Follow the same application and disbursement process as you would for a Direct Stafford Loan. You may not borrow more than your cost of attendance at BMCC less any other financial aid you may be receiving. Also, if your period of enrollment is less than a full academic year, the amount of loan assistance you are entitled to may be less than the maximum amounts listed above. Furthermore, the Federal Government may restrict how frequently you may request or receive the maximum loan amount. Finally, the Office of Financial Aid may refuse to process your loan request or may otherwise reduce the amount of your loan, if it provides you with a written explanation for its decision.
Unsubsidized loans have the same variable interest rate as subsidized loans.
The actual interest rate for your loan is adjusted each year on July 1 and is calculated according to a Federal formula. You will be notified as the interest rate changes throughout the life of the loan. These loans are called unsubsidized because the Federal Government does not pay the interest charges. You are charged interest from the day your loan is disbursed until it is fully repaid, including all in-school, grace and deferment periods. You have the option of either paying the interest as you go or allowing it to accumulate.