Loan Programs - Financial Aid Guide

Loan Programs - Financial Aid Guide

Bridgewater State College participates in a wide variety of federal, state, institutional, and private financial aid programs. These programs can be grouped into three categories: grant, work and loan. The following is a description of the loan programs.

For financial aid purposes, the term “undergraduate” in the following paragraphs refers to students who are pursuing their first undergraduate degree. Enrollment levels are as follows: full time: 12 or more credits; three quarter time: 9 to 11 credits, half time: 6 to 8 credits; less than half time: 1 to 5 credits.

Direct Loan Entrance/Exit Counseling

Massachusetts No Interest Loan

  • long-term, no interest (zero percent) loan awarded through the Massachusetts Office of Student Financial Assistance to financially eligible Massachusetts residents
  • awards range from $1000 to $4000
  • available to undergraduate students enrolled full-time
  • student must sign promissory note by BSC's deadline, prior to the last day of the semester, or prior to the last day of enrollment, whichever comes first.

Federal Perkins Loan

  • long-term, low-interest (5%) federal loan awarded by the Financial Aid Office
  • eligibility is based directly on demonstrated financial need (awards range from $100 to $4000)
  • available to eligible undergraduate students enrolled at least half-time; priority given to full time students
  • refer to the Perkins Loan Promissory Note for information concerning repayment
  • student must complete a master promissory note (online or by paper) by BSC's deadline, prior to the last day of the semester or prior to the last day of enrollment, whichever comes first

Federal Ford Direct Subsidized Loan

  • long-term federal loan available through the college
  • available to students who demonstrate financial need and eligibility
  • student pays an origination fee
  • fixed interest rate, set each year on July 1. Refer to Direct Loan Web Site for current interest rate.
  • loan limits based on grade level: $3500, freshmen; $4500, sophomores; $5500,  juniors and seniors; $8500, graduate students 
  • student must complete a Direct Loan master promissory note by BSC's deadline, prior to the last day of the semester, or prior to your last day of enrollment (whichever comes first) in order to receive this loan.
  • Student must complete Direct Loan Entrance Counseling
  • for additional information contact the Financial Aid Office or visit the Direct Loan web site

 

Federal Ford Direct Unsubsidized Loan

  • program allows all students, regardless of income, to obtain a student loan after  having applied for financial aid
  • student pays the interest during in-school & deferment periods or has it capitalized
  • student pays an origination fee
  • fixed interest rate, set each year on July 1. Refer to Direct Loan Web Site for current interest rate.
  • loan limits are the same as for Federal Ford Direct Subsidized Loan

  • additional unsubsidized Loan: Dependent students may request in writing an additional $2,000* in an unsubsidized loan above the federal loan that they have already been offered. Independent students may request an additional $6,000.*(freshman and sophomore) and $7,000.* (junior and senior). Graduate students may request up to $12,000.

  • students who are dependent and whose parents were denied a Federal Ford Direct PLUS Loan may borrow, in additional to the extra $2000 listed above, up to the following extra amounts: 
    • up to $6,000* for each of the freshman and sophomore years
    • up to $7,000* for each of the junior and senior years
    • up to $12,000 for the graduate years
  • student must complete a Direct Loan master promissory note by BSC's deadline, prior to the last day of the semester, or prior to your last day of enrollment (whichever comes first) in order to receive this loan.
  • Student must complete Direct Loan Entrance Counseling
  • for additional information contact the Financial Aid Office or visit the Direct Loan web site

*New limit(s) in effect July 1, 2008.

Loan Limits

  • dependent students may borrow up to a $31,000* maximum as an undergraduate (not more than $23,000 subsidized)
  • independent students may borrow up to a $57,500* maximum as undergraduates (not more than $23,000 subsidized)
  • graduate students may borrow up to a $138,500 maximum (not more than $65,500 subsidized)

*New limit(s) in effect July 1, 2008.

Federal Ford Direct PLUS Loan

  • available through the college to graduate students or parents of undergraduate dependent students
  • students have to file the FAFSA*
  • loan not based on financial need, but rather on the credit worthiness of the applicant
  • loan limit is the cost of education minus any other aid received
  • borrower pays origination fee.
  • funds received from the federal government by the college in two disbursements
  • repayment begins within 60 days of disbursement
  • fixed interest rate, set every July 1. Refer to Direct Loan Web Site for current interest rate.
  • apply only after having exhausted all other student financial aid programs
  • To apply, applicant must submit a Direct PLUS Loan Request Form to the Financial Aid Office (available in the Financial Aid Office or on our Web site).
  • If approved, a Master Promissory Note must be completed and returned (or signed online) to the Financial Aid Office by the BSC deadline, prior to the last day of the semester, or prior to the last day of the student's enrollment, whichever comes first.
  • If a parent is applying, the parent must decide if any refund from the PLUS Loan is to be returned to the student or the parent and indicate so on the application.

Last Modified: May 7, 2009