Alternative Financing for Undergraduate Students
Mon. - Fri., 9 a.m. - 5 p.m.
When financial aid does not meet the full annual expense of your Wheelock College program you may wish to pursue some form of alternative financing. Below are some financing options that can help facilitate paying for your Wheelock College education. A number of factors are important to consider when making decisions about educational financing. Interest rates, fees, length of repayment period, total cost of financing, and quality of customer service should all be carefully weighed.
Wheelock College families can choose to borrow through the Federal PLUS loan program, or to use a non-federal credit-based program, or to break out their payments evenly over eight, nine or ten months using our TuitionPay payment plan or any combination thereof. We encourage you to evaluate your situation and determine which features—low monthly payments, low cost of financing, flexible credit criteria, etc.—are most important to you, and to select a program that works best for you relative to those features.
To help guide you through the student loan process we have provided you with a link to a useful website www.finaid.org/loans where you can get valuable information about loans including many types of loan calculators and checklists. We have also provided a direct link to a repayment calculator to help you estimate what your monthly payments might look like once you are in repayment.
We encourage all students to consider using their maximum Federal Stafford loan eligibility prior to seeking any alternative loan as alternative loans are typically more expensive then Stafford Loans and there are many benefits associated with the Stafford loan program.
The Wheelock College monthly payment plan, via the TuitionPay service, offers families a means of budgeting annual college costs with, or without, borrowing. Education expenses for the year are paid to TuitionPay in eight, nine or ten monthly installments, beginning June 1. There are no interest or finance charges. The only cost is a modest annual application fee of $55. Because there are no interest charges, the total cost is significantly lower than you would incur with a loan.
The Federal PLUS Loan is a federally guaranteed loan available to parents of dependent undergraduate students. Eligibility is based on credit worthiness. To apply online please go to studentloans.gov. Click on the green "Sign In" button. Once you have signed in, click on the "Start PLUS Application Process". Then click on "Parent PLUS".
When considering a PLUS loan, keep the following points in mind:
- The Interest rate on a PLUS Loan is fixed at 6.41%. This rate is determined by the federal government.
- An Origination/Guarantee fee of 4.288% will be assessed.
Parent requests to borrow: $1,000
The Federal Government will subtract 4.288% for the Origination and Guarantee fees: $42.88
Total amount applied to student's Wheelock account: $1000 - $42.88 = $957.12
- Parent must be a U.S. citizen or permanent resident.
- Student must also be a U.S. citizen or permanent resident, and must be making satisfactory academic progress towards a degree.
- Borrower must be credit worthy, as determined by the absence of adverse credit on credit history, approval is not based on income or debt-to-income ratio as with many other loans.
- Applicants may borrow up to the cost of attendance (this includes tuition, room and board, books, and other miscellaneous fees) less other financial aid.
- Most PLUS loans are made to cover fall and spring semester costs. The loan funds are disbursed (minus fees) in two equal payments, 1/2 for the fall semester and 1/2 for the spring semester.
- The maximum repayment term is 10 years.
- Repayment begins 60 days after the loan is fully disbursed, but may be deferred while the student is enrolled at least half-time. During the deferment period interest can be paid monthly, quarterly, or capitalized quarterly.
- If a PLUS is borrowed and the borrower is subsequently totally, permanently disabled, or deceased, the loan is forgiven.
- A PLUS Loan can also provide tax savings and incentives. Parents should check with a tax advisor to determine their eligibility.
Please review our Alternative Student Loan options for more information and details on how to apply.
There are a variety of banks and private lenders who offer alternative loans for financing education costs for undergraduate students and their families. Wheelock has a formal process to review the alternative student loan offerings of most of the major lenders. Based on this review, we have chosen the lenders who offer borrower benefits, reliability, electronic delivery of loan proceeds, as well as superior customer service. Be assured that Wheelock receives no benefits, financial or otherwise, from the lenders on our preferred lender list.
Lenders offer private loan programs with different rates, fees, repayment terms and approval requirements. We suggest that you carefully review each program to compare the terms and conditions before deciding which alternative loan may be appropriate for your needs. The lenders listed are those most utilized at Wheelock. Links are provided to the various lender websites. The application process is completed directly through the lender websites linked below. All alternative loan information is accurate as of 08/19/13.
You are under no obligation to borrow from one of these lenders. If you would like to borrow from a lender who is not on this list, you can simply select the lender of your choice and apply directly with that lender. You and the lender will be responsible for getting your loan information including a certification request and the loan funds to us.
Effective February 14, 2010, lenders of private education loans are required to collect a completed and signed Self-Certification Form prior to disbursing the loan proceeds. Individual lenders are implementing their own procedures to comply with this new regulation, so you should contact your lender directly if you have specific questions about the process for submitting this form.
If you do not submit a completed and signed Self-Certification Form to your lender, your loan will not be disbursed.
What Information is Required on the Self-Certification Form?
To complete the Self-Certification Form, you will need to provide your demographic information as well as information about your total cost of attendance and estimated financial assistance. (Note: When reporting your estimated financial assistance on the Self-Certificaiton Form, do not include the amount of the loan for which you are completing the form.)
Cost of Attendance
The total cost of a Wheelock College education includes direct expenses for which you are billed, such as tuition, fees, and charges for room and board, as well as estimates and allowances for indirect expenses such as books, supplies, transportation, and incidental and personal expenses.
The Wheelock Financial Aid Office uses this comprehensive cost figure when processing applications for financial aid and educational loans to ensure that a realistic and reasonable allowance is made for all expenses.
Cost of Attendance for 2013-2014
|Students Living On Campus (Resident Students)||Students Living Off Campus (Commuter Students)|
|Room and Board||$13,200||$2,565 (estimated)|
|Books and Supplies (estimated)||$880||$880|
|Loan Fee (estimated)||$70||$70|
* Incoming freshmen and transfer students are also billed for a$250 Orientation Fee.
Massachusetts law requires health insurance for each student unless the student receives a waiver. Health Insurance cost for 2013-2014 is $2,275. Do not include the health insurance charge in budget if student is already insured.
Estimated Financial Assistance
Financial aid applicants should refer to their award notification letter to obtain this information. Non-aid applicants should include any other loans that have been received and/or any outside scholarship or tuition benefits.