Loan Information

Federal Stafford/PLUS Loans

Welcome to BMCC’s student loan application process for the 2013/14 school year (Summer 2013 through Spring 2014).
 
As of July 1, 2010, all federal Stafford student loans are through the U.S. Department of Education’s (ED) Federal Direct Loan (FDL) program. This means that if you borrow money toward educational expenses, you will make repayment to a federal government servicer instead of a private lender. For FDL information, visit www.studentloans.gov.
 
Who is Eligible to Apply for a FDL?
Once you have been issued an Award Letter or an Eligibility Notification from BMCC, you may complete the FDL application process. At least half-time (6+ aid-eligible term credits), aid-eligible enrollment is required. Check your financial aid status at your BMCC Student Wolfweb account. Per-term loan application deadlines are as follows:

  

 
Term Loan Application Deadlines:
'13 Summer
08/23/13
'14 Winter
03/07/14
'13 Fall
11/29/13
'14 Spring
05/30/14

 
 
 
 
 
 
 
How do You Apply? (it may be helpful to print these pages)
After reviewing this information, be prepared to enter the following data:
·        Your Social Security Number (SSN)
·        Your Federal PIN (what you used to electronically sign your FAFSA)
·        Contact Information (ie phone/mailing address) for 2-3 different, personal references (people who will know how to contact you in 10 years)
Recommended: Take the time to carefully read and research your need before you borrow. There are many helpful tools provided at www.studentloans.gov . Use them to help you plan.
 
To proceed to the 3-step application process, select “Apply” at the end of these introduction pages. You’ll be asked to log into your BMCC student Wolfweb account using your BMCC student ID and PIN. If the system cannot confirm your eligibility to apply, follow the directions you are given to find out what you must do next. DO NOT CONTINUE to www.StudentLoans.gov as BMCC will NOT be able to certify a loan for you until you become eligible. Otherwise, continue as follows:
 
1)      Loan Request Form. Print so that you can later complete andsubmit it by fax to 541-278-5889, scan and email it to finaid@bluecc.edu or submit it in-person to any BMCC Service Center.  Select “Next” to continue to www.StudentLoans.gov.
2)      Annual, Online Loan Entrance Counseling. Use your last name, SSN, date of birth and federal PIN to “Sign In” and complete this second step.  Allow up to an hour so you can carefully learn your borrower rights and responsibilities.
a.      Be sure your email address is correct. BMCC recommends checking the box to get electronic communication.
b.      Select “Complete Entrance Counseling.” (twice)
c.      Select 1st option (…to receive loans as an undergraduate student.), then Continue.
d.      If you get a pop-up message saying that you’ve already completed it, select “Continue.” (BMCC uses annual entrance counseling as your application.)
e.      Read “Helpful Hints about the Quiz” and “Now You are Ready to Begin” sections, then select Continue.
f.       School State is “OREGON” and School Name is “Blue Mountain Community College” (Pendleton, OR ).
g.      Continue.
h.      Participate in an interactive, 16-part session that includes a short quiz after each section.
i.       Review your “Borrower Rights and Responsibilities.”
j.       Select “Submit.”
k.      Print your confirmation.
 You will get a “Congratulations!” message when completed.
 
Note: In an effort to educate borrowers and reduce default rates, the following borrowers may be asked to submit additional items and may be required to participate in a more in-depth loan counseling session:
   •Those that already have high debt ($12,000+ for dependent applicants and $20,000+ for independent)
  •Those that have previously defaulted on a student loan (who didn’t successfully address issue in 12/13)
   •Those that are not in Good Standing according to BMCC’s Satisfactory Academic Progress policy for financial   aid students
 
3)      Master Promissory Note (MPN). Return to Home and go to My Profile. Select “Completed MPNs” under “My Loan Documents.” All completed MPNs will be displayed.
 
If you completed an MPN for Blue Mountain Community College on/after 6/1/2010, your multi-year MPN application is complete.  If your MPN for BMCC is older than 10 years or the message “No records found” is displayed, click on “Complete MPN” under “Master Promissory Note” toward the lower left corner of the screen. This will take you to a screen where you’ll select the type of loan you would like to receive. Select “Subsidized/Unsubsidized” (BMCC does not participate in the Graduate PLUS or Perkins loan programs), then do the following:
a.      Complete all Personal Information.
b.      Complete all School and Loan Information.
c.      Complete all Reference 1 and 2 Information. (Have unique contact information ready.)
d.      Review the Terms and Conditions section thoroughly.
e.      Check that you have done so and that the information is correct.
f.       Confirm the information and edit if needed.
g.      Electronically sign by entering your name and clicking on “Sign.”
h.      After your signature is authenticated, review the HTML version of your MPN before submitting.
i.       You can view and print a PDF version of your MPN.
 
Loan Limits
Annual and aggregate maximum limits, are based on your dependency status and class standing in your program, as follows:
 
Annual Maximum*
Dependent
Independent
Freshman
$ 3,500 Base Sub/Unsub
+$ 2,000 Additional Unsub
=$ 5,500 Total
$ 3,500 Base Sub/Unsub
+$ 6,000 Additional Unsub
=$ 9,500 Total
Sophomore
(45+ program credits toward a 2-year program)
$ 4,500 Base Sub/Unsub
+$ 2,000 Additional Unsub
=$ 6,500 Total
$ 4,500 Base Sub/Unsub
+$ 6,000 Additional Unsub
=$10,500 Total
*May be limited by budgetary need and/or aggregate (combined) maximums ($23,000 Base Sub/Unsub and $31,000/$57,500 Total for Dep./Indep.).
 
 
BMCC will certify either the amount you request on your Loan Request Form or what we calculate you are eligible to borrow, whichever is lesser. This certification takes place after we have received electronic notification from the Department of Education that you successfully completed loan entrance counseling.  Subsidized eligibility is always calculated for you before Unsubsidized, as it is the least expensive loan option available (you are not responsible for the interest while you qualify for an in-school deferment).  Your loan period is generally the current/next term for which you meet the loan application deadline, through the end of the academic year. An updated Award Letter will be issued reflecting loan awards by type and term.  The net amount will be divided into term disbursements (two within a single-term loan period) and applied to your BMCC student account. To request a partial or full cancellation of funds within 14 days of receiving your ‘refund check’. Use the ‘Cancellation Request’ form enclosed with your refund check and return to the Service Center. To request a partial or full cancellation of future disbursement, submit a new Loan Request Form to any BMCC Service Center, fax to 541-278-5889 or email to finaid@bluecc.edu.
 
 
When Will You Receive the Money?
That depends.  BMCC can only disburse funds to your BMCC student account after we are notified by the U.S. Department of Education that an accepted MPN is on file for you.  You may check your MPN status by logging on to your BMCC Student Wolfweb account or at www.studentloans.gov.  Your net loan disbursement (term award, less a 1.051% origination fee) will be divided over the number of terms of your loan period (or by two for a single term loan period) and applied to your student account as early as (see below, as applicable):
 

 

 
Returning Borrowers
First Time Borrowers
Term
1st Disb
2nd Disb
1st Disb
2nd Disb
Summer: 67 days
July 3
July 26
July 24
July 26
Fall: 75 days
October 11
November 5
October 30
November 5
Winter: 75 days
January 17
February 11
February 5
February 11
Spring: 75 days
April 11
May 6
April 30
May 6

 Note to First-Time Borrowers: Before your first disbursement can be released, federal regulations require BMCC to confirm you are still eligibly enrolled 30-days into the first term of your loan period.

 
Funding will first be applied toward any tuition/fee or authorized non-institutional charges that may have accumulated on your BMCC student account.
 
Alert to Prior Borrowers:
To maintain borrower benefits, know the status of your student loan(s). BMCC recommends that you:
1.      Watch for and carefully review all student loan mail/email, keeping a folder of important documentation.
2.      Keep your contact information updated with your loan holder/servicer so they can always reach you.
3.      Monitor your debt and look up loan holder/servicer contact information at www.nslds.ed.gov.
4.      If you have questions about your loan or need to let your loan holder/servicer know that you’re having a hard time making payments and need to know what options are available, contact them immediately so that your loan remains in good standing and you stay eligible for borrower benefits.
 
Borrower Rights and Responsibilities Highlights:
1.      Only borrow as a last resort to meet real, educational needs. Debt can add up fast.
2.      BMCC requires loan entrance and exit counseling each academic year that you borrow. You will be notified when it is time to complete online loan exit counseling. Pay attention to save money, effectively manage your debt and navigate repayment.
3.      Consider the following:
•Your actual current education-related need (https://www.bluecc.edu/students_fa_budget).
•Your anticipated, entry-level income in your career (https://www.bluecc.edu/career, select CIS Career Information System and note the ‘User Name and Password’ provided)
•Your estimated total student loan debt (budgetary need for each year you plan to be in school) and the resulting repayment burden based on a 6.8% interest rate and a standard, 10-year repayment (see chart on next page).
 



Aggregate Undergraduate Loan Debt
Estimated Monthly Payment Amount
Estimated Total Interest To-Be Paid
Estimated Annual Salary Needed
to Afford Repayment (8% cap)
$5,000
$58
$1,905
$8,700
$10,000
$115
$3,810
$17,250
$12,000
$138
$4,572
$20,700
$20,000
$230
$7,619
$34,500
$30,000
$345
$11,429
$51,750
$40,000
$460
$15,239
$69,000
$50,000
$575
$19,048
$86,250
$57,500
$662
$21,905
$99,300
 
Repayment Highlights:
Before you borrow, understand some basics regarding repayment:
You will pay back your student loan debt, including interest (6.8% for loans disbursed on/after 7/1/13 unless congressionally changed), fees (1.051% origination deducted from award prior to disbursement) or collection costs. The debt cannot be discharged in bankruptcy. If you get behind on payments and go into default (270 days past due), your wages and federal/state tax refunds may be garnished and professional licenses not renewed.
•Several repayment plans may be available. The Standard, 10-year repayment is cheapest, if you can afford it. Your loan servicer may be able to offer other types of payment options such as; Graduated, Extended, Income-Based/Pay-As-You-Earn (new), and Income-Contingent (Direct Loans only) or Income-Sensitive (FFEL Loans only) to accommodate special needs/circumstances. Caution, these options are more expensive because they take longer to repay, but may be an effective way to manage affordable monthly payments. Remaining balance forgiveness programs may sound good, but require that you meet certain eligibility factors.
•If you have multiple loans, you may be eligible for consolidation (renegotiating student loan debt into one balance, making repayment easier to manage). Ask your servicer if you’re eligible and it is a good fit for your situation. More information can be found at http://loanconsolidation.ed.gov/ or by calling the Loan Consolidation Center at 1-800-557-7392.
•If money is tight and you have trouble making a full, on-time payment, CALL YOUR SERVICER to request a deferment (ex. school, unemployment, economic hardship, education-related, service-related, temp. total disability, parental leave, public service) or forbearance (hardship, reduced payment, internship/residency, student loan debt burden, Dept. of Defense Loan Repayment Program, Corporation for National and Community Service Loan Repayment Program/hardship).Until granted, your payment is still due. If granted, your payment obligation will betemporarily reduced or cancelled, allowing you to avoid going into delinquency or default and suffering those consequences. Your servicer’s contact information can be found at www.nslds.ed.gov.
 
 
If you have determined that you need a student loan to meet your educational expenses while attending BMCC click “Apply” below.
 
BMCC will certify your loan within 2-5 business days of receiving your complete Loan Request Form and confirmation by the Department of Education that you successfully completed required loan entrance counseling. We notify you by email to check your BMCC Student Wolfweb for a revised Award Letter which will include the amount of loans certified. You’ll be able to monitor your 13/14 Student Loan Status by logging into your BMCC Student Wolfweb account and selecting Financial Aid Status.
 
For questions about the loan application process, funding or repayment, visit http://www2.ed.gov/offices/OSFAP/DirectLoan/student.html , contact our BMCC Service Center at (541)278-5759 or email finaid@bluecc.edu.
 
                                               

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

FSA Student Loan Ombudsman Group

If you’re in a dispute about your federal student loan, may need to contact the Federal Student Aid Ombudsman Group as a last resort.

The Ombudsman Group is dedicated to helping resolve disputes related to Direct Loans, Federal Family Education Loan (FFEL) Program loans, Guaranteed Student Loans, and Perkins Loans.

In accordance with federal regulations at 34 CFR 674.42(b)(2)(xi) and .45(h); CFR 682.208(c)(3)(ii), .410(b)(5)(vii), .411(b)(3), and .604(g)(2)(x); and CFR 685.304(b)(4)(vii).

On-line assistance: http://studentaid.gov/repay-loans/disputes/prepare  

Via telephone:

877-557-2575

Via fax: 202-275-0549

Via mail:

 

 

U. S. Department of Education

FSA Ombudsman Group
830 First Street, N. E., Mail Stop 5144
Washington, D.C. 20202-5144