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Scholarships & Financial Aid |
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How You Can Pay for Your Contribution
Here are some suggestions for the first places families look to pay their share of the expenses:
Parents also have the option of monthly payment plans and loans that are designed specifically for them. BorrowSmart!! This is your link to more information about the Tuition Payment Plan, PLUS Loans, and Private Educational Loans for Susquehanna. Susquehanna University Recommended Lenders for 2008-2009.
Parent Loan for Undergraduate Students (PLUS). Through this program, your parent may borrow an annual amount up to your cost of attendance less financial aid. Repayment begins within 60 days of the loan's disbursement. The fixed interest rate is set at 8.5 percent. Click here for a PLUS loan sample repayment schedule. Interest may be tax deductible. There is no income requirement, but the parent borrower may not have an "adverse credit history." Applications are available through the Office of Financial Aid or you can choose to apply on-line through American Education Services. For an understanding of how lenders are selected for recommendation to SU students and their families, please see our institutional statement on this subject. Unsubsidized Stafford Loan. If you are not eligible for the federally-subsidized, need-based Stafford Loan, you may be eligible to borrow up to the Stafford annual maximums ($3,500 for first-year students, $4,500 for sophomores, and $5,500 for juniors and seniors) from this program. The interest rate on the borrowed amount is the same as for the Stafford Loan. There is no payment due on the principal until six months after the borrower is no longer enrolled at least half-time. However, borrowers are obligated to make quarterly interest payments (or to have them added to the principal) throughout the in-school period. You apply by completing the standard need-based aid application process and a Stafford Loan Master Promissory Note (MPN). Alternative loan options. There are a variety of private loans for education which are available to Susquehanna students. You and your family are always best-advised to pursue federal education loans first (Stafford and PLUS) since they carry lower, and often tax-deductible, interest. However, for families who wish to handle additional borrowing through one of these programs, our staff is available to help you sort through the options and evaluate which loan may make sense for your particular situation. Since these loans are non-federal, there is no cap on their interest rates (currently ranging from 7.5% upward) which are subject to change quarterly, or occasionally, monthly. For information and/or application material, please contact our office. Payment Plans. Susquehanna participates in a monthly payment plan program. Families can choose this option to spread tuition, room, and board payments over 10 or 12 months. A $60 annual service fee is the only additional cost. Prior to enrollment, all accepted students receive detailed information and applications for these plans. In the meantime, you may address your questions to Susquehanna's Business Office at 570-372-4060. Your Credit Score. The importance of good credit--and how to keep it in good shape. |
