William D. Ford Federal Direct Loans
The William D. Ford Federal Direct Loan (Direct Loan ) consists of an unsubsidized loan. Repayment of the principal is deferred until six months after a student ceases to be enrolled at least half-time (5 credits or the equivalent in the Fall or Spring; 2 credits in Summer 1 or Summer 2).
An unsubsidized loan begins to accrue interest as soon as the funds are disbursed to the student's account at Bank Street College. The FAFSA information and the number of credits taken each semester determine eligibility amounts.
The maximum amount a student may borrow from the Direct Loan Program is $20,500 per fiscal year (or the student's individual cost of education, whichever is less). The interest rate for unsubsidized loan is variable currently set at 5.41% for loans with a first disbursement date on or after July 1, 2013. A 1% processing fee is withheld from the loan proceeds prior to disbursement to the student.
Students who are first time borrowers at Bank Street College must complete Online Entrance Counseling for Borrowers in order to be eligible to receive loan funds. An Exit Interview is required of all borrowers prior to graduation or when the student falls below half-time status. Students not able to complete Exit Interviews online should contact the Office of Financial Aid.
Students should maintain contact with the Office of Financial Aid in order to receive the most current information about financial aid awards.