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Types of Student Loans:
The following types of student loans are available to matriculated students. Students must apply for financial aid by filling out the FAFSA in order to be awarded these loans. For more information on credit-based alternative and parent loan programs please visit the Alternative Loans page.
Massachusetts No Interest Loan (NIL) program was created to provide eligible, needy Massachusetts residents attending post-secondary educational institutions in Massachusetts with a state-funded loan. The NIL program offers zero interest loans to assist students in meeting educational costs. Students have a period of ten (10) years to repay their NIL loans.
If you were awarded a NIL you can follow these instructions to complete the process.
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need.
If you were awarded a Perkins Loan you can follow these instructions to complete the process.
Federal Stafford Loans
Federal Subsidized Direct Loan-
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Need based, long-term federal loan, for which the Federal government will pay the interest while students are enrolled, as well as during deferment periods.
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Repayment of both principle and interest begins six months after a student graduates, withdraws, or drops below half-time enrollment.
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The interest rate for 2010-2011 will be fixed at 4.5%
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Current Subsidized Loan limits are: $3500 for freshmen, $4500 for sophomores, $5500 for juniors and seniors, and $8500 for graduate students.
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This must be repaid.
Federal Unsubsidized Direct Loan-
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Federal Loan available to students regardless of calculated need.
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Interest begins to accrue immediately and accumulates during deferment periods. Paying toward interest while the student is enrolled is optional, but advised.
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The interest rate is fixed at 6.8%.
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Loan limits are the same as those for the Federal Subsidized Direct Loan.
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This must be repaid.
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National Student Loan Data System (NSLDS)
NSLDS is the U.S. Department of Education's central database for student aid and offers a centralized, integrated view of Title IV loans and Pell Grants that are tracked through their entire cycle; from aid approval through closure.
Data is transmitted to NSLDS from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs.
Through NSLDS, you can view personalized information on your federal student loans or Pell Grants. You can also view information on your loan servicer(s):
- Access the NSLDS Web site
- Select the numbered yellow button beside each loan within NSLDS that you would like information.
- You will be directed to loan detail information, which includes the name of the lender and the loan servicer as well as contact information for both.
New for 2010 - 2011
Due to recent legislation FSC as well as all other institutes of higher education will be switching from the Federal Family Education Loan (FFEL) Program to the William D. Ford Direct Loan (Direct Loan) Program.
Both the FFEL and Direct Loan programs consist of what are generally known as Stafford Loans (for students) and PLUS Loans for parents.
Under the Direct Loan Program, the funds for your loan come directly from the federal government. Funds for your FFEL came from a bank, credit union, or other lender that participated in the program. Eligibility rules and loan amounts are identical under both programs.
What does this mean for FSC students and parents?
If you are a current FSC student and you have borrowed a Stafford Loan or if you are a parent that has borrowed a PLUS loan you previously signed a Master Promissory Note (MPN) with a lender participating in the FFEL program. For 2010-2011 all borrowers will need to sign a new MPN for the Stafford Loan and PLUS loan programs which FSC will be administering through the Direct Loan program.
STUDENTS- For instructions on completing a Master Promissory Note (MPN) for a Stafford loan and entrance counseling, please visit the Stafford Directions page
PARENTS - For instructions on applying for a PLUS loan, please visit the PLUS Directions page.
Please note, if applying for a PLUS loan, the credit decision on PLUS loan applications is only valid for 90 days from the date of the application. If funds are not disbursed to the school within that 90 days, your credit will have to be reassessed. For this reason any PLUS loans for the fall/spring 2010-2011 academic period should not be applied for any earlier than early June, 2010.
