Becker College Office of Financial Aid
47 Sever Street
Worcester, MA 01609
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.
Direct loans are offered to students from the Department of Education. Below are the types of loans offered.
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 2016-2017 academic year, first disbursed after July 1, 2016, is 3.76%. The interest rate for Federal Direct Subsidized Loans first disbursed on or after July 1, 2017, and before July 1, 2018, is 4.45%.
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, first disbursed after July 1, 2016, is 3.76%. The interest rate for Federal Direct Unsubsidized Loans (Undergraduate) first disbursed on or after July 1, 2017, and before July 1, 2018, is 4.45%. The interest rate for Federal Direct Unsubsidized Loans (Graduate) first disbursed on or after July 1, 2017, and before July 1, 2018, is 6.0% Note: Students can pay the interest on their Direct Unsubsidized loan while in school. Students interested in making payments should contact their lender directly.
Federal Direct Loan Fee – 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, 2016 and before October 1, 2017 will have a 1.069% fee deducted from each loan disbursement. Loans with a first disbursement date on or after October 1, 2017 and before October 1, 2018 will have a 1.066% fee deducted from each loan disbursement.
Loan Requirements – 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 www.studentloans.gov using their FSA ID. Loans will not show on the student's bill until both these requirements are met.
Becker College participates in alternative loan programs through a number of lenders. The College 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 lender.
To find a list of lenders in which the Office of Financial Aid has selected please click here. We recommend these lenders based on the quality of products and services they provide to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so.