Student Loans

Loans consist of borrowed funds, which must be repaid. Each loan program, whether federal or alternative, has certain maximum limits for borrowing; however, students may not borrow more than the cost of attendance less any other financial aid received. To borrow a loan student's must accept their awards, be enrolled and attending at least six credit hours which apply toward their major(s), and maintain satisfactory progress per the Satisfactory Progress Policy.

Federal law requires first-time borrowers of Federal Direct Loans to complete an entrance counseling session and a master promissory note before loan funds can be disbursed. Exit counseling is subsequently required when they graduate, withdraw, or otherwise cease to attend school at least half-time.

  • Federal Direct Subsidized  Loan  -Your interest is paid by the federal government while you are in school.  Interest will begin when you are no longer enrolled at least half time at a college or university. 
  • 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.

Lenders of alternative loans will have their own requirements to complete before loan funds can be disbursed.

For more detailed information regarding loans, visit the myBay Student Loans webpage. Questions on loans? Please email Ruth Germain at for additional assistance.

Bay College Main,
2001 N Lincoln Road, Escanaba, MI 49829
906.786.5802 Main Campus Directions