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.
Subsidized loans are based upon demonstrated financial need. Students are not charged any interest before repayment or during deferment periods. The federal government subsidizes the interest. The interest rate for Federal Subsidized Loans for the 2011-2012 academic year is 3.4%. The interest rate for loans first disbursed on or after July 1, 2013, has t been set by Congress at 3.86% for both Federal Subsidized and Unsubsidized Loans.
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 Unsubsidized Loans for the 2013-2014 academic year is 3.86%. Note: Students can pay the interest on their unsubsidized Stafford loan while in school. Students interested in making payments should contact their lender directly.
Federal Stafford Loan Fee – For loans made during the 2013-2014 academic year, a 1.0% loan fee (minus a 0.5% rebate) will be deducted from each loan disbursement. This fee is held by the government, and 99.5% of the loan amount will be sent to Becker College after your fee has been applied to your loan.The borrower must make all of the first twelve payments on time or the rebate amount will be added back to principal balance of the loan.
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). Currently the interest rate is fixed at 7.9%.
To apply for a parent plus loan go to www.studentloans.gov and click on Sign in. When signing in, use the information of the parent applying for the loan. Click on Apply for a Parent Plus Loan and follow the directions.
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.