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Financial Assistance for Online Students
Overview | Grants | Scholarships | Loans | Forms | Helps
An excellent, biblical education at BBC&S is an important and affordable investment. Many kinds of financial aid are available to help cover the cost of your education. The following information will guide you in finding the aid you need to make your education as inexpensive as possible.
Process
1. Complete the FREE Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
- Do this as soon as possible after January 1.
- If applying for 2012-2013, you will need information from your 2011 income tax forms.
- Baptist Bible College’s school code is #002670.
2. Review your Student Aid Report (SAR) from the federal processor after completion of your FAFSA.
-Check for accuracy and make any necessary changes.
-Keep for future reference.
3. Respond immediately to requests for documentation.
-If the Department of Education selects your SAR for a process called “verification,” we will need to request corresponding documentation. See the Forms link below.
4. Research and apply for outside grants and scholarship.
-Grants and scholarships are forms of financial aid that do not need to be repaid.
-Other grants and scholarships may be available through both federal and state governments.
5. Read your preliminary award letter.
-After you are accepted into BBC&S and have filed your FAFSA, you will receive a preliminary “award letter” indicating potential financial aid.
6. Ask questions to the helpful staff of the Office of Student Financial Services.
Email: financialaid@bbc.edu
Phone: 570.586.2400 or 800.451.7664, option 5
Fax: 570.587.8045
Financial Aid Options
- Grants
- Scholarships
- Loans Documents & Forms
- Guide to Costs
- Fee Schedule
- Forms (FAFSA, loans, tuition validation)
- Student Billing and Payment Policies
- Student Lending Code of Conduct
- Seminary Tuition Comparison of Masters Degree Programs
Other Helps
- Definitions
- Gainful Employment
- Websites
Grants
Grants |
Eligibility |
Annual Amount |
Applications |
Application Deadline |
Pell Grant |
Need; Eligible program |
$555 - $5,550 |
|
June 30, 2012 |
Vocational Rehabilitation |
Varies |
Varies |
PA Residents;All others contact Regional Office of Vocational Rehabilitation |
|
Veterans / Military
Benefits |
Varies |
Varies |
|
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Scholarships
Thousands of scholarships may be available to you. The power for accessing these scholarships lies with you. Help is available as you search.
Getting Started
This link is your key to learning how to search for scholarships. It will help you maximize your potential to receive aid. It is well worth your time to read through this information. Over $6.6 billion of scholarship monies went un-awarded last year alone as students did not take the time to search for scholarship monies. Here is a list of scholarship websites.
www.scholarship.com
www.scholarships4school.com
www.scholarshipsandgrants.us
www.studentscholarshipsearch.com/ebook/
www.fastweb.com
www.finaid.org/scholarships/
www.scholarshipexperts.com
www.collegeboard.com
www.brokescholar.com
Jump Start
Below are links for a range of scholarships that may potentially available to you. This is just a sampling of what is out there.
Kenneth Jernigan Scholarships
UNCF Ambercrombie & Fitch Scholarship
Graduate or Professional School Scholarship
www.seminaryscholarship.com
Young Christian Leaders Scholarship
Loans
What is a student loan? A student loan is an award of financial aid for which the lender will have to be paid back. Some loans are subsidized, meaning the federal government pays the interest that accrues on the loan from the date of disbursement until the loan enters repayment status. Other loans are unsubsidized, meaning you will be responsible to pay all interest that accrues on the loan from the date of disbursement until it is paid in full. You can choose to pay the interest while you are in school or defer it until after you graduate.
You may need to carefully consider taking out a loan to help pay the costs of your education. View the Baptist Bible Lending Code of Conduct here.
As of July 1, 2010, Baptist Bible College began participating in the William D. Ford Direct Loan Program.As a result we process all Stafford Subsidized, Unsubsidized Stafford and the PLUS Loans through the Department of Education. All loans processed through the Direct Loan Program will be serviced by the Department of Education and the loans will be guaranteed by the Department of Treasury.
What Does A Student Need To Do To Obtain A Federal Direct Stafford Loan?
All new students will need to follow these steps to obtain a Federal Direct Stafford Loan:
- Complete the FAFSA at www.fafsa.ed.gov.
- Fill out the Federal Direct Stafford Loan Request Form and submit it to our office.
- Complete Loan Entrance Counseling at www.studentloans.gov.*
- Complete Master Promissory Note at www.studentloans.gov.*
*When logging into this website, the FAFSA PIN will be needed.
New students should complete the Entrance Counseling and Master Promissory Note by August 1 of each academic year - prior to coming to BBC for the fall semester.
Returning students will need to fill out the Federal Direct Stafford Loan Request Form and submit it to the Office of Student Financial Services.
Parents applying for the Federal PLUS Loan will need to submit the PLUS Loan Request Form to the office of Student Financial Services.
What are the 2011-2012 interest and fees?
Federal Direct Stafford Subsidized Loans have an interest rate of 3.4% and a fee of 0.5%.
Federal Direct Stafford Unsubsidized loans have an interest rate of 6.8% and a fee of 0.5%.
Federal Direct PLUS Loans have an interest rate of 7.9% and a fee of 2.5%.
The following information will be helpful to you as you consider student loans.
Loans |
Eligibility |
Annual Amount |
Application |
Application Deadline |
Federal Direct Stafford Loan (subsidized) |
Need |
$8,500 |
|
June 30, 2012 |
Federal Direct Stafford Loan (unsubsidized) |
Cost of attendance |
$12,000 |
|
June 30, 2012 |
Private Alternative Loan |
Co-signer may be required; approved credit history |
Up to full cost of academic year |
- Apply Now
- Contact the lender of your choice |
Varies |
Federal Stafford Loan
The amount of Stafford Loan money a student may receive in a year depends on FAFSA results and the cost of attendance (based on enrollment status, such as full-time vs. half-time).
School Level |
Stafford Loan Base Amount |
Additional Unsubsidized Loan Amount |
Graduate Level |
$8,500.00 |
$12,000.00 |
The base amount for which you are eligible in a given academic year may include either or both subsidized and unsubsidized amounts, depending on your calculated need. For instance, if you are eligible (based on the FAFSA's EFC calculation) for a $2,000 subsidized Stafford Loan, you may also take a $6,500 unsubsidized Stafford Loan during the same year, for a total of $8,500 to bring you to the maximum base amount.
Federal Direct Stafford Loans are subject to a 0.5% origination fee and a 1% default fee (total of 1.5%). The amount of money actually received by BBC and disbursed to your account will be 1.5% less than the amount borrowed. For example, if you borrow a Federal Direct Stafford Loan in the amount of $8,500, the actual amount disbursed to your account would be $8,372.50
Click here to download the Federal Direct Stafford Loan Request Form (2011-2012)
Alternative Loans
Alternative loans are private loans (not part of the federal government programs) that are obtained through a lending institution. Though BBC makes every effort to ensure lenders on our list provide the least expensive loans and best service possible, students and parents have the right and ability to select the lender of their choice, regardless of our suggested lender list.
Read more about the selection process here.
You may apply for an alternative loan by clicking on one of the following lenders.
Chase Select
Citizens Bank - Trufit Student Loan
Citibank - CitiAssist Loan
Discover Student Loans
PNC Bank - The Solution Loan
SallieMae - The Smart Option Loan
Suntrust - Academic Answer
Suntrust - Custom Choice
To compare the loans, click here.
The Pennsylvania Student Loan Marketplace also offers alternative loans to students and their families in an effort to make them as affordable as possible. It is not only the place that you can see a side by side comparison of what your loan terms would actually be, but should be a helpful tool in making an informed decision as to the kind of loan and what lender would best suit your situation. Students are not required to use the Pennsylvania Student Loan Marketplace – you can choose any lender that you prefer.
To learn about and compare your loan options in the marketplace, click here.
To view the disclosure statement of the Pennsylvania Student Loan Marketplace, click here.
Baptist Bible College follows the Standard Academic Year definition of borrowing. Your maximum loan eligibility covers the entire year: fall, spring, and summer. If you need loan funds for each semester, plan and borrow wisely so that you do not exhaust your eligibility before the end of the academic year. For example: If you use your entire loan eligibility in the fall and spring semesters, you will not have any loan funds available for the summer.
Forms
The Free Application for Federal Student Aid (FAFSA) is your key to the financial aid process. You must fill out the FAFSA at www.fafsa.ed.gov after January 1 to receive any aid for the following fall.
The online FAFSA website includes a worksheet that will show you the information that you will need in filling out the official form. Other forms may also be useful to you in the financial aid process. Here are several links:
FAFSA on the Web
-FAFSA on the Web
-2011-2012 Special Circumstances Form*
-2011-2012 Parent FAFSA Refusal Form
Net Price Calculator
The Net Price Calculator will allow first-time freshman and transfer students the opportunity to estimate the amount of financial aid they may receive. Click here to use the calculator.
Applying for Federal Loans
These forms should be read by students and/or parents who wish to apply for a federal loan. The forms provide information on both the Stafford and the Parent's Plus loan programs.
Stafford Loans - 2011-2012 Stafford Loan Request Form
PLUS Loans - 2011-2012 PLUS Loan Request Form
Other Forms
Tuition Validation Form – to be completed if family is paying tuition for siblings at private schools (pre-school and college tuition not included): 2011-2012 Tuition Validation Form*
Verification Worksheets for Dependent Students:
2011-2012 Dependent Student Worksheet
Verification Worksheets for Independent Students:
2011-2012 Independent Student Worksheet
*Verification must be completed before Special Circumstances and/or Tuition Validation can be considered for any student. Please submit the appropriate documents. For assistance, contact the Office of Student Financial Services at 570-585-9206 or e-mail at financialaid@bbc.edu.
Helps
The following links will lead you to websites with information about available financial aid. Apply for as many for which you are eligible.Use this list as a starting point, but do not limit yourself to just these websites. Do some research. You will find much is available for you.
Planning Tools and Calculators
For further assistance: Call 570.585.9215 or 800-451-7664, option 5 or e-mail the Office of Student Financial Services at financialaid@bbc.edu.
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