Once you have applied for and received your financial aid award package, your next question may be, "How do I take care of the costs that financial aid doesn't cover?" If your family cannot meet the financial responsibilities from current income and/or assets, there are a variety of options available. Similar to the purchase of a house or a car, higher education is a long-term investment with long-term value.
A number of Marietta College financing options are outlined below for you to consider. As you review this information, you may decide that one method best fits your needs or you may elect to use a combination of payment plan for part of the cost of a loan for the remainder.
You will receive a mailing from the Student Accounts Office in early July that will contain instructions on how to access your initial bill. Enrollment forms and instructions will also be included for our two payment plan options. All of the details can be found on the Student Accounts Payment Options page.
Semester Payment Plan
This plan calls for one payment for each semester. The payment for fall semester is due on August 1st, and for spring semester on January 2nd.
Monthly Budget Plan
Semester charges are divided equally into 4 monthly payments. The first payment for fall semester is due on August 1st and for spring semester on January 2nd.
Payment and/or payment arrangements are expected to be made no later than August 1st for fall semester and January 2nd for spring semester in order for a student's registration to be considered valid and receive campus services.
For more information about payment plans, contact the Marietta College Business Office at 1.800.274.4619.
If you are thinking about borrowing to help pay for your student's higher education, first learn all you can about education loans, study your cash-flow position, and then borrow only what is necessary.
You may be eligible for a Federal Parent Loan for Undergraduate Students (PLUS). You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing. You may borrow up to the total cost of education less any other financial aid received. To be eligible for the PLUS loan, the borrower must be considered credit-worthy. If the parent's loan application is denied, the student becomes eligible to borrow an additional Unsubsidized Stafford Loan of up to $5,000, depending on need and grade level.
To apply for a Federal Direct Parent Plus Loan, the parent will go towww.studentaid.gov and click on the green "Log In" button. You will use the parent FSA ID (the same one used to sign the FAFSA), and click on "Apply for a Plus Loan" and choose Parent Plus as the loan type. Once you have completed the credit check, if approved, the parent will be directed to complete Entrance Counseling and the Parent Plus Master Promissory Note (MPN).
Students who have borrowed the maximum allowable under the Federal Stafford Loan program, but who need to borrow additional amounts may want to consider borrowing an alternative loan. Alternative loans are borrowed from a bank, and don't have the same restrictions as federal loans. However, since they are education loans, they may include advantages that are similar to some of the federal education loans such as deferment options and lower interest rates. Alternative loans usually require a credit-worthy cosigner if the student does not have a favorable credit history and require certification by the school. The maximum borrowing limit is the annual cost of attendance minus all other financial aid received.
To apply for an Alternative/Supplemental loan, you will need to research and choose a lender. You are welcome to use any lender. A sample of lenders that we know to have outstanding service and differing credit approval methodologies is provided on the back of this brochure and on line. There are 5 application components students and their cosigners must complete for an alternative loan. 1) Initial application submission for credit check. 2) Lender credit approval. 3) Completion of a promissory note. 4) Acceptance and completion of a Loan Disclosure. 5) Completion of a Self-certification Form. The alternative loan process can take up to four weeks or longer for completion. The order in which these items are presented varies by lender.
Your life insurance policy may have options for borrowing for education purposes. For more information, contact your insurance agent.
For more information about federal or alternative loans, contact Sam Delbaugh in the Office of Student Financial Services 1.800.331.2709.