Financial Aid Overview | Scholarships, Fellowships & Stipends | Federal Loans | Other Loan Options
Federal Work-Study Program | Tuition Assistance Plan (TAP) | Other Aid Sources | International Students
Federal educational loans play an important role in each student's financial aid package. As Bank Street College scholarship funds are first applied to tuition, students should expect to provide additional funds for tuition/fee balances and living expenses, usually by borrowing funds through the William D. Ford Federal Direct Loan Program. The Office of Financial Aid reviews each student's eligibility for the William D. Ford Federal Direct Loan Program, which consists of the Subsidized Loan and the Unsubsidized Loan.
Students may borrow funds to offset the total cost of their education, which includes tuition, books, fees, and living expenses.
Students must be registered for a half-time minimum of 5 credits (or the equivalent) during the Fall or Spring semester to be eligible to receive a Direct Loan for that semester. Students enrolling in either the Summer 1 or Summer 2 term must be registered for a half time minimum of 2 credits to be eligible to receive a Direct Loan.
As with all financial aid programs, students requesting loans must be in good academic standing and must be making satisfactory progress toward their degree. As with other financial aid, students must complete and file the Free Application for Federal Student Aid (FAFSA). Students may apply for a Direct Loan throughout the year; the April 15 deadline does not apply to the Federal Direct Loan Program.
There are two types of Direct Loans: subsidized and unsubsidized. For both types, repayment of the principal is deferred until six months after a student ceases to be enrolled at least half-time (5 credits or the equivalent in the Fall or Spring; 2 credits in Summer 1 or Summer 2).
A subsidized loan does not accrue interest while the student continues to be enrolled at least half-time. An unsubsidized loan begins to accrue interest as soon as the funds are disbursed to the student's account at Bank Street College. The FAFSA information and the number of credits taken each semester determine eligibility. Each student is usually eligible for a combination of subsidized and unsubsidized loan funds.
The maximum amount a student may borrow from the Direct Loan Program is $20,500 per fiscal year (or the student's individual cost of education, whichever is less). Up to $8500 per year of this amount may be subsidized. The interest rate, identical for both subsidized and unsubsidized loans, is fixed. A 2% processing fee is withheld from the loan proceeds prior to disbursement to the student.
Students who are first time borrowers at Bank Street College must complete Online Entrance Counseling for Borrowers in order to be eligible to receive loan funds. An Exit Interview is required of all borrowers prior to graduation or when the student falls below half-time status. Students not able to complete Exit Interviews online should contact the Office of Financial Aid.
Students should maintain contact with the Office of Financial Aid in order to receive the most current information about financial aid awards.
Students not accepted into degree programs (nonmatriculated students) who need to fulfill certification and/or licensing requirements may be eligible for Direct Loans for only one term, in which they must register for a minimum of five credits in the Fall or Spring, or two credits in either Summer 1 or Summer 2. To apply, non-matriculated students must also file the FAFSA.