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: 5 credits or less.
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- 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.
- If you borrow a Massachusetts No Interest Loan (NIL) while attending BSU, you must complete exit counseling before you drop below 1/2 time status or graduate. This exit counseling is mandatory. If you are dropping below 1/2 time status, please contact us first so we can instruct you on how to complete this process. If you are graduating and you do not receive any information about NIL Exit counseling well before your graduation, please contact us as soon as possible.
- 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 studentaid.gov 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, before the last day of the semester, or before your last day of enrollment (whichever comes first) to receive this loan
Direct Loan exit counseling is a federal requirement for all students who have borrowed Federal Direct Loans while enrolled at Bridgewater State University. Federal regulations require that loan counseling take place before exiting the college or before enrolling for fewer than 6 credits.
You will need your Federal Student Aid user ID to complete the online exit counseling.
If you have any questions regarding either the completion of Direct Loan exit counseling or the Direct Loans you have borrowed while attending Bridgewater State University, you may check InfoBear (for loan amount borrowed) or contact the Financial Aid Office.
- For additional information, contact the Financial Aid Office or visit studentaid.gov.
- The 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 Subsidized and Unsubsidized Loans for the 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 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, before the last day of the semester, or before your last day of enrollment (whichever comes first) to receive this loan
Direct Loan exit counseling is a federal requirement for all students who have borrowed Federal Direct Loans while enrolled at Bridgewater State University. Federal regulations require that loan counseling take place before exiting the college or before enrolling for fewer than 6 credits.
You will need your Federal Student Aid user ID to complete the online exit counseling.
If you have any questions regarding either the completion of Direct Loan exit counseling or the Direct Loans you have borrowed while attending Bridgewater State University, you may check InfoBear (for loan amount borrowed) or contact the Financial Aid Office.
- For additional information, contact the Financial Aid Office or visit studentaid.gov
- For Direct Subsidized Loans and Direct Unsubsidized Loans, the initial application requirement is met when the student submits the complete Free Application for Federal Student Aid (FAFSA). Student borrowers must also complete a Direct Loan Master Promissory Note and complete Entrance Counseling.
- For Direct PLUS Loans, the student must submit the complete Free Application for Federal Student Aid (FAFSA). The parent must apply for the PLUS Loan online using the PLUS Loan Application. The parent must also complete a Direct Plus Loan Master Promissory Note.
- The Financial Aid Office certifies the loan and forwards the information to the direct loan servicer.
- The Department of Education evaluates the application (credit check, etc., for Plus) for approval.
- If the loan is not approved, the Department of Education will notify the borrower by mail. In the case of a Parent PLUS loan denial, the parent may be given the option of reapplying with an endorser, which works much like a co-applicant. If the loan is approved, the Department of Education sends a Notice of Loan Approval to the student, indicating the loan amount(s) approved and the dates on which it will be disbursed.
- Once the funds are received by Bridgewater State University, the Office of Student Accounts notifies the borrower of the arrival of the funds.
- First-time borrowers for Federal Direct Subsidized and Unsubsidized Loans must complete Direct Loan entrance counseling before receiving funds. Loan entrance counseling must be completed online at the Direct Loan Entrance Counseling website and complete a Direct Loan Master Promissory Note
- Loan funds are applied first to the student's account balance. If there is no balance, the student receives a refund of the amount minus any fees for that semester. If a portion of the loan was applied to the student's account, the remainder will be refunded to the student. For Direct PLUS Loans, any funds after the balance will be refunded to the parent, unless indicated on the on-line application to go to the student.
- To postpone repayment, students must be matriculated and enrolled at least half-time. Students should contact the loan servicer(s) to determine eligibility for a deferment and to obtain deferment forms. The Registrar's Office at Bridgewater State University will certify all qualifying student loan deferments.
- Upon withdrawing from the college, falling below half-time enrollment status, or graduating, the student must complete loan exit counseling. Loan exit counseling may be completed online at the Student Aid website or you can make an appointment with a financial aid counselor.
- Borrowers are required to notify the college and the lender and/or servicer of any changes in:
- name
- telephone number
- next of kin
- withdrawal from college
- transfer to another college
- obtain/change driver's license
- address
- Social Security number
- graduation date
- enrollment (less than half-time)
- 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)
- 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 creditworthiness of the applicant
- The 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 are 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 Federal Interest Rates and Fees | Federal Student Aid for the current interest rate
- Apply only after having exhausted all other student financial aid programs
- The applicant must apply online through the PLUS Loan Application
- If approved, a Plus loan Master Promissory Note must be completed by the BSU deadline, before the last day of the semester, or before the last day of the student's enrollment, whichever comes first
Education majors may qualify for forgiveness or cancellation of their federal loans. If you are unsure of which type(s) of federal loans you have borrowed, visit the Office of Federal Student Aid for a list of all of your federal loans. View information about specific programs for Education majors.