Massachusetts No Interest Loan
Funds for the Massachusetts No Interest Loan (NIL) are provided by the repayments of prior borrowers.
Regulations stipulate that the NIL be awarded to students with exceptional financial need, and that the maximum annual loan not exceed $4,000.
A student who receives NIL must:
- Be a legal resident of Massachusetts
- Be enrolled full-time in an eligible program
- Have an eligible Estimated Family Contribution as established by the Commonwealth
All applicants must submit the Free Application for Federal Student Aid (FAFSA) for determination of NIL eligibility.
|Interest Rate||Maximum Annual Loan||Interest Charged While Enrolled||Repayment of Principal|
|0%||$4,000||none||6 months after no longer enrolled at least half-time|
NIL recipients must sign a No Interest Loan promissory note, available from BU Financial Assistance. They must also complete a loan entrance interview to review the loan terms and conditions of the NIL program.
Both the NIL promissory note and the entrance interview form must be completed and signed before loan funds can be credited to a student’s account.
Exit Counseling is also required of Massachusetts NIL borrowers and is completed online.
Further information on the Massachusetts No Interest Loan is available from Massachusetts Board of Education’s Office of Student Financial Assistance.