aid - Alternative Financing
QUESTIONS?
Please contact us at fao -is-at- carroll -dot- edu.
Cash Option
Remaining balances may be paid in full to the business office. Payments are due by the beginning of the semester.
Payment Plans
Payment options are available for students who choose to pay their fees by installments. Students electing to pay by installments must renew the agreement every semester.
The Early Pay Five Month plan is offered to full-time students. The semester balance is divided into five installments. Fall semester installments begin July 1 and continue through November. Spring semester installments begin December 1 and continue through April. Enrollment opportunity ends July 20th, for fall semester and December 20th for spring semester. Late enrollment is not offered. The set-up fee is $35 and is included in the first installment each semester.
The Semester Four Month Plan is available to full and part-time students. The semester balance is divided into four installments. The first installment for fall semester is due August 2, 2008 with subsequent installments due through November, 2008. Spring semester the first installment is due January 2, 2009, with subsequent installments due through April, 2009. A $35 set up fee is included in the first installment each semester.
Information on applying for the Semester installment plans can be obtained by calling the Business Office at 406-447-5547 or 5428.
Federal Parent PLUS Loan
Parents my borrow a Federal PLUS loan to assist with educational expenses. The interest rate is a fixed 8.5% (for all PLUS loans disbursed after July 1, 2006).
Click here for more information
Private Alternative Loans
Many times families choose to borrow additional loan funds to meet college tuition costs. The federal student loan programs generally provide better terms and conditions including a lower interest rate and fewer fees, therefore, we recommend borrowing federal loans prior to borrowing any private alternative loans.
Factors to consider when you are looking for an alternative loan:
- Method of determining the interest rate of the loan
- Types of repayment plans
- Early repayment options
- Other borrower benefits
- Late payment penalties
- Origination fees, up-front fees, back-end fees
- Opportunity for forbearance (example: during graduate school)
Lender Comparison List: FASTChoice helps you determine which loan is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.
Prior to completing an alternative loan application a student must complete debt counseling on-line at: http://mappingyourfuture.org/moneymanagementcounseling (not required of parent borrowers).
A sample of the thousands of alternative loans available on-line or through lending institutions is listed below. The list includes the most common alternative loans used by Carroll College students over the last ten years. Borrowers are encourage to use FASTChoice to complete a side-by-side comparison of lenders, terms, and benefits. Students are free to borrow from any lender they choose. If you have questions or would like to request application forms, contact the lending institutions or our office at 1-800-992-3648, ext. 5425 or 406-447-5425.
Key Bank Alternative Loan
Key Bank offers the Key Alternative Loan with zero fees. The interest rate is variable based on the prime rate and creditworthiness. A creditworthy cosigner is often required for undergraduate students. No payments are required while the student is enrolled at least half-time and during the six month grace period. Interest capitalized once, immediately prior to the repayment. The repayment term is for 10, 15, or 20 years depending on amount owed, with no prepayment penalty. There is a cosigner release option for responsible borrowers. Apply online at: Key Bank Alternative Loan or call the financial aid office for an application.
U.S. Bank GAP Loan
The GAP loan is a low interest rate education loan for Carroll College students. The interest rate is variable based on the 91 day T-Bill plus 2.5 %, and creditworthiness. Cosigners may be required for student borrowers that do not meet the credit criteria issued by the bank. Repayment begins six months after graduation and you have up to 15 years to repay the loan. The reserve fee is either 4% or 8% depending on the applicant’s credit. There are no early repayment penalties or back end fees. In repayment the interest rate can be reduced by .25 percent if you have a U.S. Bank checking account or sign up for direct debit. There is a cosigner release option for responsible borrowers. Apply online at: US Bank Gap Loan or call the financial aid office for an application.
U.S. Bank No Fee Education Loan
U. S. Bank offers a No Fee loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. Cosigners may be required for freshman and student borrowers that do not meet the credit criteria issued by the bank. Repayment begins six months after graduation and you have up to 15 years to repay the loan. There are no prepayment penalties. In repayment the interest rate can be reduced by .25 percent if you have a U.S. Bank checking account or sign up for direct debit. There is a cosigner release option for responsible borrowers. Apply online at: US Bank No Fee Loan or call the financial aid office for an application.
Wells Fargo Collegiate Loan
Wells Fargo offers the Collegiate loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. Cosigners may be required if the minimum credit criteria is not met by the student. Repayment begins six months after graduation and you have up to 12 years for repayment. The Collegiate loan offers interest rate reductions for automatic payments and additional rewards for on time payments. There is a cosigner release option for responsible borrowers. Apply online at: Wells Fargo Collegiate Loan or call the financial aid office for an application.