2009-2010 - Bowie State University

Direct Loan Aggregate Loan Limits
Combined Based
Limit for Subsidized
and
Unsubsidized Loans
Additional Limit for
Unsubsidized Loans
Total Limit for Unsubsidized
Loans (minus subsidized amounts)
Dependent
Undergraduate
Independent
Undergraduate
$23,000 $8000 $31,000
$23,000 $34,500 $57,500
Direct PLUS Loan
The Direct PLUS Loan Program enables parents of dependent students an opportunity to borrow up to
the cost of education minus all other aid received. Applicants do not have to demonstrate need;
however, dependent students are encouraged to use their full eligibility for a direct subsidized or
unsubsidized loan before being considered for a PLUS Loan. The U.S. Department of Education approves
a loan from this federal program only after an evaluation of the parent borrower’s credit history. If a
parent is denied a PLUS Loan, the student may be eligible to receive additional unsubsidized funds.
Interest begins to accrue at the time of disbursement. The interest rate for new PLUS loans is a
7.90 percent. The parent borrower has the option of to begin repayment either 60 days after the loan is
fully disbursed or six months after the dependent student on whose behalf the parent borrowed ceases
to be enrolled for at least a 6 units. A new PLUS borrower must complete an electronic Master
Promissory note (MPN) before receiving any disbursement of loan proceeds to the student’s university
account. Parent(s) must have a PIN assigned by the U.S. Department of Education prior to signing their
note electronically over the web. Additional information on the MPN and the PIN can be found at
www.studentloans.gov or at www.dlssonline.com .
Prior to graduating or leaving college all loan borrowers are required to complete an exit counseling
session on‐line at www.studentloans.gov or at www.dlssonline.com.
This on‐line exit counseling session provides borrowers information on their rights and responsibilities.
Maryland State Scholarship Programs
The State of Maryland offers scholarship and grant programs based on a student’s financial need,
talents, and gifts, or career choice. March 1 is the mailing deadline for the FAFSA to be considered for
Maryland State scholarships and grants.
Applicants must be residents of Maryland, must be accepted for admission or enrolled in a regular
undergraduate program at an eligible Maryland institution, or accepted for admission or enrolled in a 2‐
year terminal certificate program in which the course work is acceptable for transfer credit for an
accredited baccalaureate program at an eligible Maryland institution, and must be enrolled as either a
full‐time (12 or more credits per semesters) or part‐time (6‐11 credits per semester) undergraduate
student.
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2009‐2010 Undergraduate Catalog