Guide to Applying for Federal Student Loans
Unsubsidized (non-need based) loans through the William D. Ford Direct Loan Program are available to eligible graduate students up to $20,500 in Stafford Loans per year. The Cost of Attendance determines how much a student may be entitled to during a given period. Need is determined by the federal government through the FAFSA process.
All student loans must be repaid.
Based on a student’s Cost of Attendance the student may be eligible to apply for Grad Plus loans. These loans require a separate application and a credit history report will be pulled. A student will be accepted or denied based on this report.
BTS Federal Student Loan Process
Below are the details you will need to complete an application for federal student loans.
The Federal Student Aid website is a comprehensive source of information about the U.S. Department of Education federal student aid programs and includes an overview of federal student aid, as well as more detailed information on the application process and student loans.
Whatever your questions, you’ll find the aid information you need here.
Steps to complete
Complete the “Free Application for Federal Student Aid” (FAFSA) online at https://fafsa.ed.gov. Biblical’s school code is G23230.
Complete Entrance Counseling – Go to https://studentloans.gov/myDirectLoan/index.action, sign-in, select “Complete Counseling,” and then select “Entrance Counseling.” All first-time BTS student loan borrowers are required to complete this step.
Complete Master Promissory Note – Go to https://studentloans.gov/myDirectLoan/index.action, sign-in, select “Complete Master Promissory Note,” and then select “Subsidized/Unsubsidized.” Master Promissory Notes are valid for ten years. If you have had student loans through the Department of Education within the last ten years, you may have already completed this requirement.
Notify the BTS’ Financial Aid Office when you have completed these steps.
Maintaining Eligibility for Federal Student Loans
Determining financial aid eligibility is the joint responsibility of the federal government and the school. The Financial Aid administrator is responsible for adhering to and monitoring eligibility requirements.
- Students must meet specific citizenship requirements.
- Students must not be in default on prior student loans.
- Students must be enrolled in a degree program with a minimum half-time student status (5 credit hours per term).
- Students must complete online “Entrance Counseling” and a “Master Promissory Note.”
- Students must make Satisfactory Academic Progress (SAP), which means maintaining a 2.0 GPA or higher and progressing towards their degree at a satisfactory pace.
If you have any other questions regarding the application process for Federal Student Loans, please feel free to contact the Financial Aid office or any admissions counselor.