2010 BAC Returning Student Grant
The 2010 BAC Returning Student Grant is awarded to undergraduate students who were accepted into an undergraduate degree program prior to fall 2010 and have been actively enrolled during the prior 4 semesters.
Federal Direct Subsidized Stafford Loan
The Subsidized Stafford Loan is a need-based loan awarded to students with financial need, as determined by the FAFSA. The interest on the Subsidized Stafford Loan is paid for by the US Government while a student is enrolled in at least 6 academic credits in a degree granting program.
Federal Direct Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is awarded to students without financial need, as determined by the FAFSA. Interest on the Unsubsidized Stafford Loan accrues regardless of a students' enrollment in a degree bearing program. The accrued interest is added to the principal balance if the student chooses not to pay it on a monthly basis.
Federal Direct PLUS Loans
These loans are available to parents of dependent students and graduate students. Graduate students may only borrow the PLUS loan after they have borrowed the maximum Stafford Loans for the year. Approval of Federal Direct PLUS Loans is based on the borrower's credit. The Federal Direct PLUS loan is an unsubsidized loan, therefore interest will start accruing once the loan has been disbursed.
Federal Pell Grant
Federal Pell Grants provide awards of up to a maximum of $5350.00 for the full academic year to eligible students with the greatest financial need. Students enrolled in less than 12 credits may be eligible to receive Federal Pell Grants on a pro-rated basis. These funds are awarded to students who have not earned their first baccalaureate degree.
Federal Supplemental Educational Opportunity Grant (BAC/FSEOG)
The BAC Federal Supplemental Educational Opportunity Grant (BAC/FSEOG) is a federally and college funded program that is awarded to eligible students with the greatest financial need as determined by the FAFSA. These grants are awarded to undergraduate dependent and independent students. First consideration is given to those students who complete the FAFSA by the April 15th priority deadline.
The MassGrant program is administered by the Commonwealth of Massachusetts for undergraduate students residing in state with exceptional financial need. Students must be enrolled in at least 12 credits per semester in order to be eligible for a MassGrant. Only Massachusetts legal residents are qualified to receive the MassGrant. The priority deadline for the MassGrant is May 1st.
Part-time MassGrants are available for undergraduate students residing in Massachusetts with exceptional financial need who are enrolled in at least 6 credits and less than 12 credits each semester. The availability of Part-time MassGrant funding is limited. Awards are generally made to those students who completed their FAFSA by the state priority deadline.
Massachusetts Gilbert Grants
Massachusetts Gilbert Grants are for dependent undergraduate students residing in state with exceptional financial need. Students must be enrolled in at least 12 credits per semester in order to be eligible for this grant. First consideration will be given to those students who meet the BAC priority deadline.
Other State Aid
Many states offer additional resources to their students, even if they are studying outside their state of residence. Students are encouraged to contact their state’s education financing authority for further details.
Private Educational Loans
Private educational loans are available to assist students with their educational expenses at the BAC. Eligibility for a private loan is based on the borrower's credit rating. In most cases, a co-signer is required. The interest rate and repayment options vary according to the lender. Students do not have to complete a FAFSA to apply for private loans. It is recommended that students apply for Federal Stafford Loans and grants before applying for a private loan.
ELM Select is an online tool which provides information about loan programs most frequently used by our students over the past three years. You can learn about and compare private loan terms from multiple lenders using ELM Select. Please note that you are not limited to lenders listed in the ELM Select tool; you can borrow from any lender. Students are also encouraged to check with their local credit union or local bank before deciding the best lender for their borrowing needs. Most private loan programs offer online applications. Here are several points you should research when considering a private loan:
· What is the interest rate; is it fixed or variable; is the rate capped?
· What fees must be paid for this loan and when are they due?
· When does repayment begin and is there a grace period?
· What will my monthly payment be?
· What will be the total cost if I use the full repayment period?
· Are there penalties for early repayment?
· Are there deferment or forbearance options?
· Is the loan program well-established?
Most private loan programs require our office to certify your eligibility before final approval of your loan. Private educational loans will be included in a student's financial aid eligibility and may impact other awarded aid.
The BAC is approved by the Higher Education Coordinating Board's State Approving Agency for enrollment of those eligible to receive benefits under Title 38 and Title 10, of the U.S. Code to authorize veteran's benefit programs for all degree programs currently offered, as well as the Landscape Institute certificate programs.