Financial Aid Office
D114
218-755-2034
Federal Perkins Loan This loan is only awarded to exceptionally needy students and funds are very limited. A Perkins Loan is interest free while you are in college and has 5% interest charged during repayment. You may reject the loan without affecting other aid; however, reinstatement at a later date may not be possible. You will be receiving promissory note and a "Statement of Borrower Rights and Responsibilities" at later time. Perkins Loans will be credited to your unpaid bill along with other aid starting the 8th class day of each semester.
Bemidji State University is a Direct Loan institution. You only need to apply to the BSU Financial Aid Office for your student loan. Under the Direct Loan Program, BSU draws down your Federal loan funds directly to the campus. There are two types of Federal Direct Loans available to students:
(1) Federal Direct Subsidized Loan(2) Federal Direct Unsubsidized Loan
The Federal government pays the interest on subsidized loans while you are in college. You will pay or accrue the interest on an unsubsidized loans while in college. Federal loan interest is determined annually. Not all families, qualify for a subsidized loan because they are based upon financial need. Here's how to apply:
Step 1. You will need to request a loan when you complete the Free Application for Federal Student Aid (FAFSA). If you didn't, all you need to do is call the BSU Financial Aid Office at 218-755-2034 and request a loan. The Financial Aid Office will take over from here and inform you of the maximum subsidized and unsubsidized loan you are eligible to receive. Remember, Federal loans are awarded after all scholarships, grants and work-study funds.Step 2. We will tell you the amount of subsidized and unsubsidized loan you are eligible to receive on a "Student Loan Request Form," which you will receive with your award letter. You will be asked to complete and return the form to the Financial Aid Office. The maximum Federal loan a freshmen may receive between the two loans is $3,500, a sophomore may receive $4,500, and juniors and seniors $5,500. This amount may be reduced by other aid you receive. PSEO and transfer students must have all college transcripts recorded by the BSU Admissions Office early in the process to receive the correct loan amount.
Step 3. When you return the Student Loan Request Form, you may receive a "Promissory Note" at your permanent address. Complete the promissory note and return it to our office as soon as it arrives, following the directions carefully. A student who has previously received a Direct Loan at BSU since Fall Semester 1999, has already completed a Master Promissory Note and will not need to complete one again. Regulations require that all Federal Direct Loan recipients complete a one-time counseling session on the web prior to the disbursement of their loan. Direct Loan counseling on the web: www.dl.ed.gov
How you receive your funds. The proceeds of your loan will automatically pay your unpaid tuition, fees, and residence hall charges. Direct deposit is available for any remaining balance please contact the Aid Disbursement Office for the paperwork. You should bring money for books until then.
Federal Direct PLUS Loan. Parents may request a paper application from our office. This variable interest loan requires a credit check on the parents. The maximum eligibility is based on the cost of attendance minus other financial aid. Repayment begins 60 days after the loan is fully disbursed.