Loan Information

Emergency Loans

Emergency loans are designed to assist BMCC students in the time period between the start of classes and their financial assistance disbursement. These are primarily reserved for the purchase of books. Students may, in very rare instances, access an emergency loan without the benefit of forthcoming financial assistance. To learn more about the process of applying for an emergency loan, Click Here. 

Federal Stafford/PLUS Loans

Applying for Loans Summer 2011 - Spring 2012:

Once you have completed your 2011/2012 FAFSA and have received a 2011/2012 award letter from BMCC, you must then complete entrance counseling and a Master Promissory Note (MPN) in order to be eligible for a Federal Direct Stafford Loan.  Both of these steps can be completed at www.studentloans.gov .  This site also has invaluable information for borrowers on managing their repayment, consolidating loans, loan discharge and loan forgiveness. Students must be enrolled at least half time (6 or more credits) to qualify for student loans.

At the StudentLoans.gov site:

  1. Click "Sign In" button
  2. Enter your SSN
  3. Enter first 2 letters of your last name
  4. Enter your date of birth
  5. Enter your FAFSA PIN
  6. Click "Sign In"
  7. Click on "Complete Entrance Counseling"
  8. Follow the directions; Read the information then respond to the questions that follow
  9. View the "Borrower Rights and Responsibilities"
  10. When done, click on "Submit" and then "Print" your confirmation

Once you have completed the entrance counseling and printed your confirmation, you can move on to completing your Master Promissory Note (MPN) from that same page by:

  1. Clicking on "You Can Submit a Master Promissory Note"
  2. Select the type of Loan you want (will be Subsidized/Unsubsidized, unless your parent is doing a Parent Plus loan for you
  3. Complete all "Personal Information"
  4. Complete all "School and Loan Information"
  5. Complete "Reference 1 and Reference 2 Information"
  6. Read Terms and Conditions thoroughly
  7. Check that you have reviewed the information and acknowledge that it is correct
  8. Confirm information and edit if needed
  9. Sign the form electronically by entering your name and clicking on "Sign"
  10. Once your signature has been authenticated, review the HTML version of your MPN before submitting
  11. You can view and print a PDF version of your MPN.

New Borrowers:  

By federal regulation all first time borrowers must wait 30 days for their first Federal Stafford loan disbursement. Your loan funds will be available as of the 31st day of the first term that you receive loan. You can find those dates by going to "Dates and Deadlines" from the Financial Assistance Home page.

Single Term Borrowers:

By federal regulation single term borrowers must have their disbursement split in two equal parts.  The first disbursement is at the same time as the rest of their aid (except first time borrowers whose loans must be disbursed as stated above) and the second disbursement would be at the 50% point of the term.  You can find those dates by going to "Dates and Deadlines" from the Financial Assistance Home page.

Click here for Dates and Deadlines  applying to loans