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 options we can suggest to assist families.
Download our Financing Next Steps presentation to learn more about understanding your financial aid package, billing, and payment options.
Interest-Free Monthly Tuition Payment Plans
Assumption College offers monthly payment plans through Tuition Management Systems (TMS) to all undergraduate students. These plans offer students and their families the option to pay their tuition balance in manageable installments - a five-month plan is offered - for the fall and/or spring semester.
There is no payment plan available for the summer semester.
All payment plan payments are due the 1st of each 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.
After the deadline for the five-month plan enrollment has passed, a four-month plan becomes available. The cost to participate is a $40 per semester enrollment fee with TMS. For quickest plan activation, enroll through the Student Account Center on the student portal available 24/7 or visit http://www.assumption.afford.com. If you have any questions about using the Student Account Center for online payments, TMS may be reached at 1-800-279-1914.
Advantages to the Monthly Tuition Payment Plan:
- The plan allows you to pay all or part of your annual cost 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.
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 2018-19 school year include a fixed interest rate of 7.595% and a loan origination fee of 4.264%. 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.
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 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 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.