Student Loans

Student Loans


Bay College offers Federal Stafford loans which are low-interest, educational loans made through the Federal Direct Loan Programs.  If you are eligible for a Federal Stafford loan, the money you receive must be used to finance your cost of education. You must be enrolled in at least six semester credits, complete the Free Application for Federal Student Aid (FAFSA), and contact the Financial Aid Office at 800.221.2001, ext. 4032, or 906.217.4032, for determination of  your eligibility.  Loans will not be automatically packaged as part of a student's award letter.

  • Federal Direct Subsidized  Loan  -Your interest is paid by the federal government while you are in school.  Interest will begin when you no longer attend college.

  •  Federal Direct Unsubsidized Loan - The same terms apply as for the subsidized loan, however, you are responsible for the interest payments while you are in school, during periods of authorized deferment, and during your grace and repayment periods.

  • Federal Direct PLUS Loans - These loans are available for parents of dependent undergraduate students.  Lenders will perform a standard credit check with a national credit bureau before approving the loan.  The Financial Aid Office will determine if the student is eligible for his/her parent to apply for a PLUS loan.