Another form of financial assistance is student loans.

If you qualify for need-based financial aid, it’s likely that your package will include student loans. These loans do not have to be repaid until after you graduate, and they frequently have a maximum aggregate amount.

Birmingham Southern complies with a Code of Conduct regarding educational loans.

What loans are available to me?

Our Financial Aid Office will provide complete details on each type of loan listed below if it is awarded. BSC is part of the Direct Loan Program for 2010-2011.

To learn more about the loan options available and ways to reduce student loan debt visit BorrowSmart. This education payment counseling experience offered through both the phone and web will help you determine affordable payment strategies to save you money. If you're interested in both loan and payment plan information you can use the Birmingham-Southern College Payment Center which offers both payment plan information and BorrowSmart.

Federal Perkins Loans

Low interest, long term loan program for students with exceptional financial need

Maximum loan up to $4,000 annually, depending on funding availability; average Perkins Loans at BSC are $1,500–$3,000 annually

First-time borrowers are required to complete loan counseling

Recipients are required to sign a promissory note outlining repayment conditions

Payment begins nine months after you cease to be at least a half-time student, with or without diploma

Campus Partners helps us monitor promissory notes, counseling activities, and the collection process.

2010-2011 Federal Direct Loans for Students and Parents

For a copy of the Conversion Notification to Students and Parents sent 05/07/10 please click here.

The Direct Loan Program allows students and parents to borrow for college through the US Government with BSC acting as a certifier and monitor of student eligibility. The Government may charge fees for loan origination, insurance or guarantees. There are two Direct Loan programs:

2010-2011 Federal Direct Loan

The student is the borrower
A completed, valid FAFSA is required
Interest rate for Subsidized Direct Loans is 4.5% (federal government pays the interest while the student is at least half time)
Interest rate for Unsubsidized Direct Loans is fixed at 6.8% (student is responsible for interest that accrues)
There is an aggregate undergraduate limit of $31,500 with annual loan limits of:
Freshmen (0–7 units) = $5,500 beginning July 1, 2008
Sophomore (8–15 units) = $6,500 beginning July 1, 2008
Juniors/Seniors (16+ units) = $7,500 beginning July 1, 2008
Browser compatibility on the StudentLoans.gov website can be found here: https://studentloans.gov/myDirectLoan/whatYouNeed.action?page=siteReq
First time borrowers are required to complete loan counseling and a Master Promissory Note (MPN).
Information is available at www.StudentLoans.gov
Students/Borrowers may call for assistance Direct Loan Applicant Services may be reached at:
- Phone: 800-557-7394
- Email: CODsupport@acs-inc.com
- Fax:877-623-5082

2010-2011 Parent Loans for Undergraduate Students (PLUS) Program

The parent is the borrower
A credit check is required
Interest rate is fixed at 7.9%
The maximum eligible loan amount is determined by BSC according to the formula:
Estimated cost of attendance less estimated financial aid from all other sources
Browser compatibility on the StudentLoans.gov website can be found here: https://studentloans.gov/myDirectLoan/whatYouNeed.action?page=siteReq
Information is available at www.StudentLoans.gov
Services for Direct PLUS Loan borrowers:
- Phone: 800-557-7394
- Email: CODsupport@acs-inc.com
- Fax:877-623-5082
Direct PLUS borrower services include:
- Help with completion of the MPN
- Appeals of denied credit decision or Credit Appeal Overrides
- Direct PLUS Loan Borrower Issues
- Endorser Application Questions
The COD School Relations Center manages the credit decision appeal process. All credit decision appeal documentation should be mailed to:

U.S. Department of Education
Attn: Credit Appeals Team
P.O. Box 9002
Niagra Falls, NY 14302

Overnight Address:
COD Applicant Services
2429 Military Road, Suite 200
Niagara Falls, NY 14304

United Methodist Student Loan Fund

You may apply for a loan if you

are an active, full member of the UMC for at least 1 year prior to application
are admitted to a degree program at an accredited institution within the U.S.
maintain at least a C average
Cosigners are required for all loans. Note: NOT ELIGIBLE cosigners: spouse, fiancé or fiancée, pastor.
Loans are made per calendar year (January 1 through December 31) at 5% interest.
Maximum annual amount for full-time students is $5,000.

All communications regarding United Methodist Student Loans should be addressed to:

Office of Loans and Scholarships
General Board of Higher Education and Ministry
The United Methodist Church
P.O. Box 340007
Nashville TN 37203-0007

Information about loans is available at the GBHEM Web site. The GMHEM can be contacted at 615-340-7346 or umloans@gbhem.org.

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