You may consider one or a combination
of these options to pay your bill. Please visit
Borrowsmart to be able to determine an
affordable monthly payment that will reduce your
total borrowing.
1. MONTHLY
PAYMENT PLAN, administered by Tuition Management Systems
(TMS)
The university
offers deferred payment plans through a
reputable, private firm. Any student may arrange
for a budgeted payment plan through the program in
order to avoid a large cash outlay at the
beginning of each semester. Information on the
payment plan is sent to all students early in the
summer. Contact the Business Office for more
details or apply online at
www.afford.com/sf.
2. PLUS
LOAN OPTIONS
The PLUS
Loan for Graduate Students and for Parents of
Undergraduate Students is a low-interest rate education
loan, which allows graduate students or parents of
undergraduate students to borrow up to the full cost of
attendance less any financial aid already awarded.
· Undergraduate
Parent or Graduate Student is the borrower.
· The
interest rate is fixed at 8.5%.
· Loan
forgiven if student or parent dies.
· Parent
may postpone principal payments while student is in school
and
make interest-only payments. Deferment options are
available. Graduate students will
receive an automatic deferment on their loans while
in school.
· Based
on credit history; debt-to-income is not considered,
thus making it easier to qualify.
· 10
years to repay.
3.
ALTERNATIVE LOANS
Alternative loans are
private, credit based loans that provide students with an
additional way to help cover the cost of education.
Interest rates are based on credit.
· Student
is the borrower. While loan is in student’s name,
usually parent is included as a cosigner. Cosigner
bears equal responsibility for loan repayment.
· The
interest rate is variable, usually with no cap, and varies
from lender to lender. Usually based on a consumer
index (prime, commercial paper, LIBOR, etc.) plus a
margin.
· Not
usually discharged if student dies.
· Interest
accrues while student is in school. Some programs
require student to make minimum monthly payments or
interest only payments while in school.
· Based
on credit history, but often debt-to-income ratio is
considered in credit decision.
· Length
of repayment varies
among lenders, generally 10-25 years.
We recommend that
students consider alternative loans only after they have
exhausted all federal loan options.
These options are available to pay the
balance after all other aid is taken into consideration.
You may take advantage of one or a combination of the
above options.
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