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.
BSU Payment Plan: This is a web-based, interest-free payment plan that assists students and their families to spread the semester charges over four monthly installments. The payment plan is based on actual charges less financial aid credits. Enrollment in the plan for the Fall semester begins early July, and begins in early December for the Spring semester. The first payment is due August 23, 2013 for the Fall, with the remaining payments due the 20th day of the next three months. Each semester, a $25.00 non-refundable enrollment fee is required at the time of enrollment. For more information, contact the Office of Student Payment Plan at 508-531-1752 or firstname.lastname@example.org.
Federal Direct Parent PLUS Loan: A fixed interest credit based Federal loan that allows a parent of a dependent undergraduate student to borrow up the cost of attendance, minus any other aid/resources, for each year the student is in school (must submit an application each year). The Parent PLUS Loan application may be completed at www.studentloans.gov, or you may complete a paper application and submit it to the Financial Aid Office. This loan will be in the parent's name and is the parent's responsibility, not the student's. It will appear on the parent's credit report. The parent borrower must also sign a Master Promissory Note at www.studentloans.gov. Payments on this loan may be deferred, but the parent must request deferment through the Direct Loan Servicing Center.
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.
A list of alternative loans can be found at this website: www.ElmSelect.com