Frequently asked questions about financial aid and loans
June 1 – November 1: Full Year or Fall Only
November 1 – April 1 : Spring Only
April 1 – June 15: Summer Only*
*There are no summer loans for students if ALL registered courses start in July.
July 1: Finish Financial Aid Day Loan applications must be completed for Fall payment due date.
December 1: SPRING Finish Financial Aid Day. Loan applications must be completed for Spring payment due date.
As stated in Federal Loan Guidelines, the actual loan amount you are eligible to receive for an academic year is determined by your school and may be less than the maximum annual amounts shown in the chart below:
|Grade Level||Degree Applicable Hours Completed||Loan Limits|
|Students in Year 1||0 – 29 credit hours||$3,500|
|Students in Year 2||30 – 64 credit hours||$4,500|
|Annual Additional Unsubsidized Stafford Loan limits are:|
|Dependent Students in Year 1 or Year 2||$2,000|
|Independent Students in Year 1 or Year 2||$6,000|
Life Time loan limits for 4-Year Bachelor’s Degree Undergraduate students:
Dependent = $31,000 (no more than $23,000 can be subsidized)
Independent = $57,500 (no more than $23,000 can be subsidized)
Black Hawk College can only process loans for Year 1 or Year 2. Loans cannot be processed if prior loan debt is over the Year 1 or Year 2 maximum. Loan eligibility at Black Hawk College is determined on a case-by-case basis as authorized under 34 CFR 685.301(a)7 of the Higher Education Act. The average loan debt to complete a degree at Black Hawk College was $7535 in the Fiscal Year 2016.
Beginning July 1, 2013, Federal regulations for new borrowers limit the maximum time period that a student can receive Direct Subsidized loans to 150% of the published length of the program of study. New borrowers are encouraged to meet with an Academic Advisor to make sure you are in the correct major.
Loan applications take approximately two weeks for processing after receiving all required documents at www.bhc.edu/loan, or three or more weeks during peak registration periods. Loans will be processed in the order they are received. You will receive a confirmation email and your loan will appear on myBlackHawk.
Loans are disbursed in two payments during the loan period. If you have requested a full year loan, the Fall amount will be disbursed in late September, and the Spring amount will be disbursed in late February. If the loan is requested for one term, the second Fall amount pays in late October; or the second Spring amount pays in late March.
Refunds are processed by the Bursar’s Office once your loan is posted as paid on your myBlackHawk account. Refunds can take up to 14 days AFTER the payments have posted to be processed.
Financial aid is based on attendance for the entire semester. If you drop ALL of your classes before 60% of the semester, the law specifies how a school must determine the amount of federal aid (including loans) that you “earned”. Your aid will be “pro-rated” based on the last date of academic activity.
You must meet Satisfactory Academic Progress standards. Students on Dismissal or Time Frame Dismissal are not eligible for loans. Students on Warning will have additional requirements to complete before their second loan payment can be disbursed.
You must cancel any pending loans at Black Hawk College and contact the new college to find out how to be awarded financial aid there, including loans.
When you change schools, you will need to complete an In-School Deferment Form at your new school to postpone loan repayment.
Loan borrowers are required to participate in Federal Loan Exit Counseling after graduating, withdrawing, or dropping to less than 6 credit hours, even if they intend transfer to another institution. Black Hawk College will mail a letter with Exit Counseling information.
Black Hawk College has contracted with HigherEDGE to make sure you have the support you need to succeed in loan repayment. HigherEDGE will be contacting you soon after Exit Counseling letters are sent. HigherEDGE provides information and resources during your grace period and throughout repayment.
Federal loans are assigned to a Loan Servicer to coordinate repayment. Black Hawk College will list your loan servicer in your Exit Counseling letter. You may also access this information, as well as your loan history, on the National Student Loan Data System.
Your Loan Servicer will contact you concerning repayment. You must work with your Loan Servicer if you have trouble making loan payments.
Repayment begins 6 months after graduating, withdrawing, or dropping to less than 6 credit hours.
∗ You will be reported to a credit bureau having a negative effect on your credit rating.
∗ You can be referred to a collection agency and have to pay collection costs.
∗ Your employer may garnish your wages.
∗ The Internal Revenue Service may withhold your state and federal income tax returns.
∗ The entire unpaid amount of your loan, including interest may become due and payable immediately.
∗ You will lose your rights to deferments.
∗ You will be ineligible to receive any additional federal or state financial aid.
Last updated 04/26/2017