Financing Options
If you do not receive financial aid, or if you require additional financial
assistance, there are many other options for financing your education.
Loans for Parents or Guardians
Federal PLUS Loans
The Parent Loan for Undergraduate Students (PLUS) program
enables parents of dependent students to borrow up to the
cost of education minus financial aid. Many lenders participate
in the PLUS program. Contact your local bank for more information.
The Massachusetts Educational Financing Authority (MEFA)
offers a loan for parents who have a student attending Newbury.
The minimum that can be borrowed is $2000. An additional
3.75% is added to the requested loan amount as an origination
fee. Payments can be made over a fifteen year period.
The Education Resources Institute (TERI) Alternative Loan
(http://www.teri.org/)
The TERI Alternative Loan allows students and parents to
borrow at low interest rates with flexible repayment terms,
whether or not they receive financial aid. Approval is based
on creditworthiness and the ability of the student and co-borrower
(usually a parent) to repay. The minimum loan amount is
$500. Families may borrow up to the cost of education minus
other financial aid received.
The interest rate is variable. It is adjusted monthly to
equal the prime rate printed in the Wall Street Journal.
Borrowers may elect to deduct the guarantee fee from the
loan proceeds or add it to the loan amount. Borrowers may
pay interest only during the in-school period (deferring
principal) or pay principal and interest during the in-school
period for a guarantee fee at 5%. An additional option allows
borrowers to defer principal and interest while in school
for up to four consecutive years for a guarantee fee of
6.5%. Borrowers may repay in monthly installments up to
twenty-five years, but may prepay with no penalty. The loan
check is co-payable to the student and school in one disbursement.
For a TERI loan application, please call the Newbury College
Office of Financial Assistance or TERI at (800) 255-TERI.
Newbury College Monthly Payment Plans
Newbury College has several options to pay your tuition
monthly.
Payment Plan Available to Continuing Education Students
Newbury College offers Continuing Education students a
monthly payment plan. This allows students to spread their
tuition and fee charges over a four month period (the payment
plan is only available for the current semester balance).
There is a $30.00 late payment fee assessed on this plan.
Payment Plans Available to Day Students
You may enroll in an interest-free monthly payment plan
through Tuition Management Systems (TMS). This plan allows
families to spread education payments out over a ten month
period, instead of paying tuition in full each semester.
With the TMS monthly payment plan, families can reduce the
overall cost of education by paying as much as possible
interest-free, instead of borrowing.
The annual fee to enroll in the TMS program is $65.00,
which includes Tuition Protection Coverage. Tuition Protection
Coverage is life insurance included in the plan at no additional
cost. In case the designated bill payer should die, the
remaining balance of the plan will be paid to Newbury College.
For more information on the TMS monthly payment plan or
to enroll, call (800) 722-4867 or go to http://link.afford.com/schoollink.asp?S_ID=03023&SA_ID=01.
