Massachusetts No Interest Loan
Massachusetts No Interest Loan (NIL) recipients must:
- Be a legal resident of Massachusetts
- Be enrolled full-time in an eligible program
- Have an eligible Student Aid IndexCollege financial aid offices use the Student Aid Index (SAI) to determine how much federal student aid you may be able to receive. The SAI is calculated using information from your FAFSA form. BU Financial Assistance uses information reported on the CSS Profile to determine eligibility for Boston University scholarships, not the SAI. as established by the Commonwealth of Massachusetts
- Submit a valid FAFSAThe Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for state and federal grants, scholarships, and loans. The FAFSA can be completed on the Federal Student Aid website. The Boston University FAFSA school code is 002130.
| Interest RateA loan expense charged a borrower for the use of borrowed money. Interest is calculated as a percentage of the principal of the loan, which includes the original amount borrowed and any capitalized interest. | Maximum Annual Loan | Interest Charged While Enrolled | Repayment of PrincipalThe principal or loan balance is the amount of money borrowed or remaining unpaid on a loan. Interest is charged as a percentage of the principal. Insurance and origination fees will be deducted from this amount before disbursement. |
| 0% | $4,000 | none | 6 months after no longer enrolled at least half time |
NIL recipients must sign a No Interest Loan promissory noteA binding legal contract between a loan holder and a borrower. The promissory note stipulates the loan terms and conditions, including how and when the loan must be repaid. By signing this note, the borrower formally agrees to repay the loan., 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 noteA binding legal contract between a loan holder and a borrower. The promissory note stipulates the loan terms and conditions, including how and when the loan must be repaid. By signing this note, the borrower formally agrees to repay the loan. 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.