Interest-Free Monthly Payment Plan
The University contracts with Tuition Management Systems (TMS) to offer a payment plan that is simple, inexpensive and a convenient way of dividing your NET COST or your estimated annual balance over two 5-month sessions. This interest-free plan does not require a credit review. You may complete an application online at afford.com/options or call a TMS representative at 800.722.4867.
Federal Direct PLUS Loan (PARENT)
This federal loan may appear on your Award Letter as Payment Option (10 years). The monthly amount that is calculated is an estimate. Parents of undergraduate dependent students may borrow loan funds based on credit approval to help cover the cost of attending. The parent borrower must be a U.S. citizen or permanent resident. This loan is under the parent’s name. It is payable over 10 years and carries a fixed interest rate set by the federal government, not to exceed 9% with approximately a 4% processing fee. Payments begin 60 days after the second disbursement, typically April if student entered in September in the standard repayment option. Students whose parents are denied a PLUS loan may be eligible for additional unsubsidized loan funding up to $4,000-$5,000 annually.
How to Apply: Complete the Parent PLUS Loan Request Form enclosed in your Award Letter folder. Apply online at studentloans.gov by selecting “Request PLUS Loan” to secure your credit decision. If approved, complete a Parent PLUS Loan Master Promissory Note at www.studentloans.gov.
Alternative Educational Loans (STUDENT)
This is a private loan in the student’s name from a financial institution (bank or credit union, etc.) Alternative loans usually require a credit-worthy co-signer. Interest rates are variable and generally the interest begins to accrue from the date of the disbursement. Repayment begins after the student graduates or ceases to enroll – however, you may be expected to make interest only payments while in school. They are not guaranteed by the federal government and should only be considered after all resources available from the federal, state and institutional grant and loan programs have been exhausted. The terms and conditions of these loans will vary and students have the right to select the alternative loan of their choice.