Loans

There are three types of low interest Federal Loans available:

  • Subsidized Student Loan- fixed rate (see chart below) *
  • Unsubsidized Student Loan- fixed rate 3.86%  (loans disbursed prior to July 1, 2013 had a 6.8% interest rate)
  • Parent PLUS Loan- fixed rate 6.41%* (parents may borrow up to the cost of attendance for a dependent student).
  • The current default rate on student loans at Bridgemont is 24.3%.

Students must be enrolled at least half time (six semester hours) in order to receive student loan funds. You will receive a loan disclosure statement showing the net amount of your loan disbursement.

*First Disbursement of a loan Interest Rate
Made on or After    and Made Before
On Unpaid Balance
July 1, 2008                  July 1, 2009 6.0 percent
July 1, 2009                  July 1, 2010 5.6 percent
July 1, 2010                  July 1, 2011 4.5 percent
July 1, 2011                  July 1, 2012 3.4 percent
July 1, 2012                  July 1, 2013 3.4 percent
July 1, 2013                  July 1, 3014 3.86 percent

All loans disbursed prior to July 1, 2006 carry a variable interest rate which is capped at 8.25% for student loans and 9% for Parent loans.

 

Department of Education Student Loan Servicers

Below are the approved Department of Education student loan servicing companies.  Students my access the national student loan data system (NSLDS) to retrieve the name of the company servicing their student loans.

  • Direct Loan Servicing Center                                   1-800-848-0979           www.myedaccount.com
  • Sallie Mae                                                                        1-800-722-1300           www.salliemae.com
  • FedLoan Servicing (PHEAA)                                    1-800-699-2908          www.myfedloan.org
  • Great Lakes Educational Loan Services                 1-800-236-4300          www.mygreatlakes.org
  •  Nelnet                                                                                   1-888-486-       www.nelnet.com
  • EdFinancial Services                                                     1-855-337-6884          www.edfinancial.com
  • Granite State Management and Resources            1-888-556-0022          www.gsmr.org
  • Mohela                                                                                 1-888-866-4352          www.mohela.com
  • OSLA Servicing                                                              1-866-264-9762          www.osla.org
  • Aspire                                                                            1-855-475-3335          www.aspireresourcesinc.com
  • Cornerstone Education Loan Services                   1-800-663-1662         www.mycornerstoneloan.org
  •  EdManage                                                                            1-855-479-      www.edmanage.myedloan.com

 

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