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Financing Your Education

For many families, paying for educational costs not covered by a student’s scholarships, grants, etc. requires some consultation with the Financial Planning Office. We’re glad to help you with that, but below are some ideas to get you started if you need help:

Payment Plan

The college offers a 10-month payment plan that allows you to make your payments for the year’s charges (not covered by other aid) in 10 interest-free installments. There is an $90 annual enrollment fee for this program.

Parent Loans

Several lenders are available to offer federal parent loans. These loans can be borrowed for any or all of the balance owed. The loans are credit-based and carry an interest rate set by the Department of Education at 8.5%. However, many lenders will offer interest rate discounts and other incentives, so it’s important to check with the college to see which lenders may offer such programs.

Additional Student Loans

Sometimes, the Federal Student Loans that a student receives by filing the FAFSA aren’t enough to cover what’s needed. Lenders offer additional student loans—often referred to as private loans or alternative loans—based on the credit of the borrower and co-signer. In almost all cases, a student will need to have the loan co-signed. The college can advise you on different lenders to work with on this.