Paying for College
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 at 260-399-8004 for more details or apply online at www.afford.com/sf.
PLUS Loans
The Federal Grad PLUS Loan and the Federal Parent PLUS Loan are fixed interest rate education loans which allow graduate students or parents of undergraduate students to borrow up to the full cost of attendance less any financial aid already awarded.
- Graduate student or the parent of an undergraduate student is the borrower.
- The interest rate is fixed at 7.9%.
- Loan discharged if student or parent dies or becomes permanently disabled.
- Parent may postpone principal payments while student is in school. Graduate students will receive an automatic deferment on their loans while in school. Interest will accrue on all PLUS loans during periods of deferment.
- Loan approval is based on credit history; debt-to-income is not considered, thus making it easier to qualify.
- 10 years to repay.
Alternative Loans
Alternative loans are private, credit based loans that offer students an additional way to pay for the cost of education. Interest rates are based on both the credit-worthiness of the borrower/co-borrower and upon market variables.
- Student is the borrower. While loan is in the student's name, usually a parent is included as a co-borrower. The co-borrower bears equal responsibility for loan repayment.
- The interest rate will typically be variable with no cap, will vary from lender to lender, and will be based on a consumer index (i.e. prime, commercial paper, LIBOR) 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.
- Loan approved is often based on both credit history and debt-to-income ratio.
- 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.
Employer Educational Assitance Program
This program allows a student to defer payment of reimbursable tuition and fees for up to 15 days after the end of each course. Eligible employers include those of the student, their parent, or spouse. Any balance in excess of the reimbursed amount should be remitted by the published due date.
In order to qualify for the program, students must submit a payment agreement form and proof of an employer’s intent to reimburse for tuition and fees, prior to the published due date. The form and guidelines for this program can be found on My Cougar Connection (MCC). To complete this form log on to MCC, select the Student’s tab, then the Student Finances link. The Employer Assistance Form is located at the bottom of the page. Please contact the Business Office at (260) 399-8004 or by e-mail at BUSOFC@sf.edu with any inquiries.