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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 : $9,500

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 for Subsidized and Unsubsidized Direct Loans

  1. Complete the FAFSA (Free Application for Federal Student Aid) for the current academic year at fafsa.ed.gov, and you must have a complete financial aid File.

  2. Complete your Loan Entrance Counseling at studentloans.gov
    • Log in using your FSA ID
    • Click on Complete Loan Counseling (Entrance, Financial Awareness, Exit)
    • Click Start next to Entrance Counseling
    • Add BHCC to the list of schools to notify on the left side of the screen
    • Select I am completing entrance counseling to receive Direct Loans as an undergraduate student
    • Follow the on screen instructions to complete counseling

  3. Complete your Loan Master Promissory Note (MPN).
    • Click on Complete Loan Agreement (Master Promissory Note)
    • Click Start next to MPN for Subsidized Unsubsidized Loans
    • Add BHCC under School Information
    • Follow the on screen instructions to complete the MPN
    • Provide two references at two separate U.S. addresses. 

    For more information on the Master Promissory Note please view https://bhcc.financialaidtv.com/play/803-loan-terms/289-what-master-promissory-note

  4. Log into BHCC Self-Service and click on Financial Aid.
    • Choose Request a New Loan from the drop down menu
    • Select the year you are requesting a loan
    • Enter your loan amount and the semesters you would like the loan
    • Submit your request

Loan requests are generally processed within three business days. Loans are scheduled to disburse after NA grades are reported for each semester. Please check your Self-Service account and BHCC email for updates.

Direct PLUS Loans

Direct PLUS Loans are for the parents of dependent students. Interest is charged during all periods. You can borrow up to the 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 https://studentloans.gov
  2. Click Log In and use your FSA ID to log in. This is the same login the parent uses to sign the FAFSA.
  3. Click on Apply for a Direct PLUS loan
  4. Choose Start next to Direct PLUS Loan Application for Parents
  5. Complete the steps for the online credit check and eMPN for the Direct Parent PLUS loan.
  6. Complete a BHCC Parent PLUS loan request and submit it securely here https://www.bhcc.edu/financialaid/financialaidforms/financialaidformupload/ to inform BHCC of your consent to process your loan.
  7. Loan requests are generally processed within 3 business days and can be viewed through BHCC Self-Service. Funds for Parent loans are disbursed after the schedule adjustment period for each semester.  For a more specific information, please contact Student Central.
 

If you have any question(s), please do not hesitate to contact us at 617-228-2370 or e-mail us at studentcentral@bhcc.mass.edu.