In addition to the student aid offered to their son or daughter, many families have questions about financing the remaining portion of their student's educational expenses.  No single option is the right one for everyone; each family's circumstances will determine which financing strategy is best for their individual needs.  Listed below are several options you may want to consider when researching which option is best for you.

Lawrence University Monthly Payment Plan

Federal Direct Parent PLUS Loan

Combined Payment Plan & PLUS Loan

Private Educational Loans

 

Lawrence University Payment Plan

Lawrence offers the option of interest-free monthly payment plans, allowing families to spread payments over 10 months. The payment plan enrollment fee for 2011-2012 is $90 and is to be included with the first monthly payment. 

Lawrence University Payment Plan Enrollment Form

Payment plans are set up by the Office of Financial Services.

 

Federal Direct Parent PLUS Loan

Parents of dependent students may apply for loans from a non-need-based program, the Federal Direct Parent PLUS Loan Program. The parent may borrow an amount up to the Cost of Attendance minus Other Financial Aid. At disbursement, the funds will first be transferred into the student’s University account to pay for on-campus charges (e.g., tuition and fees, room and board, and other school charges). If any money remains, the parent of the student will receive the balance, unless the parent designates that the student should be the recipient. Click here for more information.

 

Combined Payment Plan & PLUS Loan

Some families are able to reduce their overall borrowing by paying part of their balance over a 10 month period while borrowing the remainder of a 10 year period.

For example: The student's remaining balance after financial aid is $15,000 and the family has budgeted $500 a month for educational expenses. Rather than borrowing the entire $15,000 through a PLUS Loan, the family makes a elects to enroll in the monthly payment plan and borrow $11,600 in the form of a Federal Direct PLUS Loan.

Monthly payment for $11,600 PLUS Loan: $140
Monthly payment to Lawrence University: $360
Total monthly payment $500


Borrowing $11,600 instead of $15,000 in PLUS Loan will save the family approximately $1,525 in interest over the life of the loan.

 

Private Educational Loan Options

Students should exhaust all federal student eligibility before considering private educational loans.  Students who need further financing beyond federal student loan eligibility should borrow only what they need and should select the loan that best meets their funding needs.

Lawrence University adheres to a Student Loan Code of Conduct as required by the Higher Educational Opportunity Act.

Lawrence University does not endorse or promote any specific private educational loan lender or lending program. Borrowers may choose any eligible, participating lender regardless of whether it appears on our lender list. As a guide for comparing loans, we have provided a list on FASTChoice, a loan comparison tool that assists borrowers in selecting a loan that is best suited to meet their needs. You may see our lender list at FASTChoice.

Lawrence University selected these lenders to be on the FASTChoice lender list for the following reasons:

Remember, the Office of Financial Aid will process a private education loan from any lender you choose. There may be lenders not on our list who offer different benefits that are better suited to your particular circumstances.

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