Loans

Please note: The Financial Aid Office wants students to consider seriously borrowing what they absolutely need. Excessive borrowing can burden a student’s credit report and make it difficult to secure additional credit after college.


Federal Stafford Loans include the following types of loans:

  • Federal Direct Subsidized Loans 
    Available to eligible student borrowers. You must enroll at minimal six credits.  These are need- based and you must complete a FAFSA to determine your eligibility. Interest and principal are subsidized by the government until the student ceases to be enrolled at least half-time. Repayment begins six months after the student graduates, withdraws or stops attending school at least half-time.

  • Federal Direct Unsubsidized Loans 
    Available to eligible student borrowers. You must enroll at minimal six credits. These loans are not -need based; however, you must still complete a FAFSAInterest accrues during in-school period. Interest and principal may be deferred until the student ceases to be enrolled. Interest is NOT paid by the government. The borrower is responsible for all interest payments. Repayment begins six months after the student graduates, withdraws or stops attending school at least half-time.

Maximum Annual Loan Limits

 

Dependent
Student

Independent
Student

1st year undergraduate 
(0 – 30 credits earned)

Annual Limit $3,500 
Subsidized
Annual Limit  $2,000 
Unsubsidized
Total : $5,500

Annual Limit $3,500
Subsidized
Annual Limit $6,000 
Unsubsidized
Total : $9500


2nd year undergraduate 
(31 or more credits earned)

Annual Limit  $4,500 
Subsidized
Annual Limit  $2,000 
Unsubsidized
Total: $6,500

Annual Limit  $4,500
Subsidized
Annual Limit   $6,000
Unsubsidized
Total : $10,500

  • Remember that you cannot borrow the full annual loan amount for ONE semester.

Directions:

  1. Complete the FAFSA (Free Application for Federal Student Aid) for the current academic year at  www.Fafsa.ed.gov, and you must have a complete financial aid File.
  2. Complete the Loan Request Form with Financial Aid Office.
    • Decide how much you need and for which semester(s) you will be enrolled.
    • Please note that you can only receive financial aid, including loans, up to your Cost of Attendance.
  3. Complete your Loan Entrance Counseling at www.studentloans.gov.
    • Under Manage My Direct Loan, Please Click: Sign In with your FAFSA Pin Number.
    • Click on Complete Entrance Counseling until you a reach a screen that reads “Congratulations
    • You have successfully completed Entrance Counseling for Direct Loan Sub/Unsub/Type”.
  4. Complete your Loan Master Promissory Note (MPN).
    • Click on “You can submit a Promissory Note”. 
    • Choose the first option, “Subsidized/Unsubsidized”. 
    • You must complete all spaces marked with a red star. 
    • Provide two references at two separate U.S. addresses. 
    • When you reach Step 3 Terms and Conditions, click on the +sign at the upper left corner of each box to open the information.
    • You will then be moved to a screen where you can review and sign the Promissory Note , by typing your name into the computer.
  5. Complete 2013-2014 Federal Direct Loan Request Form (PDF).

Direct PLUS Loans 

Direct PLUS Loans are for the parents of dependent students. Interest is charged during all periods. You can borrow up to Cost of Attendance minus any financial aid. To be eligible for a PLUS loan, a parent borrower must be applying for the loan to pay the postsecondary educational costs for an eligible dependent undergraduate student who is enrolled or accepted for enrollment at least half time at a participating school. Each PLUS loan borrower must certify, as part of the PLUS Application and Master Promissory Note (PLUS MPN) filed with the school or lender, a statement of educational purpose.
Parent borrowers also must be determined creditworthy to be eligible for a PLUS loan.

*If a PLUS loan is denied based on the Parent’s credit history, the student is eligible to receive an additional Unsubsidized loan.

Directions:

  1. Go to www.studentloans.gov
  2. Click Sign In (Parents must sign in using their own Social Security Number and Federal PIN to complete PLUS Master Promissory Notes (MPNs). Your PLUS application will not be processed until this is fully completed.
  3. Complete a 2013-2014 Federal Direct Loan Request Form and give it to the Financial Aid Office.
  4. View your award on WebAdvisor within a week by going to www.bhcc.mass.edu and click on myBHCC
  5. Click on Log In and then Click on Student.
  6. Under Financial Aid, you can view your aid by year and by term.

If you have any question(s), please do not hesitate to contact us at 617-228-2275 or e-mail us at finaid@bhcc.mass.edu