Loan Programs - Financial Aid Guide

Loan Programs - Financial Aid Guide

Bridgewater State University 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 BSU'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 BSU'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 university
  • Available to undergraduate 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. 
  • Student must complete a Direct Loan master promissory note and Direct Loan Entrance Counseling by BSU'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
  • 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 based on grade level and are the same as the Subsidized loan, however, dependent undergraduates may borrow up to an additional $2000. Independent undergraduates may borrow up to an additional $6000 for freshmen and sophomores, and up to $7000 for juniors and seniors.  Graduate students may borrow up to a total of $20,500.
  • Students who are dependent and whose parents were denied a Federal Ford Direct PLUS Loan may borrow
    • up to $4,000* for each of the freshman and sophomore years
    • up to $5,000* for each of the junior and senior years
  • Student must complete a Direct Loan master promissory note and Direct Loan Entrance Counseling by BSU'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
  • For additional information contact the Financial Aid Office or visit the Direct Loan web site

Loan Aggregate 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)

Federal Ford Direct Parent PLUS Loan

  • Available through the university to parents of undergraduate dependent students
  • Students are required 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 and/or resources received
  • Borrower pays origination fee at the time of disbursement.
  • Funds received from the federal government typically in two disbursements
  • Repayment begins within 60 days of disbursement unless a deferment is requested by the parent borrower
  • 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 application to the Financial Aid Office (available in the Financial Aid Office or on our Web site)
  • If approved, a Plus loan Master Promissory Note must be completed by the BSU deadline, prior to the last day of the semester, or prior to the last day of the student's enrollment, whichever comes first
  • The parent borrower 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 24, 2013