Financing Options

There are several options available to students and parents when it comes to financing your education. Below we have listed an overview of a few of these options. Please feel free to explore these or any other type of financing you find suits your own individual circumstances. Please check this web page often for updates on different options. You may choose one of these options, or a combination of these options.

Tuition Management Systems (TMS): An interest-free payment plan that allows you to pay monthly for current expenses. Please visit at www.afford.com or call 1-800-722-4867.

Federal Direct PLUS Loan: A fixed interest (7.9%) credit based Federal loan that allows a parent of a dependent undergraduate student to borrow up the cost of attendance, minus any other aid, for each year the student is in school (must submit an application each year). To apply for the 2009-2010 school year, download an application here and submit it to the Financial Aid Office. The processing of these loans will begin approximately June 1, 2009. For more information, read the brochure, visit www.dlservicer.ed.gov, or call the Financial Aid Office at 508-531-1341. This loan will be in the parent's name and is the parent's responsibility. It will appear on the parent's credit report.

Alternative Loans: These are typically variable interest rate, credit-based, private loans that allow a student or a parent to borrow up to the cost of attendance, minus any other aid, for each year the student is in school (must re-apply each year). If the student is the borrower and does not have a strong credit history, s/he may be required to have a co-signer. The co-signer will be equally responsible for this loan, at the time of application, and all the way through repayment. It will appear on both the borrower and co-signers credit report. If a parent is considering co-signing an alternative loan, you may want to consider the Federal Direct PLUS Loan above. Please review the "things to consider when choosing a private alternative loan" below before moving forward with the application process.

If you decide to explore private alternative loans*, you can click the link below to view a list of lenders. If you wish to use another lender that is not on this list, you have the right to do so. 

Alternative loans should only be considered by students after you have already applied for financial aid and you have received all state and federal financial aid that you are eligible for.  To apply for financial aid, please visit www.fafsa.ed.gov.

A list of alternative loans can be found at this website:

www.ElmSelect.com

 

Things to consider when choosing a private alternative loan...

Who is the borrower? (student, parent, other…?)

How is eligibility determined? (credit, FICO score, debt to income ratio?)

What will my interest rate be?

        - Is it fixed for the life of the loan or is it variable?

        - If variable, how often does it change and is there a cap?

Are there any fees associated with the loan at any time (origination fee, fee at disbursement, fee when entering repayment, etc).

         Are there any ways to reduce the fees?

What are your borrower benefits? (auto-debit discount, on-time payment discount, etc.)

Is a co-signer required? If yes, are they able to be released off the loan at some point? (If yes, after how long?)

Do you offer any deferment options while I’m in school? What are the details?

 

Last Modified: May 7, 2009