- Federal Direct Loan (Student)
All federal student loans are made through the William D. Ford Federal Direct Loan Program.
Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while the student attends an eligible higher education institution, at least half-time.
Direct Unsubsidized Loans are available to undergraduate and graduate students, who do not demonstrate financial need. The U.S. Department of Education does not pay the interest on a Direct Subsidized Loan while the student attends an eligible higher education institution.
Students borrowing for the first time are required by federal regulations to complete an Entrance Counseling before loan funds can be credited or disbursed to a student’s account. The Entrance Counseling is an online tutorial with details about your loan, including your rights and responsibilities as a new borrower.
The Entrance Counseling can be completed at www.studentloans.gov.
You may only receive Direct Subsidized and Unsubsidized Loan funds after the FAFSA, Master Promissory Note (MPN) and Entrance Counseling have been completed. Log onto www.studentloans.gov to complete a MPN and Entrance Counseling.
Entrance counseling for student borrowers
According to Federal regulations, a student is required to complete an Entrance Counseling prior to the release of the first disbursement of their first Federal Direct Student. The Entrance Counseling informs a student of their rights and responsibilities as a borrower. To complete your Entrance Counseling, please log onto www.studentloans.gov
Exit counseling for student borrowers
According to Federal regulations, once a student is less than half time, withdraws from the university or graduates they must complete Exit Counseling after borrowing federal student loans. To complete your Entrance Counseling, please log onto www.studentloans.gov
Dependent Students (except students whose parents are unable to obtain PLUS Loans)
Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit
$5,500—No more than $3,500 of this amount may be in subsidized loans.
$9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit
$6,500—No more than $4,500 of this amount may be in subsidized loans.
$10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit
$7,500—No more than $5,500 of this amount may be in subsidized loans.
$12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit
Not Applicable (all graduate and professional students are considered independent)
$20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit
$31,000—No more than $23,000 of this amount may be in subsidized loans.
$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
- Federal Direct PLUS Loan
Parents of dependent students are eligible to apply for a Direct PLUS Loan to help pay college expenses. We do not assume parents want to borrow to pay educational expenses. A parent may borrow the difference between the Cost of Attendance and all other student aid received by the student
The Direct PLUS is made through The U.S. Department of Education and a credit check will be performed during the application process.
If the PLUS loan is denied, the student may be eligible for an additional $4,000 of unsubsidized Direct Loan.
Parent borrower can opt to defer repayment in the application process. If the parent borrower chooses this option, repayment of principal and interest begins six months after the student graduates or drops below half-time
IMPORTANT REQUIREMENTS (PLUS)
You may apply to receive a Federal PLUS Loan after the FAFSA and PLUS Master Promissory Note have been completed.
Parent must not be in default of any loan or owe a refund to any Federal Student Assistance program
Bloomfield College requires you to submit the PLUS loan application on StudentLoans.gov
- Alternative Student Loan Lenders
After exhausting all the opportunities available from the federal, state and institutional grant and loan programs, students may consider a private alternative loan as a source of funding for their educational expenses. The terms and conditions of these loans will vary and the students have the right to select the alternative loan of their choice. Students are encouraged to review the details of the several loan programs before making a selection.
The following list of lenders has been used by Bloomfield College students and their families over the past 3-5 years. They have provided competitive rates, terms, and service to our students. Students are not limited to selecting one of these lenders. Upon request of the student, Bloomfield College will process a loan application from any lender selected by the borrower.
No fees/Fixed and Variable rates
2% Graduation reward(variable)
Half time enrollment with less than half-time allowed in some cases
Out of state residents attending a NJ school can apply
Must be at least half-time
Must file a FAFSA
Sallie Mae Smart Option
Less than half-time enrollment allowed
Past due balance allowed as long as last date of attendance is within 1 year/show proof of new enrollment
International students can apply with a creditworthy US citizen or permanent resident
SAP not required
3 repayment options (see website)
Less than half –time enrollment
Co-Signer released after 24 on time monthly payments