you must complete the entire loan request process. All first-time borrowers must complete a Master Promissory Note (MPN), the Online Entrance Counseling, and starting in the fall of 2021, an annual student loan acknowledgment confirmation. All of these processes may be completed at studentaid.gov; you will login with your personal information along with your FSA User ID. This is the same information that was used to access and sign your Free Application for Federal Student Aid (FAFSA). Please note if you are a first-time borrower for the 2020-21 academic year, this process will not be available until mid-April. In addition, the Financial Awareness Counseling listed is not able to be substituted as the required Direct Loan Entrance Counseling. All loan steps and verification, if selected, 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.
Bluefield College utilizes passive loan acceptance for subsidized and unsubsidized direct loans, which means that once a new borrower has completed the initial steps for borrowing, the loan will be processed. New borrowers need only take action by completing a change in aid form if he or she is declining the loan, or making changes to the type or amount offered. Subsequent borrowers need only take action by completing a change in aid form if he, or she, is declining the loan or making changes to the type or amount offered in the financial aid award letter.
Federal law requires that we inform you of the average Stafford Loan indebtedness (Subsidized and Unsubsidized). Bluefield College’s average loan indebtedness is approximately $22,421, with an average monthly payment of $258.02. Bluefield College encourages 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. Check out the College Scorecard for more information on our total federal direct debt after graduation for undergraduate borrowers.
Subsidized Direct Loan
The Subsidized Direct Loan requires a 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 or six credits,
- for the first six months after you leave school, the “grace period,” and
- during a period of approved deferment.
Unsubsidized Direct Loan
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.