Loan Types
Federal Direct Loans
At Brevard College there are loan programs that students and/or parents may participate in, according to their eligibility and need. Please read the following and continue to the provided links to complete loan applications for the Federal Direct Stafford Loan. A 2011-12 FAFSA must have been submitted in order to borrow the Federal Direct Stafford Loan.
Federal Direct Loans
US Dept. of Education
The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for student loans and one for parent PLUS loans.
Student Stafford loans
- If you are a student borrower under the Direct Loan Program you will only sign one MPN for student loans. It will be used for all of your Direct Subsidized Loans and Direct Unsubsidized Loans over multiple academic years. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all years. You may sign the MPN with your FAFSA PIN number. Click here to sign in and complete your Direct Loan Master Promissory Note.
New borrowers will also need to complete the required Entrance Loan Counseling at this site.
Parent Loans
- For parents who wish to borrow a Federal Direct Parent Loan (PLUS) you may go to the www.studentloans.gov site and follow the directions for applying for the parent loans. The credit check is good for only 90 days, so we suggest that you not apply before July 1, 2012. please enter the link with your PIN number - not the student's. It is a two step process - you will electronically sign the Master Promissory Note (can be used to make loans up to ten years) and you must also complete the PLUS application which will allow you to indicate the amount you wish to borrow for the year. When you apply for the loan a credit check will be perofrmed. If a parent is denied the ability to borrow the PLUS loan the student may be eligible to borrow additional unsubsidized Stafford loan funds. The yearly limit on a PLUS loan is equal to your cost of attendance minus any other financial aid the student is receiving.
Additionally, all students interested in viewing their entire loan history, can now accomplish this task online via NSLDS. The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guarantee loans, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Pell grants that are tracked through their entire cycle; from aid approval through closure.
Private Alternative Loans
Alternative loans are credit based loans available to the student. These loans are available to credit-worthy students, but in most instances, the student would need to have a credit-worthy co-signer in order to borrow. Click here for a list of lenders for private student loans.