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Financial Aid

Maximum Annual Loan Amounts
Note: the following loan limits go into effect beginning with the 2008-2009 academic year:

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 28 credits earned
2nd year - 28 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 28 credits earned
2nd year - 28 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 a completed online loan request, you will receive an email confirmation.

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 e-mail confirmation.
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. Be aware that utilizing the paper method may delay receipt of your loan funds.
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 semester. 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 but know you have never attended a single class, you must return the entire payment immediately to the College.
The Bursar will 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. All direct loan checks are picked up at the Bursar's Office, Rm S-320.
 
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Return to Federal Direct Loans Request Page More About Federal Direct Loans
School Codes
FAFSA
School Code
002691
TAP
School Code
1404
Loan Information
Federal Perkins Loan Federal Perkins Loan
Federal Direct Loan Federal Direct Loan
Subsidized Direct Loan Subsidized Direct Loan
Unsubsidized Direct Loan Unsubsidized Direct Loan
Consolidated Direct Loan Consolidated Direct Loan
Direct PLUS Loan Direct PLUS Loan
Borrower Responsibilities Borrower Responsibilities
Contact Us
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
Need More Help?
Financial Aid Counseling Financial Aid Counseling
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