Student Loans

The Office of Student Financial Services is here to assist eligible students in meeting their educational expenses. Assistance is provided through loans, grants, scholarships, and student employment.  Many of the questions you have concerning financial aid can be answered through this website. If you cannot find the information you require, please contact our office at

First Time Borrowers:  If you are a student borrowing your first Federal Direct Loan at Bloomfield, please complete the Direct Loan Master Promissory Note (MPN). New Federal Direct Loan borrowers are required, by federal regulation, to complete a pre-loan counseling session. All borrowers must also attend an exit interview prior to leaving the University. (Click here to complete your Direct Loan Entrance and MPN on-line.)  Funds are sent to Bloomfield College at the beginning of the term they are intended for and are issued each semester. The funds for the first time borrowers may not be released until 30 days after the semester begins. One-semester loans are delivered in two payments with the second payment delivered no earlier than mid-term.

           Parents of the dependent students may apply for a Federal PLUS (Parent Loan for Undergraduate Students) loan. Parents of all income levels are eligible; however, there is a credit worthiness evaluation conducted              by the lender before the loan is approved. (Click here to complete a PLUS Pre-Approval Process and Master Promissory Note on-line.) Parents may apply for the entire cost of attendance at BC minus any financial aid the student receives.

A number of student loans are available as part of your financial aid package.  Options include:

  • Federal Direct Subsidized Loan.

    A loan awarded on the basis of financial need. The federal government pays interest on the loan ("subsidizes" the loan) while in school.  Students must be enrolled at least half-time (1.5 course units). As of July 1, 2012 the interest rate is fixed at 6.8%.

  • Federal Direct Unsubsidized Loan

    A loan not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized; that is, the interest will be added to the principal amount of the loan and will increase the amount you will have to repay. Students must be enrolled at least half-time (1.5 course units). Repayment of this loan begins 6 months after the student ceases to be enrolled in college at least half-time or completes his/her program of study. As of July 1, 2012 the interest rate is fixed at 6.8%.

  • Federal PLUS Loan:

    PLUS loans enable parents with good credit histories to borrow to pay the educational expenses of each child who is a dependent undergraduate student enrolled at least half time. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full.  Students whose parents are denied the Federal Plus loan, will be allowed to borrow additional Federal Direct unsubsidized loans. As of July 1, 2012, the interest rate is fixed at 8.5%.

  • Private/Alternative Loan:

    These loans are non need based for students and require good credit. If you intend to apply for these loans, it is encouraged that you apply with a cosigner that has good credit.


**Students should be aware that some offers of aid require follow-up. Further instructions will be included with subsequent award notification.

**Terms and conditions of financial aid programs are subject to change without notice.