When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand the different types of student loans and repayment options so you can successfully repay your loan.
Types of Student Loans
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. A SUBSIDIZED loan is one where the government pays the interest on the loan while the student is in school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. An UNSUBSIDIZED loan is one where the government does not pay the interest while the student is in school, that is, the student is responsible for paying the interest.
Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify. If you are interested in a Parent Plus loan, please contact the Financial Aid office.
Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
Private Student Loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
Application for Student Loan
Complete the BRTC Student Loan Application.
Below are the links to the different steps that you will need to complete the application. Please let the Financial Aid Office know if any of these links do not work for you.
Online Requirements
- Entrance Counseling (1st time borrowers only)
- Master Promissory Note (1st time borrowers only)
- Loan History
- Occupational Wages
- Salaries Loan Calculator
- Voices of Debt Video
- Student Loan Presentation
Loan Disbursement Dates
Disbursement dates: Date your loan is credited to your student account to satisfy any existing charges.
Refund: Only occurs when all charges are covered and a credit balance is created.
Refund Date: 7-10 days after Disbursement Date and is when an email is sent to your BRTC student email, notifying you the refund has been mailed to you.
The disbursement date schedule is intended only to give students an approximate time frame to expect a loan refund. Students who apply for loans or who are awarded loans after these dates will receive their first disbursement at a later date.
BRTC processes loan disbursements once per month to accommodate students who made loan requests after the semester had begun.
The "once per month" disbursement dates are subject to change from month to month; therefore, check your BRTC GMAIL regularly for messages from the Business Office if a refund is expected.
Loan Management
Learn from the U.S. Department of Education how to manage your student loans, sign a Master Promissory Note, view entrance loan counseling and exit counseling, and understand repayment options.
Exit Counseling
BRTC requires students to complete exit counseling once they have completed a degree.
Deferment and Forbearance
A deferment or forbearance allows you to temporarily postpone making your federal student loan payments or to temporarily reduce the amount you pay.
Learn more from the U.S. Department of Education.
BRTC Loan Policy
Students who wish to borrow funds from the William D. Ford Federal Direct Loan Program should be aware of the following federal regulations.
Annual Stafford Loan Limits
Dependent Students
| Class | Subsidized | Unsubsidized |
| Freshmen | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
Independent Status
| Class | Subsidized | Unsubsidized |
| Freshmen | $3,500 | $6,000 |
| Sophomore | $4,500 | $6,000 |
If a student checks on the data form he/she will receive other types of aid excluding Pell, an additional unsubsidized loan will require the completion of a separate loan application if a possibility exists that the unsubsidized loan will exceed the institution’s cost of attendance.
Note: Loan funds will not be disbursed until both Step 1 and Step 2 listed below have been successfully completed. No Exceptions!
STEP 1: Entrance Loan Counseling is required to be completed ONLY once under the Direct Lending program. Returning borrowers who have borrowed through BRTC’s previous loan program should also complete it at https://studentaid.gov.
STEP 2: The Master Promissory Note or MPN is required after submitting your Data Form/loan request to the FA Office. To complete an MPN online, you will be required to use your Department of Education-issued PIN that you used to complete your FAFSA. You must complete the Promissory Note via electronic signature at the following web address https://studentaid.gov.
3. All borrowers must complete the Free Application for Federal Student Aid (FAFSA) before loan eligibility can be determined.
4. Students must be enrolled in at least 6 credit hours to be eligible for a student loan. A student will be certified for a
loan ONLY for the hours enrolled that are within the his/her degree plan.
5. Students may qualify for a subsidized loan (interest-free during enrollment) and if not, a student will qualify for an
unsubsidized loan. Note: Those receiving Pell should qualify for a subsidized loan.
6. Every loan must be delivered in two equal disbursements per semester. The second disbursement will be delivered after the midpoint of the semester.
7. For students enrolled in 4-week classes, if you are enrolled in at least 6 credit hours but less than 6 hours have actually begun, you will not be eligible for your first loan disbursement until you have begun attendance in at least 6 credit hours.
8. First-time borrowers who are first-time entering students must wait thirty (30) days after the semester begins to receive the first disbursement.
9. All borrowers must complete an exit loan counseling session prior to graduation, if he/she ceases to be enrolled at least
half-time, or upon termination of enrollment at https://studentaid.gov.
10. All borrowers should understand that class attendance through the 60% point of the semester is mandatory under the
Federal Title IV Funds regulation. If a borrower quits attending or withdraws before that point, he/she may owe a refund to BRTC and/or the U.S Dept. of Education for funds received that were not earned.
11. As of July 1, 2013, all first time borrowers who qualify for subsidized loans will no longer be eligible for that type of loan if the borrower exceeds 150% of the published length of their program. Please refer to the link for further information: https://studentaid.gov/app-static/images/DirectSubsidizedLoanTimeLimitation.pdf
***BRTC's office will process loan refunds twice a month and notification will be sent to students by letter and email once the refunds are processed and mailed.***
Revised 2-24-14
