Financing Options

Assumption College’s professional financial aid counselors have nearly 60 years of collective experience working with students and their families. Once you have reviewed your financial aid package, there are a variety of other tools we can suggest to assist families.

  • Monthly payment plan
  • Federal loan for parents
  • Massachusetts State Loans
  • Private alternative loans

Monthly Payment Plan

Financing Guide

Assumption College offers a 10-month payment plan through TuitionPay. The first payment is due June 1; the last payment is due March 1.

If you need more information please contact TuitionPay at 1-800-635-0120 or call an Assumption student account representative at 508-767-7351.

You may enroll online at https://tuitionpay.salliemae.com/assumption.

Federal Parent PLUS Loan

Parents of dependent students can borrow a Direct Parent PLUS Loan to cover expenses related to tuition, room and board, and lab fees, minus any other financial aid received. Funds can be borrowed for books and living expenses.

The PLUS Loan terms and conditions include:

  • A determination that the parent applicant does not have an adverse credit history
  • A fixed interest rate of 7.9%, with interest accruing from the time the funds are disbursed
  • Repayment begins immediately after the money is disbursed
  • A fee of 4.2% on the loan amount, deducted proportionately each time a loan disbursement is made 

    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 (must sign in using parent's FAFSA PIN)
  • From the main menu, select "Request a PLUS Loan" and select loan type "Parent PLUS"
  • Complete the application and submit for Credit Check*
  • You may log out once completed. Print a copy for your records. We will receive your application electronically. 
      If you are denied a PLUS Loan, the student may be eligible for an additional Unsubsidized Stafford Loan. Please contact the Assumption Financial Aid Office for more information.

MEFA Loan

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 exhaust all federal loan opportunities before applying for a private alternative loan. These loans are available to help cover the remaining balance after financial aid. All private loans are subject to credit approval.

The Assumption College Financial Aid Office follows a clear process and a Code of Conduct that guides our selection of suggested lenders. We recommend lenders based on the quality of the products and services they provide to students and their families. To view our full list of private alternative loans, please log onto ELM Selectand choose “Assumption College” from the drop-down menu.

You are completely free to apply with a lender of your own choice that is not on our list.