Loans
 

Student Loans

   Federal Stafford Loans & Federal Perkins

  • Low interest, government-guaranteed
  • Students must be at least half-time, degree-seeking, and file the FAFSA
  • Students must complete “entrance counseling prior to their first disbursement at Brevard College (go to www.mapping-your-future.org)
  • Maximum Annual Loan Amounts: Stafford - $3,500, FR; $4,500, SO: $5,500, JR/SR; Perkins - $4,000
  • If parents are denied a Parent Loan (PLUS), student may borrow up to $4,000 in an additional Unsubsidized Federal Stafford Loan.
  • Principle repayment begins 6 months after ceasing enrollment; Subsidized and Perkins Loans - interest is paid by the government during enrollment and grace period; Unsubsidized Loans - interest begins accruing immediately.

Parent Loans

   Federal Parent Loan for Undergraduate Students (PLUS)

  • Available to parents of dependent degree-seeking students enrolled at least half-time
  • Maximum loan = School’s Cost of Attendance – Financial Aid received
  • Repayment begins when loan has been fully disbursed
  • If parents are denied a Parent Loan (PLUS), student may borrow up to $4,000 in additional Unsubsidized Federal Stafford Loan.

Selecting a Lender & Applying for A Federal Stafford Loan

  1. Although Brevard College supplies you with a “Preferred Lender List”, we will promptly certify your Stafford and/or Parent Loan with any lender of your choosing
  2. Our Preferred Lenders have been selected based on factors relating solely in the best interests of our students, including, but not limited to: whether they sell your loan, repayment benefits, customer service, and student satisfaction. A questionnaire is sent out to potential lenders who might want to be included on our lender list. In addition, a student satisfaction survey will be sent to all currently enrolled students for input. Upon receipt, a committee will review the results and make a determination as to who is included on the lender list for that year.
  3. We suggest you visit each lender’s website, including one of your choosing, to obtain comparative information about benefits offered by each before you make a final decision.
  4. Once a lender has been selected, notify the Financial Aid Office of your lender name and lender code (if not one of our preferred lenders)
  5. The student should complete a Master Promissory Note (MPN) with their lender of choice
  6. For students new to Brevard College or new borrowers, the student should complete federally-required entrance loan counseling at www.mapping-your-future.org

Brevard College Preferred Lender List

College Foundation, Inc.

#807037         

888-CFI-6400

www.cfnc.org

Bank of America

#824421

800-344-8382

www.bankofamerica.com

Citibank

#826878

800-692-8200

www.studentloan.com

Wachovia

#830005 

888-953-4987

www.wachovia.com

SC Student Loan Corp. 

#833128

800-347-2752

www.slc.sc.edu