Massachusetts No-Interest Loan
An interest-free student loan from the Commonwealth of Massachusetts awarded to full-time undergraduate students who are Massachusetts residents. Eligibility is determined by the Office of Student Financial Services and is based upon the information you provided on the Free Application for Federal Student Aid (FAFSA). This loan is awarded to students with significant need and is limited by the availability of funds. Notification of eligibility of this loan will appear on the award letter.
- Interest Rate: 0%
- Minimum Annual Loan Amount: $1,000
- Maximum Annual Loan Amount: $4,000
- Interest Charged While Enrolled at Least Half-Time: No
- Repayment of Principal: Begins six months after no longer enrolled at least half-time
The program has a lifetime borrowing limit of $20,000; a student's aggregate loan history is taken into account when determining current year eligibility. Additional information about this loan program is available through the following Massachusetts Office of Student Financial Assistance publications:
NIL recipients must complete and sign a promissory note, entrance counseling and a self-certification form. Borrowers will be notified via email from the Office of Student Financial Services when these documents are available to complete.
The loan proceeds will be processed through the Office of Student Financial Services. Funds will be disbursed to the student's account only after the completion of the required documents.
While the Massachusetts Office of Student Financial Assistance is the lender for this loan and holds the Master Promissory Note, they have contracted with ECSI for the servicing of this loan. The student borrower may view their account information with them online at www.ecsi.net.
All students are required to complete an exit counseling prior to withdrawing, dropping below half-time status or graduating. You may complete this requirement online with ECSI at www.ecsi.net.