by Ben Bishop, Financial Aid Director at Boise Bible College
Today, a national topic is student loans, specifically, student loan repayment, because student loan debt burdens many college students. However, Boise Bible College offers a loan repayment assistance program to give students and their parents a peace of mind.
By applying for financial aid, many colleges offer loans as part of the award letter. However, to be eligible for these loans, students must enroll for six or more credits. In addition, the loan repayment assistant wraps around government student loan forgiveness programs for added benefits.
WHAT IS A STUDENT LOAN?
A student loan is money you borrow and must pay back with interest. However, some loans don’t have interest while attending school. Students, make sure you understand the term and conditions of the company and the loan. Don’t be afraid to ask questions!
Student loans come from the federal government, from private sources (i.e. the bank), or from other organizations. In addition, it’s important to remember that loans are legal obligations that make students (or parents) responsible for repaying the amount borrowed with interest. Even though students don’t have to begin repaying student loans right away, don’t wait to understand the responsibilities as a borrower.
The BBC Pledge is our way of offering help post graduation with paying off student loans. In addition, we know the fear surrounding students loans among parents and students, so we wanted to make that fear less. The BBC Pledge is for students who choose to take out loans to invest in their education, but of course, obtaining an education debt free is possible. However, The BBC Pledge has qualifications:
- Graduate BBC with a Bachelor’s degree
- Apply for LRAP through the myLRAP Service Portal
- Start working in the U.S > averaging 30+ hours a week
- Begin (or continue) making the required loan payments
The BBC Pledge means that after graduation with a Bachelor’s degree when you enter the repayment season of any education based loan (taken through the Financial Aid Department), your loan payment can be reimbursed back to you on a quarterly basis through LRAP.
WHAT ARE THE INCOME QUALIFICATIONS?
To be eligible for loan repayment assistance you will need to work 30 or more hours a week (being a stay-at-home parent is considered working, but you will need to report your entire household income) and make less than the Upper Income Threshold ($35,000 per year).
Boise Bible College pledges to you that if you choose to take out student loans and graduate with a Bachelors with us, then student loan repayment assistance could be apart of your future. You can rest that wherever God places you that student loans won’t be a burden.