 |
|
| Financial Aid |
|
Maximum
Annual Loan Amounts
|
Dependent Students |
Base Amount (may be subsidized or unsubsidized) |
Additional Unsubsidized Amount |
Total Subsidized and Unsubsidized Amount |
| up
to $3,500 per year |
up
to $2,000 per year |
up to $5,500 per year |
| 1st
year - fewer than 30 credits earned |
| 2nd
year - 30 or more credits earned |
up
to $4,500 per year |
up
to $2,000 per year |
up to $6,500 per year |
| undergraduate
aggregate maximum |
up
to $23,000 |
up
to $8,000 |
up to $31,000 |
|
Independent Students |
Base Amount (may be subsidized or unsubsidized) |
Additional Unsubsidized Amount |
Total Subsidized & Unsubsidized Amount |
| up
to $3,500 per year |
up
to $6,000 per year |
up to $9,500 per year |
| 1st
year - fewer than 30 credits earned |
| 2nd
year - 30 or more credits earned |
up
to $4,500 per year |
up
to $6,000 per year |
up to $10,500 per year |
| undergraduate
aggregate maximum |
up
to $23,000 |
up
to $34,500 |
up to $57,500 |
|
|
What
Happens Next:
 |
When you submit your loan
request, you be able to view and print a confirmation page. You will also be sent this confirmation by e-mail. |
|
Your request will be processed after we have determined
that:
a. you have filed a FAFSA for the current academic year;
b. the information you provided on your FAFSA is correct;
c. you have registered for at least 6 credits or the
equivalent. |
|
The Bursar will be notified about your request-in-progress
within 3 to 5 business days. When settling your bill,
you must mention that you have submitted a direct loan
request. Be prepared to show the Bursar your confirmation page. |
|
Once your request has been submitted to
the Dept. of Education, you will be sent a Loan Disclosure
Statement in the mail that summarizes information about
the type of loan, the approved amounts and the estimated
dates of disbursement. |
|
Your electronic Master Promissory Note (e-MPN)
must be acknowledged and approved by the Dept. of Education
before any funds can be authorized for disbursement. |
|
If you don't sign the e-MPN, a paper MPN
will be mailed to you about two weeks after your loan
request is processed. Sign and return the paper MPN in
the envelope provided or log-on to the e-MPN web site and complete the MPN electronically. Be aware that utilizing the paper
method may delay receipt of your loan funds. Note: if you previously signed an MPN that did not result in a disbursement of Direct Loan funds, you must resign your MPN for any new loan requests. |
|
Your loan will be disbursed in at least
2 installments. The first disbursement can be no more
than 1/2 of the total approved loan amount. For loans
covering the full academic year (Fall & Spring semesters),
each disbursement will be about 30 days after the start
of the fall and spring semester respectively. For loans covering one semester, the
second disbursement will occur midway through the semester. |
|
Your class attendance will be checked to
make sure you actually began attending your classes and are continuing to attend on at least a half-time (6 credit) basis prior
to the release of any loan funds. If you receive a disbursement of Direct Loan funds for classes you have never attended, you must return the entire payment immediately to the College. |
|
The Bursar may deduct unpaid tuition
charges from your loan before releasing funds to you.
You will be notified via e-mail as to the date your funds
become available. The portion of your loan not deducted for tuition charges will be issued as a payment to your CUNY Scholar Support Prepaid Card or direct deposited to your personal bank account on the scheduled disbursement date. If you have not elected the prepaid card or direct deposit options, your loan proceeds will be available as a check mailed to your home. |
|
| |
 |
Return to Federal Direct Loans Request Page  |
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|
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|
FAFSA
School Code
002691
|
TAP
School Code
1404
|
|
|
| By Telephone: |
General
Information
(24 Hours) |
212 220-1430 |
| Reception |
212 220-1430 |
Office Fax
Numbers |
212-220-2368
212-748-7479 |
| E-mail:
finaid@bmcc.cuny.edu |
|
