Financing Options

Assumption University’s professional financial aid advisors offer assistance to students and families to help them afford an Assumption University education. Once you have reviewed your financial aid package, there are a variety of other options we can suggest to assist families.

Undergraduate Payment Plan 

Based on our continued commitment to help you more easily afford an education, Assumption has conducted a thorough review of education payment plan providers, and TMS/Nelnet has been chosen as our exclusive payment plan administrator.   

The Monthly Payment Plan allows you to spread your education expenses over smaller monthly installments, which are paid over the course of the fall or spring semester.  Your only cost is a $40 Semester enrollment fee with TMS/Nelnet

There is No PAYMENT PLAN option for summer terms.

The fall 2020 payment plan starts June 1 with enrollment opening May 21, 2020. The June 1 payment and the enrollment fee are due upon enrollment with the following payments due July 1, August 1, September 1 and October 1. All payment plan payments are due the 1st of the month.  Delinquent plans will be cancelled and the balance is immediately due.  The student will no longer be eligible to participate in the monthly payment plan option for future semesters. If you chose to enroll and do not know your balance, estimate your budget to start.  It is fast and easy to enroll through your Student Account Center in student portal which is available 24/7 here. Questions pertaining to student account center or for free education payment advice, call 800-279-1914.

The deadline for enrolling in a fall 2020 semester undergraduate payment plan with TMS/Nelnet is July 23, 2020. You may enroll after June 1 with all back payments being made at time of enrollment. After June 30, 2020 a 4-month payment plan is available.

If you decide to pay fall 2020 expenses in full, the due date is July 23, 2020.
 

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 https://studentloans.gov and click on the green Log In button.
  • Parents sign in using their FSA ID username or e-mail address and FSA ID password.
  • From the front page, select “Apply for a Direct PLUS Loan.”
  • Select “Direct PLUS Loan Application for Parents.”
  • Complete the application and submit for credit check.
  • If you have been approved, return to the main menu and select “Complete Loan Agreement (MPN).” Choose “PLUS MPN for Parents” and follow the instructions provided. If denied, our office will receive this information electronically and we will review the student for additional loans.
  • You may log out once completed. We will receive your application electronically.

Parent PLUS Loans will require a credit check for the borrower. If you are denied the Parent PLUS Loan, there are steps you may take in order to appeal the credit decision, or you may obtain a credit-worthy endorser in order to reverse the denial. The student may be eligible for additional Direct Unsubsidized Loan if the parent is denied.

Parent PLUS Loan terms and conditions for the 2020-21 school year include a fixed interest rate of 5.30% and a loan origination fee of 4.236%. The loan origination fees are deducted proportionately each time a loan disbursement is made to the student’s account. For more information on Parent PLUS Loans and the current interest rates, please visit https://studentaid.ed.gov/sa/types/loans.

Private Alternative Loans

Assumption University 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 and require a completed promissory note. These loans must be submitted for certification to the Office of Financial Aid; 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 University 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.