For many families, paying for educational costs not covered by a studentâ€™s scholarships, grants, etc. requires some consultation with the Financial Planning Office. Weâ€™re glad to help you with finance questions, but below are some ideas to get you started if you need help:
The college offers a 10-month payment plan that allows you to make your payments for the yearâ€™s charges (not covered by other aid) in 10 interest-free installments. There is an $90 annual enrollment fee for this program.
The Department of Education offers Direct Parent Loans (PLUS). 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 7.9%.Â Click here for the 2013-14 PLUS application.
Sometimes, the Federal Student Loans that a student receives by filing the FAFSA arenâ€™t enough to cover whatâ€™s needed. Lenders offer additional student loansâ€”often referred to as private loans or alternative loansâ€”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 recommends that you consult with a trusted bank or other lending institution to determine whether this type of finance may be an option for you.