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As a new student, you can borrow money to make education accessible through Blue Ridge CTC loan options.
Borrow money through Blue Ridge CTC loan options to finance your continuing education and reach your dream goals uninterruptedly.
Learn more about your eligibility, requirement, loan limit, and loan repayment options below to proceed toward earning an affordable education.
Unlike grants, loans do have to be repaid. As long as you remain in school taking at least 6 credit hours you will be in an in-school deferment, and will not have to pay. Once you drop below 6 credit hours, your grace period of 6 months begins. Once your grace period ends, you will need to begin repayment of your loans.
Make sure to ALWAYS keep in contact with your loan servicer – especially if you cannot afford the payments,
as there are many programs out there where they may be able to help you with payments.
If you are unsure who your lender is, sign in with your FSA ID (same username and password as the FAFSA).
Direct Subsidized Loans are awarded to students who demonstrate financial need based on the results of the Free Application for Federal Student Aid (FAFSA). The Federal Government pays the interest on this loan while a student is enrolled at least half-time (six credit hours). There is no penalty for early repayment.
In July 2012, President Obama signed the “Moving Ahead for Progress in the 21st Century Act” resulting in two key changes for first-time Subsidized loan borrowers:
The Consolidated Appropriations Act of 2021 rescinded the Subsidized Usage; the Subsidized Usage limit only applies to first-time loan borrowers between July 1, 2013 and July 1, 2021.
Federal Direct Unsubsidized Loans are not based on financial need, but a student must be enrolled at least half-time and fill out the FAFSA each year. Interest begins to accrue when the loan is first disbursed. Students can pay the interest while still in school; any unpaid interest will be added to the loan principal (capitalized) at the time of repayment. Loan capitalization can substantially increase the amount you repay. You can save money by paying the interest on an Unsubsidized loan while still in school. There is no penalty for early repayment.
Subsidized/Unsubsidized Loans first disbursed from July 1, 2021, through June 30, 2022 – 3.73%
Parent PLUS first disbursed from July 1, 2021, through June 30, 2022 – 6.28%
Subsidized/Unsubsidized Loans first disbursed from July 1, 2020, through June 30, 2021 – 2.75%
Parent PLUS first disbursed from July 1, 2020, through June 30, 2021 – 5.30%
Subsidized/Unsubsidized Loans first disbursed from October 1, 2020 through September 30, 2023 will have an Origination Fee of 1.057% deducted from each disbursement.
Parent PLUS Loans first disbursed from October 1, 2020 through September 30, 2023 will have an Origination Fee of 4.228% deducted from each disbursement.
Follow these steps to successfully apply for federal direct loans.
*The FAFSA MUST be completed EACH academic year.
There are limits to how much a student can borrow through the Direct Loan Program.
Dependent Student Loan – Yearly Amount
*The FAFSA MUST be completed EACH academic year.
| Base Amount (Subsidized/Unsubsidized) | Additional Unsubsidized | Total | |
|---|---|---|---|
| First Year (0-24 credit hours) | $3,500 | $2,000 | $5,500 |
| Second Year (24 + credit hours) | $4,500 | $2,000 | $6,500 |
Dependent Students can borrow a total of $23,000 Subsidized
and Combined Subsidized/Unsubsidized amount of $31,000.
Independent Student Loans (and Dependent Students Whose Parents Cannot Borrow Plus)– Yearly Amount
| Base Amount (Subsidized/Unsubsidized) | Additional Unsubsidized | Total | |
|---|---|---|---|
| First Year (0-24 credit hours) | $3,500 | $4,000 | $9,500 |
| Second Year (24 + credit hours) | $4,500 | $4,000 | $10,500 |
Independent Students (and dependent students whose parents cannot borrow PLUS)
can borrow up to a total of $23,000 Subsidized and Combined Subsidized/Unsubsidized amount of $57,500.
Beginning with the 2014-15 Academic year, as an on-going effort to address student default issues, BRCTC has adopted the packaging policy of awarding lower loan amounts to Independent Students. We will process loans at the higher loan amount if the student requests that additional amount through the use of our
Additional Unsubsidized Loan Request Form (found online through the “Forms” page).
A parent has the option to borrow a Parent Loan for Undergraduate Student (PLUS) for their dependent student. In addition to the student completing the FAFSA, a parent must also
apply for the PLUS loan online at www.studentloans.gov or by completing BRCTC’s PLUS Loan Request Form.
If a parent has been denied a PLUS loan, the parent can ask that the loan be Endorsed (adding a co-signer) or can request a
credit appeal decision. The parent will be required to complete loan counseling in both instances.
If the PLUS loan is denied, the student can request additional loan funds by completing BRCTC’s PLUS Denial – Additional Loan Request form.
BRCTC processes all student and parent loans through the William D. Ford Direct Loan Program. BRCTC will also process alternative education loans from private lending sources up to the cost of attendance minus other financial aid.
If a parent has been denied a PLUS loan, the parent can ask that the loan be Endorsed (adding a co-signer) or can request a
credit appeal decision. The parent will be required to complete loan counseling in both instances.
If the PLUS loan is denied, the student can request additional loan funds by completing BRCTC’s PLUS Denial – Additional Loan Request form.
Contact Federal Student Aid at 1-800-4-FED-AID.
Visit the Student Aid website for frequently asked questions or to see a loan servicer’s contact information.
