Becker College Office of Financial Aid
47 Sever Street
Worcester, MA 01609
You must visit the following secure web sites to enter financial information for yourself and both parents if you are considered a dependent student:
The academic year for Accelerated students begins with the fall term and concludes with the summer term, however, Business Accelerated students begin their academic year with the summer term and conclude with the spring term. All students interested in applying for financial aid should complete the FAFSA for the upcoming academic year.
Accelerated Studies students are not eligible for institutional aid. Please see types of aid below for more information
Once you complete your FAFSA, awards through this federal program are based on financial need. Need is determined by the federal need calculation formula as well as student enrollment status.
The MASSGrant is a grant assistance program funded by appropriations from the Massachusetts Legislature. The MASSGrant program provides need-based financial assistance to full-time undergraduate students who reside in Massachusetts. All eligibility requirements are listed on www.osfa.mass.edu.
The Early Childhood Educators Scholarship provides financial assistance for Massachusetts residents who are currently employed as early childhood and out-of-school-time educators and providers. Students must enroll in an associate or bachelor degree program (full-time or part-time) in early childhood education or related programs. In addition, they must be employed by their employer for at least one year and the employer must be licensed or authorized by the Massachusetts Department of Early Education and Care (EEC). Students must continue employment in this field while pursuing the approved course of study. All eligibility requirements and application information can be found at www.osfa.mass.edu.
The Paraprofessional Teacher Preparation Grant provides financial assistance to Massachusetts residents who are currently employed as paraprofessionals in Massachusetts public schools, but wish to become certified as full-time teachers. Students must be enrolled in an undergraduate degree program (full-time or part-time) leading to teacher certification. In addition, they must be employed for a minimum of two years as a paraprofessional in a Massachusetts public school. All eligibility requirements and application information can be found at www.osfa.mass.edu.
Federal Direct Subsidized loans are based upon demonstrated financial need and the federal government subsidizes the interest. No interest is charged while the student maintains an enrollment status of at least half-time (six credits). Interest does begin to accrue from the start of the six month grace period and throughout the repayment period. The interest rate for Federal Direct Subsidized Loans for the 2018-2019 academic year, first disbursement made between July 1, 2018 and June 30, 2019, is 5.05%.
Federal Direct Unsubsidized loans are not awarded on the basis of financial need. The loan accrues interest from the time it it is disbursed until it is paid in full. If you allow the interest to accrue while you are in school or during repayment periods, this interest will be capitalized. Interest that is capitalized will be added to the principal amount of your loan, and additional interest will be based on the higher amount.
The interest rate for Federal Direct Unsubsidized Loans (Undergraduate) for the 2018-2019 academic year, first disbursement made between July 1, 2018 and June 30, 2019, is 5.05%.
Students are welcome pay the interest on their Direct Unsubsidized loan while in school and without penalty. Students interested in making payments should contact their lender directly. (Becker Financial Aid can help families determine who the lender is).
The origination fee is held by the U.S. Department of Education as an expense of assuming a Direct Loan. Loans with a first disbursement date on or after October 1, 2017 and before October 1, 2018 have a 1.066% fee deducted from each loan disbursement. Loans with a first disbursement date on or after October 1, 2018 and before October 1, 2019, will have a 1.062% fee deducted from each loan disbursement.
First time borrowers must complete Entrance Counseling and sign the electronic Master Promissory Note (MPN). Students are the borrowers of these loans, so they need to login to https://studentloans.gov (opens in a new window) using their FSA ID to complete these documents. Loans will not show on the student’s bill until both these requirements are met.
The Parent Loan for Undergraduate Students (PLUS) enables parents of dependent undergraduates to borrow an amount equal to cost of attendance, less other financial aid. Parent loans differ from student loans in that repayment of the loan begins 60 days after the loan is fully disbursed, however parents can defer these payments while their student is attending college at least half-time (6 credits). The interest rate for Federal Direct Parent PLUS Loan for the 2018-2019 academic year, first disbursement date on or after July 1, 2018 and before June 30, 2019, is 7.60%.
The origination fee is held by the U.S. Department of Education as an expense of assuming a Direct Loan. Loans with a first disbursement date prior between October 1, 2017 and September 30, 2018, have a 4.264% fee deducted from each loan disbursement. Loans with a first disbursement date on or after October 1, 2018 and before October 1, 2019, will have a 4.248% fee deducted from each loan disbursement.
To apply for a parent plus loan go to https://studentloans.gov (opens in a new window) and click on “Sign In.” When signing in, use the information of the parent applying for the loan (the parent’s credit will be checked). Click on “Apply for a Parent Plus Loan” and follow the directions. Parents must also sign the electronic Master Promissory Note (MPN). If a parent is denied and they wish to use an endorser, they also must complete Entrance Counseling.
Becker College participates in alternative loan programs through a number of lenders. Becker supports the family’s right to obtain a private alternative student loan from any loan provider and will certify and process private alternative student loans from any reputable lender.
To find a list of lenders with whom we have worked in the past, please visit ELM Select (opens in a new window). You are not required to use one of these lenders; if you wish to use another lender that is not on this list, you have the right to do so.