Its funds must be used solely for educational purposes, which include tuition, fees, room and board, rent, books, supplies, and miscellaneous expenses. The FAT is necessary whether or not financial aid was awarded. The Stafford loans enable the students to borrow directly from a bank, credit union, savings and loan association, or other participating lenders who are willing to make the educational loan to the students. The loan is insured by the Federal Government or guaranteed by a state or private non-profit agency. The loan must be repaid.
Payments begin six months after dropping below half time, graduation, or withdrawal from school.
The student may be allowed ten years for repayment. The amount of payments depends upon the size of the debt. The funds received as proceeds from a Stafford loan must be used solely for educational purposes which include tuition, fees, room and board, rent, books, supplies, and miscellaneous expenses. The selections are made by the BBC Communications Department For further information contact the Finance Director, Baptist Bible College, Springfield, Missouri, 65803. The College provides financial assistance for a limited number of students through part-time campus employment.