Federal Pell Grant:
Assists low-income undergraduate students without a baccalaureate degree with the cost of tuition. Limited to 12 full time semesters of eligibility. This is a need-based grant that does not need to be repaid.
Amount: Ranges from $400 to $5,550
To Apply: Submit a Free Application for Federal Student Aid (FAFSA)
Federal Supplemental Education Opportunity Grant:
Assists low-income undergraduate students without baccalaureate degrees. This is a need-based grant that does not need to be repaid.
Amount: up to $450
To Apply: Submit a Free Application for Federal Student Aid (FAFSA)
William D. Ford Federal Direct Loans:
There are three types of Federal Direct Loans for undergraduate and credential students - Direct Subsidized, Direct Unsubsidized and Direct PLUS. The Direct PLUS loan is borrowed by the parent/legal guardian of the undergraduate student. Direct Loans are borrowed through the federal government and must be repaid.
Direct Subsidized:
- Need based
- Must be enrolled at least half-time
- 11-12 interest rate fixed at 3.4% and loan fee of 0.5%*
- 12-13 interest rate fixed at 3.4% and loan fee of 1%
- Interest begins accruing when half-time enrollment ceases for loans first disbursed on or after July 1, 2012. For loans first disbursed prior to July 1, 2012, there is a 6 month grace period when half-time enrollment ceases during which interest does not accrue.
Direct Unsubsidized:
- Non-need based
- Interest begins upon disbursement
- Must be enrolled at least half-time
- Interest rate fixed at 6.8%
- 11-12 Loan fee: 0.5%*
- 12-13 Loan fee: 1%
*There is a loan fee of 1.0% of the principal amount charged for each Direct Subsidized/Unsubsidized Loan that you borrow. For 11-12, the total fee is reduced to 0.5% due to an “up front” interest rebate equal to 1.0% of the principal amount. The loan fee for 12-13 is 1%.
Annual Loan Limits: The amount you can borrow is determined by your grade level and dependency status
|
Dependent Students |
Independent Students |
| Freshman |
Up to $5,500 ($3,500 subsidized) |
Up to $9,500 ($3,500 subsidized) |
| Sophomore |
Up to $6,500 ($4,500 subsidized) |
Up to $10,500 ($4,500 subsidized) |
| Junior/Senior |
Up to $7,500 ($5,500 subsidized) |
Up to $12,500 ($5,500 subsidized) |
| Credential |
Up to $5,500 ($5,500 subsidized) |
Up to $12,500 ($5,500 subsidized) |
Aggregate Loan Limits:
|
Subsidized Maximum |
Combined Subsidized & Unsubsidized Maximum |
| Dependent Undergraduate & Credential |
$23,000 |
$31,000 |
| Independent Undergraduate & Credential |
$23,000 |
$57,500 |
To Apply:
Step One: Complete the Free Application for Federal Student Aid (FAFSA) and submit any additional requested documents.
Step Two: For 11-12: Accept your loans via WebAdvisor or by signing your award letter and returning it to the Financial Aid Office. For 12-13, your subsidized and unsubsidized Direct Loans will be automatically accepted. If you wish to reduce or decline your loans, please advise your campus One Stop or make changes to your award letter and return it to the Financial Aid Office.
Step Three: Sign the Master Promissory Note. First time borrowers at Brandman must also complete Loan Entrance Counseling.
Direct PLUS Loan:
Available for dependent students. Parents with good credit ratings may borrow a loan for their dependent child's educational costs. The amount typically offered is the same as the unsubsidized loan limit, but parents may borrow up to the cost of attendance minus financial aid. The interest rate is 7.9%. The loan fee for 11-12 is 2.5% (There is a loan fee of 4% of the principal amount charged for each Direct PLUS Loan that parents borrow. The total fee is reduced to 2.5% due to an “up front” interest rebate equal to 1.5% of the principal amount). The loan fee for 12-13 is 4%.
Direct PLUS Loans are borrowed through the federal government and must be repaid.
To Apply:
Step One: Complete the Free Application for Federal Student Aid (FAFSA) and submit any additional requested documents.
Step Two: Parent borrowers applying for a Direct PLUS Loan must complete a PLUS Application and sign a Master Promissory Note before loans are disbursed to their child's student account.
Click here for a step-by-step guide to apply for a Parent Direct PLUS Loan.