The 22-year old defender has been at the Reebok Stadium since late January and has scored four goals in six appearances since arriving.
Freedman is a big fan of Dawson and would love to keep him at the club past April but he is well aware that Albion will call him back to The Hawthorns.
"Craig is a good lad and he's still got a lot to learn. But let's not get excited. West Brom let him come out to us because he's not going to get in their side right now," said Freedman.
"I told Craig I would bring him here, develop him as a player and send him back to West Brom better. That's still the deal.
"It's fantastic that the fans are saying 'sign him on' but we've not spoken to West Brom at all. I won't go back on my word."