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. Please feel free to explore these or any other type of financing you find suits your own individual circumstances. Please check this web page often for updates on different options. You may choose one of these options, or a combination 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 13, 2012 for the Fall, with the remaining payments due the 15th 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 email@example.com.
Federal Direct Parent PLUS Loan: A fixed interest (7.9%) 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 application for 2013-2014 is available here and should be completed and submitted directly to the Financial Aid Office for processing. Due to the changes in the federal loan fees caused by government sequestration, we are unable to process any Parent Plus loans for the 13-14 school year until after July 1, 2013. 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.
If you decide to explore private alternative loans*, you can click the link below to view a list of lenders. If you wish to use another lender that is not on this list, you have the right to do so.
Alternative loans should only be considered by students after you have already applied for financial aid and you have received all state and federal financial aid that you are eligible for. To apply for financial aid, please visit www.fafsa.gov.
A list of alternative loans can be found at this website:
Who is the borrower? (student, parent, other ?)
How is eligibility determined? (credit, FICO score, debt to income ratio?)
What will my interest rate be?
- Is it fixed for the life of the loan or is it variable?
- If variable, how often does it change and is there a cap?
Are there any fees associated with the loan at any time (origination fee, fee at disbursement, fee when entering repayment, etc).
Are there any ways to reduce the fees?
What are your borrower benefits? (auto-debit discount, on-time payment discount, etc.)
Is a co-signer required? If yes, are they able to be released off the loan at some point? (If yes, after how long?)
Do you offer any deferment options while Im in school? What are the details?
Last Modified: May 24, 2013