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 limited, individual awards do not cover the full cost of attendance. For this reason, students requesting financial aid are expected to contribute towards these costs, usually by borrowing funds through the Federal Direct Loan Program. The Office of Financial Aid reviews each student's eligibility for the William D. Ford Federal Direct Stafford Loan Program. These Federal Direct Stafford Loans at Bank Street College include the Subsidized Stafford Loan and the Unsubsidized Stafford 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 Stafford 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 Stafford Loan for that term.
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 Stafford Loan throughout the year; the April 15 deadline does not apply to the Federal Direct Loan Program.
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 semester, 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.
Other loan options are available to nonmatriculated students or students registered for fewer than five credits.