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Your Loan History  (Federal Student Loans)

Stafford Loans

To apply for the following programs, a student must first complete the Free Application for Federal Student Aid (FAFSA). (Use your browser's Back button to return to this page.)   Next, complete the following:

Federal Stafford Loan Application and Promissory Note

Stafford Subsidized Loan
This is a low-interest loan made to students by the federal government "directly" or by a private lender (bank, credit union, etc.). Eligibility for a "subsidized" Federal Stafford Loan is based on financial need as determined by a federally mandated formula. "Subsidized" means that the federal government will pay the interest on the loan while a student is in school and during specified deferments.

Eligible freshmen may borrow up to $3,500 per year, sophomores up to 4,500; and juniors and seniors may borrow up to $5,500 per year. The maximum allowable undergraduate indebtedness over five years is $23,000.

Stafford Loans have a fixed interest rate of 6.8% for loans with a first disbursement after July 1, 2006.

Federal Stafford Loans are disbursed in two installments: one in the fall semester and one in the spring semester, after enrollment for each semester. When the loan is disbursed, federally required origination fee (which is used to offset administrative costs of the program) is DEDUCTED from the loan by the government or lender.  For example, a loan of $3,500 is disbursed in two installments of $1,733 each, totaling $3,466 after the fees are deducted.

Repayment begins six months after the borrower's last enrollment on at least a half-time basis.

Stafford Unsubsidized Loan
The Higher Education Amendments of 1992 created a new program offering "unsubsidized" Federal Stafford Loans to students who do not qualify in whole or in part for "subsidized" Federal Stafford Loans.

A Federal Stafford Unsubsidized Loan is a low interest loan made to students by the Federal government "directly" or by a private lender (bank, credit union, etc.). Under this program, the student borrower (and not the Federal government) pays the interest that accrues on the loan while the student is in school. Eligibility for a Federal Stafford Unsubsidized loan is determined by the Financial Aid Office using a federally mandated formula.

Eligible dependent freshmen may borrow up to $3,500 per year, sophomores up to $4,500; juniors and seniors may borrow up to $5,500 per year, less any amount of subsidized Stafford Loan eligibility. A student who shows need for only part of an annual subsidized Federal Direct/Stafford Loan may borrow the remainder through an unsubsidized loan. The maximum allowable loan undergraduate indebtedness is $23,000.  

Stafford Loans have a fixed interest rate of 6.8% for loans with a first disbursement after July 1, 2006

Federal Stafford Loans are disbursed in two installments: one in the fall semester and one in the spring semester after enrollment for each semester. When the loan is disbursed, federally required loan fees (used to offset administrative costs of the program) are DEDUCTED from the loan by the government or lender.  For example, a loan of $3,500 is disbursed in two installments of $1,733 each, totaling $3,466 after the fees are deducted.

Federal PLUS Loan or Federal Direct PLUS Loan (Parent's Loan)
The Federal PLUS Loan is a federally insured loan made by private lenders or "directly" by the federal government. Repayment of principal and interest begins 60 days after the loan proceeds have been disbursed. Eligibility for this loan is based on credit-worthiness as determined by the lender.

The interest rate for the Federal PLUS Loan varies annually (a new rate is effective each July 1), and the rate is based on the 52-week U. S. Treasury Bill rate plus 3.10% not to exceed 9%. 

Federal PLUS Loans are disbursed to the college in two installments: one in the fall semester and one in the spring semester, after enrollment for each semester. When the loan is disbursed, federally required loan fees of 4% (used to offset administrative costs of the program) are deducted from the loan by the government or lender.

Parents of dependent students may borrow up to the cost of education minus any financial aid. These loans, in combination with all other aid (including loans) may not exceed the educational cost. Financial need is not an eligibility factor.

Sallie Mae Signature Loan
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Student Financial Aid Office
Bethune-Cookman University
640 Dr. Mary McLeod Bethune Blvd.
Daytona Beach, FL 32114
Phone: (386) 481-2620 or (800) 553-9369
FAX: (386) 481-2621