When financial aid does not meet the full annual expense of your Lesley University program you may wish to pursue additional financing options.
Interest-Free Payment PlansFederal Direct Parent PLUS LoanFederal Direct Graduate PLUS LoanPrivate Alternative Loans
Administered by the Lesley University Student Accounts Office through Tuition Management Systems (TMS), interest-free monthly payment plans are available to help you manage the cost of your Lesley University education. Payment Plans may be established for an academic year or by semester. For more information on the TMS payment plans available, visit the Student Accounts Office or contact the Student Accounts Office at 800.999.1959 ext. 8760. Once you are ready to enroll in a TMS payment plan, you can do so through the TMS website at www.afford.com/lesley.
The Federal Direct Parent PLUS Loan is a federally guaranteed loan available to parents of dependent undergraduate students. Eligibility is based on credit worthiness. The 2014-2015 interest rate for new Federal Direct Parent PLUS Loans is fixed at 7.21%. There is an origination fee of 4.288% that is deducted from the loan before the funds are sent to Lesley University on the borrower's behalf. Parents may borrow up to the cost of education minus other financial aid. Repayment typically begins 60 days after the funds are fully disbursed but parents also have the option to defer payments while the undergraduate student on whose behalf they borrowed the PLUS loan is in school and for a six-month grace period after the student graduates or drops below full-time enrollment. (Payments can also be deferred if the parents are themselves enrolled in college by submitting an application for an in-school deferment.) The repayment term is 10 to 25 years, depending on the repayment plan you choose. Since the interest on the PLUS loan is not subsidized, it continues to accrue while deferred and is capitalized when the loan enters repayment. Lesley University participates in the William D. Ford Direct Loan Program, which means that Federal Direct Parent PLUS Loans are borrowed directly from the U.S. Department of Education. Parents of dependent students may apply for the Federal Direct Parent PLUS Loan through the U.S. Department of Education's website or by submitting a paper application [pdf] to the Office of Financial Aid.
The Federal Direct Graduate PLUS Loan is a federally guaranteed loan available to graduate students who are eligible for the Federal Direct Unsubsidized Stafford Loan. Eligibility is also based on credit worthiness. The 2014-2015 interest rate for new Federal Direct Graduate PLUS Loans is fixed at 7.21%. There is an origination fee of 4.288% that is deducted from the loan before the funds are sent to Lesley University on the borrower's behalf. Graduate students may borrow up to the cost of education minus the $20,500 in the Federal Direct Unsubsidized Stafford Loan and other financial aid. Repayment typically begins 60 days after the funds are fully disbursed but borrowers also have the option to defer payments while enrolled at least half-time. The repayment term is 10 to 25 years, depending on the repayment plan you choose. Since the interest on the PLUS loan is not subsidized, it continues to accrue while deferred and is capitalized when the loan enters repayment. Upon entering repayment, borrowers can choose to consolidate their Federal Direct Stafford Loans and Federal Direct Graduate PLUS Loans.You may apply for the Federal Direct Graduate PLUS Loan through the U.S. Department of Education's website or by submitting a paper application [pdf] to the Office of Financial Aid.
Private alternative loans may be more expensive than Federal Direct PLUS Loans, but it depends on your credit score and the loan product's terms and conditions. Research scholarship opportunities, grants, work programs, and Federal Direct Stafford Loan programs before borrowing from an alternative loan program. There are a wide variety of private alternative loan products available to both students and parents. We recommend researching your options thoroughly before applying and using this Private Alternative Loan Tip Sheet [pdf] for a list of questions to ask as well as terms and conditions to compare.
For a sample list of options, please visit our Private Alternative Loan List. Lenders who are represented on the list appear simply because they have notified Lesley University that they offer private educational loans for the current academic year. Lesley University does not recommend any particular loan. Please review our Code of Conduct for legal information about lending relationships.
We encourage you to widen your search to your state's lending agency, local bank, or credit union and then determine which product works best for you and your family. If you decide to use a lender or loan product that is not represented on the Private Alternative Loan list, simply notify us so that your private alternative loan of choice can be certified.
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