The Financial Aid Office at Newbury College realizes that a student’s need for financial assistance may exceed the amount of financial aid offered. Subtracting the financial aid awards shown on your Award Notification Letter from your expected yearly college costs will result in an estimate of your yearly expected personal financial contribution. Listed below are some alternative financing options that may help you to manage your personal financial contribution.
Monthly Payment PlanNewbury College participate in an interest-free ten-month payment plan through Tuition Management Services. This plan allows students and families to finance their balance through the academic year, reducing or eliminating the need to borrow loans, and without incurring interest charges. There is a minimal, one-time enrollment fee. The Student Accounts office will mail literature during the summer explaining these programs.
Tuition Management System www.afford.com/newbury (888) 216-4258
The 10-month Plan Payments begin in July and end in April.
Educational Loans for Students and ParentsIn addition to Federal Loans, students and may explore alternative loans. Newbury suggests that families use federal, state, and institutional financial aid before applying for alternative loans. Borrowers of educational loans should look for lenders offering low interest rates and flexible, long-term repayment options. Interest begins to accumulate at the time the first disbursement of the loan is made, and for educational loans in the parents' name the borrower must begin paying both interest and principal while the student is in school. Factors considered for approval of educational loans include satisfactory credit history, stable income, and a minimum debt to income ratio.
As an added service to our students, Newbury has compiled a suggested lender list. Click here for a list of educational loans commonly used by Newbury students.
Federal Direct Parent Plus LoanThe Parent Loan for Undergraduate Students (PLUS) is a federal loan program. The PLUS Loan has a fixed interest rate of 6.84%. Interest is charged on a Plus Loan from the date of first disbursement until the loan is paid in full. There are two repayments plans for the Plus Loan-1) begin repayment of the loan 60 days after the loan is fully disbursed or 2) begin repayment 6 months after the student ceases to enroll at least half-time.
Click here for more information.
Newbury College recommends that all families apply for the PLUS loan with its federally set fixed interest rate before applying for any alternative or private loans which usually have higher interest rates.