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Federal Student Loan Information

Students interested in participating in the William D. Ford Federal Direct Loan Program must complete the FAFSA.In addition to completing the FAFSA, a student must complete a Master Promissory Note (MPN) and complete an Entrance Loan Counseling Session required by the Department of Education.

Federal Direct Subsidized Loan

Eligibility for subsidized loans is based on financial need as determined by federal guidelines. A loan is called "subsidized" because the government pays interest for the student during:
  • At least half-time enrollment in school (6 or more hours)
  • The six-month grace period after the student ceases attendance on at least a half-time basis.

Federal Direct Unsubsidized Loan

This type of loan is available to students regardless of income or need. With an unsubsidized loan, you are responsible for all interest that accrues during in school, grace and deferment periods. You may choose to pay the interest portion only while in school, which would keep your loan balance at principal. If you choose to defer such payments, the interest will be capitalized, resulting in an increase in both total debt and the amount of monthly payments.

Parent Loan for Undergraduate Students

A PLUS is a loan that a parent of a full or part time undergraduate student takes out to assist the student in paying for college. This loan is the parent's not the student's and is subject to a credit check. The borrowing limit for PLUS loans is the cost of attendance minus any aid the student will receive. There is no aggregate limit, meaning a parent can borrow as much as is needed to pay for the student's college education. Interest rates are adjusted every year on July 1st with a cap of 9%.

Direct Loan Processing Procedures:

1. Complete a Free Application for Federal Student Aid listing BHCLR as a school choice. School Code is 031052. Make note of your FSA ID as it will be needed to complete steps 3 and 4.
2. Upon completion of the students aid file and determination of student eligibility, an award notification letter is electronically issued to the student. The award must be accepted via BHCLR NetPartner student portal indicating the following:
a.Intent to accept or decline the loan as awarded
b.Intent to reduce loan amount as awarded. (optional)
3. Complete the Direct Student Loan (Stafford) Entrance Counseling at www.studentloans.gov if you are a first time borrower at BHCLR. You will utilize the FSA ID you used to sign your FAFSA. The BHCLR Financial Aid Office will receive confirmation of completion.
4. Complete the Master Promissory Note at www.studentloans.gov. You will utilize the FSA ID you used to sign your FAFSA. The BHCLR Financial Aid Office will receive confirmation of your completion.
5. Once BHCLR receives your completed MPN and notice of completed entrance loan counseling, loan funds are transmitted to your student account on the date set by BHCLR according to your loan period and in accordance with federal regulations.

Direct Loan Entrance Counseling

This process is required for all first time borrowers at BHCLR. Loan counseling ensures the student understands his/her rights and responsibilities of student loan borrowing.

You will be required to sign in to the counseling with the FSA ID you used to sign your FAFSA. If you do not remember your FSA ID, click on the FSA ID site to retrieve your FSA ID or request a duplicate.

When the Entrance Counseling is completed successfully, confirmation is sent to the BHCLR Financial Aid Office from the Department of Education. Click here to begin your Direct Loan Entrance Counseling.

Direct Loan Master Promissory Note

Steps to Completing your Master Promissory Note:
1. Locate your FSA ID. To sign in you will need the FSA ID you used to sign your FAFSA. If you do not remember your FSA ID, click on the FSA ID site (www.fafsa.ed.gov) to retrieve your FSA ID or request a duplicate.
2. Access the following site: www.studentloans.gov
3. Click on Sign Master Promissory Note
4. Click on Subsidized/Unsubsidized
5. Complete ALL required fields and submit

Financial Awareness Counseling

New Requirement: ALL student loan borrowers will have to complete a Financial Awareness Counseling Session starting with the 2017-2018 academic year. Financial Awareness Counseling provides tools and information while in school to help you understand your financial aid and assist you in managing your finances.

You will be required to sign in to the counseling with the FSA ID you used to sign your FAFSA. If you do not remember your FSA ID, click on the FSA ID site to retrieve your FSA ID or request a duplicate.

When the Financial Awareness Counseling is completed successfully, confirmation is sent to the BHCLR Financial Aid Office from the Department of Education. Click here to begin your Financial Awareness Counseling Session.

Direct Loan Exit Counseling

This process is required for all student borrowers graduating, leaving school, or dropping below half-time enrollment at BHCLR. Exit Loan counseling provides important information to students as they prepare to repay their federal student loan(s).

You will be required to sign in to the counseling with the FSA ID you used to sign your FAFSA. If you do not remember your FSA ID, click on the FSA ID site to retrieve your FSA ID or request a duplicate.

When the Exit Counseling is completed successfully, confirmation is sent to the BHCLR Financial Aid Office from the Department of Education. Click here to begin your Direct Loan Exit Counseling.

Direct Loan for Parents (dependent students only)

The Direct Parent Loan for Undergraduate Students (PLUS) is a loan that a parent borrows to help their child pay for educational expenses. The parent borrower must have acceptable credit. Students whose parent has been denied a PLUS may be eligible to receive additional Unsubsidized Loan funds.

1. The student and parent must utilize the FSA ID used to sign the students FAFSA to sign in and begin the PLUS process. If you do not remember your FSA ID, click on the FSA ID site (www.fafsa.ed.gov) to retrieve your FSA ID or request a duplicate.
2. Complete the online Parent PLUS loan application. Click on the following link: www.studentloans.gov. Once there, log in and complete the PLUS Request Process and choose the option Parent PLUS.
3. Complete the Master Promissory Note. Click on the following link: www.studentloans.gov. Once there, complete the Master Promissory Note and choose the option labeled Parent PLUS.
4. Complete the PLUS Request for Loan Certification and submit to the BHCLR Financial Aid Office. This form must be returned to the BHCLR Financial Aid Office for your loan to be certified. Click here to complete the PLUS Request form.

Loan Reminder and Limits

First year, first time borrowers will not have funds disbursed to BHCLR until 30 days after classes begin.

Every loan must be delivered in two equal disbursements. The second disbursement must be delivered after the midpoint of the loan period. Borrowers typically receive one disbursement to coincide with fall and one to coincide with spring. Students enrolled for one semester only will receive one disbursement to coincide with the beginning of the semester and one disbursement following the midpoint of the semester.

Students must be enrolled in at least six (6) credit hours to be eligible for a student loan. Classes that you have successfully completed (a grade of C or better) will not be considered in determining your enrollment status for federal financial aid which includes student loans.

Borrowers Rights and Responsibilities - Click here to view pdf

Withdrawal

Student withdrawal from Baptist Health College Little Rock (BHCLR) may be a voluntary option to a student except during times of investigative suspension, disciplinary action or if dismissal for cause has occurred or may be pending.

Withdrawal from BHCLR may be a voluntary option to students up to the last day to withdraw as published in the BHCLR Academic Calendar, found in the BHCLR Catalog and on the BHCLR Website. A student whose behavior does not follow the schools� policies and values will be considered from Administrative Withdrawal at any point during the semester. A student can not voluntarily withdraw during suspension for investigation or if dismissal is pending.

Process:

Student Withdrawal (W)

    1. The student may voluntarily withdraw from BHCLR before the last day for a student withdrawals as stated in the BHCLR Academic Calendar by:

    • a. Completing a BHCLR Student Administrative Request Form
    • b. Completing the appropriate form(s) for affiliate institution as applicable; and
    • c. Submitting a written statement of the reason for withdrawal

    2. Complete and submit all required forms to the coordinator or director of the program enrolled.

Administrative Withdrawal (WX)

    1. A student discontinuing study without following the policy for withdrawal or after the withdrawal date published on the Academic Calendar, shall be placed on Administrative Withdrawal (WX).

    2. The administrative action is recorded as an Administrative Withdrawal (WX) on the official transcript.

    3. The student is notified of an Administrative Withdrawal via certified US mail.

Student withdrawal document(s) are placed in the student academic file and maintained according to current student record policies.

Financial Refund

A student who officially withdraws or is withdrawn from Baptist Health College Little Rock is eligible for a financial refund as follows:

The refund schedule is based on the official date of withdrawal (voluntary or administrative) of a student. The official date of withdrawal is defined as:

    The student's date of last documented attendance at any BHCLR scheduled learning activity (classroom, skills laboratory, computer laboratory, clinical laboratory, etc.)

    REFUND METHODOLOGY FOR ALL STUDENTS:
    If the official date of withdrawal falls:
    Before the end of the fifth business day in a semester = 100%
    After the fifth, but before the end of the tenth business day in a semester = 50%
    After the tenth business day in a semester = 0%

With the exception of the $200 registration fee, all tuition and fees payable to BHCLR will be eligible for refund according to the above schedule. Tuition, fees, and expenses collected by outside and/or partnering institutions and vendors will be refunded according to the policy of that institution and/or vendor. Examples of such expenses are textbooks, uniforms, Pulaski Technical College tuition and fees, etc.

Refunds are calculated based on the official date of withdrawal. A student must initiate withdrawal from the program by submitting a Student Administrative Service Request Form before a refund will be processed. Upon withdrawal, any credit balance resulting from Baptist Health Foundation funds will be returned to the scholarship fund account. The amount returned will not exceed the original amount of the scholarship.

Tuition and fee refunds are made within 30 days of withdrawal and after all outstanding balances to the school and supporting institutions are paid.

Title IV funds (Federal PELL and Stafford Loans) are earned in direct proportion to the length of time a student remains enrolled. If a student receiving Title IV funds discontinues study, for any reason, during the first sixty (60) percent of an academic semester, aid must be repaid by the student to BHCLR and/or the US Department of Education. Any repayment of aid as a result of a Return to Title IV calculation will be applied to the student account prior to tuition/fee refund.

RETURN OF TITLE IV FUNDS
This policy applies to students who receive federal student aid (Federal Pell Grant and Federal Direct Subsidized or Unsubsidized Loans) and completely terminate enrollment prior to completing 60% of the enrollment period.

Termination of enrollment can be the result of any of the following actions:
    -Student initiates an official withdrawal from BHCLR
    -Student is administratively dropped by instructors from all courses due to non attendance.
    -Student is administratively withdrawn from all courses as a result of disciplinary action.
    -Student is considered an unofficial withdrawal by receiving all failing grades, or a combination of failing grades, and either instructor initiated or student initiated drops.

The amount of Title IV aid an institution must refund to the federal aid programs is determined by the Federal Return to Title IV fund formula as specified in Section 484B of the Higher Education Act. BHCLR utilized software provided by the Department of Education to calculate the amount of aid that must be refunded which was initially utilized to pay institutional charges. The depart date provided by the Registrar�s Office is utilized to document the last date of enrollment. If the student is considered an unofficial withdrawal, and failing grades is earned for non attendance, the instructor must provide a last date of attendance for the course. This date is used in the Return of Title IV Funds calculation. If a date cannot be determined for an unofficial withdrawal, the mid point of the semester is utilized.

BHCLR restores unearned aid used to pay institutional charges in the following order within 30 days of the withdrawal determination:
    -Federal Direct Unsubsidized Loan
    -Federal Direct Subsidized Loan
    -Federal Pell Grant
    -Federal Supplemental Educational Opportunity Grant

A repayment may also be required of the student when a refund has been issued to a student from financial aid funds in excess of the amount utilized to pay institutional charges that the student fails to earn by maintaining enrollment. BHCLR will also restore these funds to the appropriate source in the above order within 30 days of the withdrawal determination.

Students are billed for any unearned aid that was refunded to the federal aid program that caused institutional charges to be unpaid. Additionally, students will be billed for any monies the school returns on the student�s behalf that is owed to the federal aid programs as a repayment of funds disbursed directly to the student for non institutional charges. Copies of the Return to Title IV calculation are provided to the student along with a bill when their Return to Title IV calculation is processed.

If a student earns more aid than was disbursed, the student may be eligible to receive a post withdrawal disbursement. Students are notified by mail of their eligibility for such a disbursement. If the post withdrawal disbursement is loan funds the student must confirm in writing that the loan funds are still wanted. A post withdrawal of grant funds is automatically credited to the student�s account for outstanding charges. A student, who does not have an outstanding balance, must confirm in writing their desire to receive grant funds.

If a student is entitled to an institutional refund of tuition and fees, those monies will first be applied to any outstanding balance to the school before being refunded to the student.

Terms and Conditions - Click here to view pdf

Loan Repayment Schedule - Click here to view pdf

Locating your student loans
Are you not sure who holds or collects on your federal student loans?

Visit the National Student Loan Database System and review your student loan history and locate your loan holders.

www.nslds.ed.gov