BFA Loan Options
Federal Direct Subsidized Stafford Loans
Federal Subsidized Stafford Loans are based on a student’s financial need and year in school. Eligibility is defined as follows:
- Freshmen may borrow up to $3,500
- Sophomores may borrow up to $4,500
- Juniors and seniors may borrow up to $5,500
While a student is enrolled in school at least half-time no payments on the loan are due, and the federal government pays all accrued interest on the subsidized loans. Interest begins to accrue at the beginning of a student’s six-month grace period.
Students must maintain “in-school” status to continue receiving loans and the interest subsidy from the federal government. In school status requires a student to maintain a minimum of half-time enrollment or 6 credit-hours.
Federal Subsidized Stafford Loans have a fixed interest rate of 6.8% and are subject to a fee of up to 1% off the principal at the time of disbursement.
Federal Direct Unsubsidized Stafford Loans
Federal Unsubsidized Stafford Loans are available to students regardless of financial need.
Students who are dependent (as determined by the FAFSA application) are eligible to borrow up to $2,000 per year in the Federal Unsubsidized Stafford Loan Program.
Students who are independent (as determined by the FAFSA application) are eligible to borrow an amount of Federal Unsubsidized Stafford Loan per year, based on their year in school:
- Freshmen and sophomores may borrow up to $6,000
- Juniors and seniors may borrow up to $7,000
While a student is enrolled in school at least half-time no payments on the loan are due. Interest on the Unsubsidized Stafford Loan accrues while a student is attending school and through their six-month grace period. Borrowers are encouraged to pay accruing interest on these loan funds during enrollment. Unpaid interest is capitalized prior to the loan’s entering repayment.
Federal Unsubsidized Stafford Loans have a fixed interest rate of 6.8% and are subject to a fee of up to 1% of the principal at the time of disbursement.
Federal Direct Parent PLUS Loan
Federal Parent PLUS Loan funds are available to the parents of dependent students to help meet the cost of attendance. Approval for the Parent Plus loan is contingent upon a credit check performed by the federal loan processor. A parent may borrow the PLUS Loan regardless of need up to the full cost of attendance minus any other financial aid. Parents may defer making payments on the PLUS Loan while the student is attending at least half-time (six credits).
Federal Parent PLUS Loans have a fixed interest rate of 7.9% and are subject to a fee of up to 4% of the principal at the time of disbursement.
Federal Parent PLUS Loan Credit Criteria
Parent borrowers with adverse credit history are not eligible for the Federal Parent PLUS Loan without a credit qualifying endorser (co-signer). A borrower is considered to have adverse credit history with a current delinquency of 90 or more days on any debt OR a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, or wage garnishment in the last five years.
Private Alternative Loans
Additional education loan funding is available from sources other than the federal government. These loans carry a higher interest rate, and are offered by many commercial lenders. Students must credit-qualify with the selected lender before receiving private loan funding. Many students will choose to apply with a credit-worthy consigner to increase the likelihood of approval. Further information on these loan programs is available from the Financial Aid Office.
Please feel free to contact PNCA’s Financial Aid office at any time by phone, fax, email, or in person if you have any questions or need assistance.
toll free: 1.888.390.7499
Call or Email
Guide to Federal Student Aid
Tax Benefits Guide
Parent PLUS Request Form
Grad PLUS Request Form
Dependent Verification Worksheet
Independent Verification Worksheet
IRS Data Retrieval Help
Request for Reconsideration
Award Letter Comparison
Financial Aid Links
National Student Loan Data System, www.nslds.ed.gov
Free Application for Federal Student Aid (FAFSA) on the Web, www.fafsa.ed.gov
Federal PIN system for an electonic signature, www.pin.ed.gov
Oregon Student Assistance Commission’s scholarship application getcollegefunds.org