Assumption College’s professional financial aid advisors offer assistance to students and families to help them afford an Assumption College education. Once you have reviewed your financial aid package, there are a variety of other optoins we can suggest to assist families.
- Monthly payment plan
- Federal loan for parents
- Massachusetts State Loans
- Private alternative loans
Interest-Free Monthly Tuition Payment Plans
Assumption College offers a monthly payment plan through Tuition Management Systems (TMS) to all undergraduate students. This plan offers students and families the option to pay their tuition balance in manageable installments. There is a $35 per semester enrollment fee. The Fall semester runs from June 1 to October 1 (5 monthly installments) and the Spring semester plan runs from November 1 to March 1 (5 monthly installments). You can enroll at www.assumption.afford.com.
Advantages to the Monthly Tuition Payment Plan:
- The plan allows you to pay all or part of your annual charges in monthly installments without interest charges.
- The plan is flexible and can be used to supplement all other forms of financial aid such as grants, loans and scholarships.
- All enrolled students will be mailed information and an application for the tuition payment plan in May. More information can be found here. Please note: there is a deadline to enroll in the payment plan. For questions, please contact the Assumption College Office of Student Accounts at 508.767.7351.
Federal Direct Parent PLUS Loan
Parents of dependent students can borrow a Direct Parent PLUS Loan to help cover education expenses. Parents may borrow the total cost of the undergraduate education including tuition, room and board, and lab fees, minus any other financial aid received. This allows for a parent to borrow extra funds for books and living expenses.
To apply, follow these steps:
- Go to www.fafsa.gov and complete the FAFSA, if you have not already done so
- Go to www.studentloans.gov and sign in using your (parent) FSA ID username or email address and FSA ID password.
- From the main menu, select "Request a Direct PLUS Loan" and select loan type "Parent PLUS"
Complete the application and submit for Credit Check*
- If you have been approved, return to the main menu. Select "Complete Master Promissory Note" and choose "Parent PLUS".
- Print a copy for your records. You may log out once completed. We will receive your application electronically.
Direct Parent PLUS Loan terms and conditions for 2015-2016 include:
- A determination that you (the applicant) do not have an adverse credit history;
- A fixed interest rate of 6.84% Direct Parent PLUS Loans; and
- A loan origination fee of 4.292% and 4.272% on loans disbursed on or after October 1, 2015. This fee is deducted proportionately each time a loan disbursement is made.
The Massachusetts Education Financing Authority (MEFA) offers low-cost, fixed interest loans to students attending a Massachusetts college or university. MEFA Loans can supplement a Stafford Loan and/or replace all or part of the Expected Family Contribution (EFC). MEFA Loans are not based on need, but on borrower and co-borrower creditworthiness.
Advantages of MEFA Loans:
- Choice of repayment options – immediate, interest-only or deferred
- Fixed interest rates on all MEFA Loans
- No tiered pricing: all qualified borrowers receive the same low interest rate
- Interest may be tax deductible
MEFA currently offers two loan programs to Assumption students: MEFA Undergraduate Loan and MEFA Student Deferred Loan.
You can apply online with at www.mefa.org. Please contact MEFA at 1-800-449-6332 for more information.
Private Alternative Loans
Assumption College encourages you to fully research the loans and lenders that best fit your needs. Private loans are available to help cover the remaining balance after financial aid. All private loans are subject to credit approval, a completed promissory note and must be submitted for certification to the Financial Aid Office. The certified loan will then be reflected as a secure loan to be applied towards your student account.
ELMSelect provides a truly neutral lender and product comparison tool. It allows students to evaluate, compare and select a lender that best fits their financial needs. You can review all lenders on one page, narrow the list of lenders and compare them side-by-side. You can begin the loan application process from ELMSelect by choosing ‘Apply Now’ for the selected lender. For detailed information about these loans, including borrower benefits and services, log onto www.elmselect.com. The Assumption College Financial Aid Office follows a clear process and a Code of Conduct that guides our selection of suggested lenders.
Assumption also accepts loans from lenders not on our suggested list. Here are two tools that can help you choose the best lender.