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.
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 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 Nelnet
There is No PAYMENT PLAN option for summer terms.
For information regarding payment plans and billing please visit the Student Accounts Office website. Questions regarding billing and payment plans should be directed to Student Accounts.
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, housing and food, 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://studentaid.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.
For more information on Parent PLUS Loans, current interest rates and origination fees, please click here. The loan origination fees are deducted proportionately each time a loan disbursement is made to the student’s account.
As a result of the One Big Beautiful Bill Act (OBBBA) passing in July 2025, the Federal PLUS loan will have annual and aggregate borrowing limits per student. Starting July 1, 2026, new Parent PLUS loan limits cap borrowing at $20,000 per year and a $65,000 lifetime limit per dependent student, replacing the previous rule of borrowing up to the full cost of attendance; parents with existing Parent PLUS loans before July 1, 2026, can continue borrowing under old rules for up to three more years or until the student finishes their program.
Private student loans—sometimes referred to as alternative education loans—are intended to help cover the gap between the total cost of attendance and the funding available to you. This includes financial aid, federal loans, scholarships, grants, and the amount you or your family can reasonably contribute.
Because private loans are credit-based, approval and loan terms are determined by the borrower’s credit profile. Many students choose to apply with a creditworthy cosigner, which can significantly improve approval chances and may result in lower interest rates and more favorable repayment terms.
We have developed this loan informational pamphlet to help guide you as you begin exploring your options.
When financing your education at Assumption University, it’s important to understand the difference between federal and private student loans.
Simply put, federal student loans are funded by the U.S. government, while private student loans are offered by banks, credit unions, and other private lenders. Although both options can help cover educational costs, they differ significantly in interest rates, repayment flexibility, borrower protections, and long-term cost.
Federal Student Loans
Federal loans are typically the first option students should consider. These loans are funded by the U.S. Department of Education and offer standardized benefits, including:
- Fixed interest rates set by federal law
- Income-driven repayment (IDR) plans based on income and family size
- Deferment and forbearance options
- Loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF)
- No credit check for most student borrowers (except PLUS loans)
- Death and disability discharge protections
Because of these protections and repayment options, federal loans are generally more affordable and flexible over time.
Understanding Parent PLUS Loans
Parent PLUS Loans are federal loans available to biological or adoptive parents of dependent undergraduate students. These loans allow parents to borrow up to the full cost of attendance minus any other financial aid the student receives (subject to new limits outlined below).
Unlike most federal student loans, Parent PLUS Loans are credit-based. While they do not require a specific credit score, the borrower cannot have an adverse credit history (such as recent bankruptcy, foreclosure, wage garnishment, or loan default). If adverse credit exists, a parent may still qualify by obtaining an approved endorser (similar to a cosigner) or documenting extenuating circumstances.
Key features of Parent PLUS Loans include:
• Fixed interest rates set annually by the federal government
• An origination fee deducted from each disbursement
• Repayment responsibility belongs entirely to the parent borrower (not the student)
• Repayment typically begins 60 days after full disbursement, though deferment options are available while the student is enrolled at least half-time
While Parent PLUS Loans are federal loans, they have fewer repayment flexibility options than federal student Direct Loans. Parents may request deferment while the student is in school, and they may qualify for certain extended or income-contingent repayment plans (if the loan is consolidated into a Direct Consolidation Loan).
Families should carefully evaluate borrowing amounts, long-term affordability, and repayment responsibilities before choosing this option.
Private Student Loans
Private loans are credit-based and issued by private lenders. Approval, interest rates, and repayment terms depend on the borrower’s (or cosigner’s) credit profile.
Private loans may differ from federal loans in several important ways:
- Interest rates may be fixed or variable
- Variable rates can increase over time depending on market conditions
- Private loans typically do not offer income-driven repayment plans
- Forgiveness programs are generally not available
- Repayment options and hardship protections vary by lender
- Most students require a creditworthy cosigner to qualify
At Assumption University, students are strongly encouraged to maximize federal financial aid options—including grants, scholarships, and federal loans—before considering private loans.
If you are considering borrowing from a private lender to help cover your Assumption University educational expenses, be sure to ask:
- Are there origination fees or repayment fees?
- Is the interest rate fixed or variable? If variable, how high can it rise?
- When does repayment begin—while in school or after graduation?
- What will the estimated monthly payment be?
- What is the total cost of the loan over time, including interest?
- Are there interest rate reductions for automatic payments?
- Are deferment, forbearance, or cosigner release options available?
Understanding these details can help you make an informed financial decision.
One of the most important financial decisions you will make at Assumption University is how much to borrow.
While you may be eligible for a loan amount that exceeds your direct educational expenses, you are not required to accept the full amount offered. You have the right to:
- Request a reduction in your loan amount
- Cancel all or part of your loan before disbursement
- Adjust future borrowing amounts
*Borrow only what you truly need. Overborrowing can significantly increase your long-term repayment burden.
Before borrowing, consider:
- Create a budget you will need based on your Cost of Attendance
- Your total projected debt at graduation
- The estimated monthly payment after graduation
Tips for improving your credit score:
1. Pay down your credit card balances to keep utilization low.
2. Make every payment on time.
3. Request a credit limit increase on existing cards.
4. Check your credit reports with Equifax, Experian, and TransUnion and dispute any errors.
5. Avoid applying for multiple new credit accounts in a short period.
6. Keep older credit accounts open to maintain a longer credit history.
Tips for improving your debt-to-income ratio:
1.Pay down on existing debts (credit cards, loans, etc.) to lower your total monthly obligations.
2. Avoid taking on new debt while you’re trying to improve your ratio.
3. Refinance or consolidate loans to reduce your monthly payment amount.
4. Pay off smaller debts first to eliminate monthly payments faster.
5. Extend loan terms (when appropriate) to lower monthly payments.
6. Track your monthly income and debt payments regularly to keep your ratio under control.
Financing your education is an investment in your future. Federal loans are typically the safest and most flexible borrowing option. Private loans may be appropriate in certain situations when federal aid and other resources do not fully cover your educational costs.
Before making any major financial decision, review interest rates, repayment timelines, and total borrowing costs. If you are unsure which option is best for you, the Assumption University Student Financial Services team is available to help guide you through your options.
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.
Important Update: Changes to Federal Loan Limits (AY 2026–2027)
Under the One Big Beautiful Bill Act (OBBBA), signed into law in 2025, notable changes to federal student loan borrowing will take effect on July 1, 2026:
• Graduate PLUS Loans will be phased out for new borrowers
• Parent PLUS Loans will be subject to new annual and lifetime borrowing limits
• Some students may be grandfathered into higher federal borrowing limits if they remain enrolled in their current degree program
As a result of the One Big Beautiful Bill Act (OBBBA) passing in July 2025, Federal PLUS Loans will now have annual and aggregate borrowing limits per student. Starting July 1, 2026, new Parent PLUS Loan limits cap borrowing at $20,000 per year with a $65,000 lifetime limit per dependent student, replacing the previous rule that allowed parents to borrow up to the full cost of attendance. Parents with existing Parent PLUS Loans prior to July 1, 2026, may continue borrowing under the previous rules for up to three additional years or until the student completes their current program, whichever comes first.
Students and families are encouraged to review their eligibility and understand how these changes may impact their financing options.
Please visit our website on the OBBBA for more information – https://www.assumption.edu/ob3
The AU Pathway Loan is funding lent to undergraduate students from Assumption University to help pay their educational expenses while enrolled full time. The AU Pathway Loan does not accrue interest while students are enrolled at least half time (6 credits per semester). When students graduate or drop below half time status, they will have a six month grace period before repayment begins. The AU Pathway Loan has a 5% interest rate and a 10 year repayment period. The loan will be serviced by ECSI, a company Assumption uses to process and manage the loans.
For additional information on the AU Pathway loan, please contact the Office of Student Financial Services at (508) 767-7158 or at sfs@assumption.edu.
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.
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 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 Nelnet
There is No PAYMENT PLAN option for summer terms.
For information regarding payment plans and billing please visit the Student Accounts Office website. Questions regarding billing and payment plans should be directed to Student Accounts.
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, housing and food, 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://studentaid.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.
For more information on Parent PLUS Loans, current interest rates and origination fees, please click here. The loan origination fees are deducted proportionately each time a loan disbursement is made to the student’s account.
As a result of the One Big Beautiful Bill Act (OBBBA) passing in July 2025, the Federal PLUS loan will have annual and aggregate borrowing limits per student. Starting July 1, 2026, new Parent PLUS loan limits cap borrowing at $20,000 per year and a $65,000 lifetime limit per dependent student, replacing the previous rule of borrowing up to the full cost of attendance; parents with existing Parent PLUS loans before July 1, 2026, can continue borrowing under old rules for up to three more years or until the student finishes their program.
Private student loans—sometimes referred to as alternative education loans—are intended to help cover the gap between the total cost of attendance and the funding available to you. This includes financial aid, federal loans, scholarships, grants, and the amount you or your family can reasonably contribute.
Because private loans are credit-based, approval and loan terms are determined by the borrower’s credit profile. Many students choose to apply with a creditworthy cosigner, which can significantly improve approval chances and may result in lower interest rates and more favorable repayment terms.
We have developed this loan informational pamphlet to help guide you as you begin exploring your options.
When financing your education at Assumption University, it’s important to understand the difference between federal and private student loans.
Simply put, federal student loans are funded by the U.S. government, while private student loans are offered by banks, credit unions, and other private lenders. Although both options can help cover educational costs, they differ significantly in interest rates, repayment flexibility, borrower protections, and long-term cost.
Federal Student Loans
Federal loans are typically the first option students should consider. These loans are funded by the U.S. Department of Education and offer standardized benefits, including:
- Fixed interest rates set by federal law
- Income-driven repayment (IDR) plans based on income and family size
- Deferment and forbearance options
- Loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF)
- No credit check for most student borrowers (except PLUS loans)
- Death and disability discharge protections
Because of these protections and repayment options, federal loans are generally more affordable and flexible over time.
Understanding Parent PLUS Loans
Parent PLUS Loans are federal loans available to biological or adoptive parents of dependent undergraduate students. These loans allow parents to borrow up to the full cost of attendance minus any other financial aid the student receives (subject to new limits outlined below).
Unlike most federal student loans, Parent PLUS Loans are credit-based. While they do not require a specific credit score, the borrower cannot have an adverse credit history (such as recent bankruptcy, foreclosure, wage garnishment, or loan default). If adverse credit exists, a parent may still qualify by obtaining an approved endorser (similar to a cosigner) or documenting extenuating circumstances.
Key features of Parent PLUS Loans include:
• Fixed interest rates set annually by the federal government
• An origination fee deducted from each disbursement
• Repayment responsibility belongs entirely to the parent borrower (not the student)
• Repayment typically begins 60 days after full disbursement, though deferment options are available while the student is enrolled at least half-time
While Parent PLUS Loans are federal loans, they have fewer repayment flexibility options than federal student Direct Loans. Parents may request deferment while the student is in school, and they may qualify for certain extended or income-contingent repayment plans (if the loan is consolidated into a Direct Consolidation Loan).
Families should carefully evaluate borrowing amounts, long-term affordability, and repayment responsibilities before choosing this option.
Private Student Loans
Private loans are credit-based and issued by private lenders. Approval, interest rates, and repayment terms depend on the borrower’s (or cosigner’s) credit profile.
Private loans may differ from federal loans in several important ways:
- Interest rates may be fixed or variable
- Variable rates can increase over time depending on market conditions
- Private loans typically do not offer income-driven repayment plans
- Forgiveness programs are generally not available
- Repayment options and hardship protections vary by lender
- Most students require a creditworthy cosigner to qualify
At Assumption University, students are strongly encouraged to maximize federal financial aid options—including grants, scholarships, and federal loans—before considering private loans.
If you are considering borrowing from a private lender to help cover your Assumption University educational expenses, be sure to ask:
- Are there origination fees or repayment fees?
- Is the interest rate fixed or variable? If variable, how high can it rise?
- When does repayment begin—while in school or after graduation?
- What will the estimated monthly payment be?
- What is the total cost of the loan over time, including interest?
- Are there interest rate reductions for automatic payments?
- Are deferment, forbearance, or cosigner release options available?
Understanding these details can help you make an informed financial decision.
One of the most important financial decisions you will make at Assumption University is how much to borrow.
While you may be eligible for a loan amount that exceeds your direct educational expenses, you are not required to accept the full amount offered. You have the right to:
- Request a reduction in your loan amount
- Cancel all or part of your loan before disbursement
- Adjust future borrowing amounts
*Borrow only what you truly need. Overborrowing can significantly increase your long-term repayment burden.
Before borrowing, consider:
- Create a budget you will need based on your Cost of Attendance
- Your total projected debt at graduation
- The estimated monthly payment after graduation
Tips for improving your credit score:
1. Pay down your credit card balances to keep utilization low.
2. Make every payment on time.
3. Request a credit limit increase on existing cards.
4. Check your credit reports with Equifax, Experian, and TransUnion and dispute any errors.
5. Avoid applying for multiple new credit accounts in a short period.
6. Keep older credit accounts open to maintain a longer credit history.
Tips for improving your debt-to-income ratio:
1.Pay down on existing debts (credit cards, loans, etc.) to lower your total monthly obligations.
2. Avoid taking on new debt while you’re trying to improve your ratio.
3. Refinance or consolidate loans to reduce your monthly payment amount.
4. Pay off smaller debts first to eliminate monthly payments faster.
5. Extend loan terms (when appropriate) to lower monthly payments.
6. Track your monthly income and debt payments regularly to keep your ratio under control.
Financing your education is an investment in your future. Federal loans are typically the safest and most flexible borrowing option. Private loans may be appropriate in certain situations when federal aid and other resources do not fully cover your educational costs.
Before making any major financial decision, review interest rates, repayment timelines, and total borrowing costs. If you are unsure which option is best for you, the Assumption University Student Financial Services team is available to help guide you through your options.
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.
Important Update: Changes to Federal Loan Limits (AY 2026–2027)
Under the One Big Beautiful Bill Act (OBBBA), signed into law in 2025, notable changes to federal student loan borrowing will take effect on July 1, 2026:
• Graduate PLUS Loans will be phased out for new borrowers
• Parent PLUS Loans will be subject to new annual and lifetime borrowing limits
• Some students may be grandfathered into higher federal borrowing limits if they remain enrolled in their current degree program
As a result of the One Big Beautiful Bill Act (OBBBA) passing in July 2025, Federal PLUS Loans will now have annual and aggregate borrowing limits per student. Starting July 1, 2026, new Parent PLUS Loan limits cap borrowing at $20,000 per year with a $65,000 lifetime limit per dependent student, replacing the previous rule that allowed parents to borrow up to the full cost of attendance. Parents with existing Parent PLUS Loans prior to July 1, 2026, may continue borrowing under the previous rules for up to three additional years or until the student completes their current program, whichever comes first.
Students and families are encouraged to review their eligibility and understand how these changes may impact their financing options.
Please visit our website on the OBBBA for more information – https://www.assumption.edu/ob3
The AU Pathway Loan is funding lent to undergraduate students from Assumption University to help pay their educational expenses while enrolled full time. The AU Pathway Loan does not accrue interest while students are enrolled at least half time (6 credits per semester). When students graduate or drop below half time status, they will have a six month grace period before repayment begins. The AU Pathway Loan has a 5% interest rate and a 10 year repayment period. The loan will be serviced by ECSI, a company Assumption uses to process and manage the loans.
For additional information on the AU Pathway loan, please contact the Office of Student Financial Services at (508) 767-7158 or at sfs@assumption.edu.