Federal Loans and Grants
Making College Affordable with Federal Aid
Paying for college can feel overwhelming, but federal loans and grants can help make it possible. These programs provide financial support from the U.S. government to help cover your education costs. Some funds are loans you’ll repay later, while others — like grants — are free money you never have to pay back.
Learn more about:
Available Funding
Federal Direct Loans
- Low-interest loans from the U.S. Department of Education
- You borrow now and repay after graduation
- To qualify, you must:
- Be enrolled at least half-time
- Be a U.S. citizen or eligible non-citizen
- Be in a degree program
See Undergraduate Loan Rates
Federal Pell Grant
- Free money from the government — no repayment
- Based on your family’s income and other details from your FAFSA
How to Apply
- Complete the FAFSA and include Bryan College of Health Sciences.
- Each year, accept your aid through the FAFSA Awarding & Verification Portal
- Current students: Complete in March
- New students: Complete after Registration Day
You’ll need:
- A completed FAFSA
- Your grade level based on credits earned:
- 1st Year, Never Attended
- 1st Year, Transfer (under 24 credits)
- 2nd Year, Sophomore (25–51 credits)
- 3rd Year, Junior (52–89 credits)
- 4th Year, Senior (90+ credits)
- Number of credit hours for Fall, Spring, and Summer (enter “0” if unsure about Summer)
- If selected for verification, extra documents will be requested through the portal
If you’re borrowing a Federal Direct Loan for the first time, you’ll complete:
- Master Promissory Note (MPN), a legally binding agreement to repay your loan to the U.S. Department of Education. In most cases, one MPN for the Direct Subsidized and Unsubsidized can be used for loans that you receive over several years of study.
- Entrance Counseling to help you understand your loan responsibilities. You’ll do this as part of your FAFSA Awarding & Verification Portal process.
When you graduate or if you drop below half-time, you’ll also complete Exit Counseling to prepare for repayment. To complete this, log in with your FSA ID and provide details about your income, financial aid history and living expenses.
For more information about federal student aid and loan repayment, visit www.studentaid.gov.
What Happens After You Submit?
PLUS Loans
Parents can apply for a Parent PLUS Loan to help cover extra costs. (or Alternative Loans)
Eligibility Criteria for a PLUS Loan
Most federal student loan applications don’t include a credit check or credit requirements, but there’s one notable exception: PLUS Loans. The PLUS Loan application includes a credit check and sets a standard of credit you must meet to get approved.
While your credit score isn’t a factor, other information on your credit report might be. Specifically, the PLUS Loan application uses the credit check to screen for “adverse credit.” Adverse credit history is a negative mark on your credit report, including:
- Debt worth $2,085 or more that, within the past two years, was sent to collections, written off, or delinquent for 90 days or more
- Any of the following events within the past five years:
- Default determination
- Debt discharged through bankruptcy
- Foreclosure
- Repossession
- Tax lien
- Wage garnishment
- Federal student loan or other aid debt written off
How to Apply for a PLUS Loan
Biological and adoptive parents, who are U.S. Citizens or Eligible Non-Citizens, may borrow a Parent PLUS Loan to help fund their student’s education.
First-time borrowers must complete an application online at studentaid.gov. After completing the application, you will be guided to complete a Master Promissory Note (loan agreement).
If you have borrowed a PLUS Loan in past years, you may not need to apply online again. After you and your student have decided on the amount you wish to borrow, please email Financial Aid to request the loan for the upcoming school year.
If a PLUS Loan is Denied
If your application for a federal direct PLUS loan is denied, you have a couple of options for borrowing as a parent. Options 1 & 2 are the most common actions.
- Student borrows additional Direct Unsubsidized Loans.
A dependent student whose parent is denied a PLUS Loan becomes eligible for the same Direct Unsubsidized Loan limits available to independent undergraduate students. Your student can get increased loan limits, which vary according to class level (limited to $4,000 or $5,000 higher per year). These undergraduate loans have lower interest rates and fees than the PLUS Loans and will be in the student’s name. To receive this loan support, the student must email Financial Aid to request it.
- Borrow a loan with a private lender.
To qualify for a private loan, you’ll typically need a good credit score and a steady income. In addition, the standard to qualify for PLUS Loans is less strict than the standard to qualify for private student loans so this may not be a sound option. Private lenders can be reviewed here.
- Seek an Endorser.
This endorser will be subject to a credit check and must meet the non-adverse credit requirement. An endorser, like a cosigner, legally takes on the responsibility of repaying your Parent PLUS debt if you cannot.
STEP 1: An endorser will complete an addendum at studentaid.gov. The Endorser Code will be sent in an email to you. If you have trouble locating the Endorser Code, please email Financial Aid.
STEP 2: If your endorser is approved, you’re expected to complete credit counseling on the federal student loan website.
STEP 3: You must email fa@bryanhealthcollege.edu once the above steps have been completed.
- Appeal the decision to the Department of Education.
You can appeal if you can prove your adverse credit ruling is based on incorrect, incomplete, or out-of-date information. You must fully document the extenuating circumstances related to the debt. After filing an appeal, the decision is left to the Department of Education. If your appeal is granted, provide the documentation to Financial Aid so that we may proceed with processing your loan.
Repayment
When you borrow a federal student loan from the government, you will be assigned a loan servicer. Servicers are companies that collect your loan payments and report your payments to the credit bureau. Your servicer can also help you lower your payment and set up automatic payments. Your servicer is the company that sends you a billing statement each month.
You are required to begin repayment on your loans if you fall below half-time enrollment.
StudentAid.gov can help you understand and manage your loans. Here you can find your amounts, balances, interest rates and loan status (in repayment, in default, etc.). Your loan servicer is who manages your loan and who you repay. If you are unsure who your loan servicer is, you can locate their contact information on this website.
