For those families who will need additional help financing their educational costs, there are several alternative financing options:
Direct Parent PLUS Loans:
The Direct Federal Parent Loan for Undergraduate Students (PLUS) allows credit worthy parents of dependent students to borrow needed funds to cover the cost of education minus any funds received from other sources. Parents may borrow annually and defer repayment until the student graduates or is registered as a less than a half-time student. Dependent students with parents who are denied a PLUS loan may receive additional Unsubsidized Direct Stafford loans. Check for current interest rates.
To learn more or to apply: www.studentloans.gov
Alternative Loans, also referred to as private loans, are a viable source of funding that helps students meet college costs. These loans are offered by banks or other lending institutions to credit worthy applicants. Most alternative loans are borrowed in the student’s name, but some students may only be eligible with a credit worthy co-signer. ELMSelect is hosted and maintained by ELM Resources to provide student and parent borrowers with information supporting their ability to choose the educational lender of their choice. Interest rates and repayment terms vary depending upon the lender and credit worthiness of the borrower or co-borrower.
To learn more or to apply: www.elmselect.com
Monthly Payment Plans:
Families may budget the cost of tuition and on-campus room and board in monthly installment payments. There is no interest charged on balances paid through the payment plan, however, a small enrollment fee will be assessed at the time of enrollment. Another option is to pay in full each semester by cash, check, money order, credit or debit card.
Interested families should contact the Business/Finance Office at (302) 736-2331 for more information.