Financial Aid
Payment Solutions
The TuitionPay Monthly Payment Plan from Sallie Mae
The TuitionPay Monthly Payment Plan from Sallie Mae is an affordable, interest-free alternative to paying each semester's tuition and expenses in full prior to the Fall term (due in August) and the Spring term (due in January). The TuitionPay Monthly Payment Plan is not a loan, so there are no interest payments; only a low annual enrollment fee. Used alone, or in conjunction with loans, the TuitionPay Monthly Payment Plan can help reduce the amount you need to borrow which saves you money and keeps debt to a minimum.
For more information call toll free at (800) 635-0120, or click on the link below.
The Federal Parent Loan for Undergraduate Students (PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) allows a parent to borrow funds to assist with payments for the current academic year. This program is not need-based and may be used in lieu of the family contribution. The interest rate for PLUS loans disbursed after July 1, 2006 is 8.50%. Repayment normally begins within 60 days of disbursement. Beginning July 1, 2008, parents can choose to defer payments on a PLUS loan until six months after the date the student ceases to be enrolled at least half time. Accruing interest can either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.
The following is a list of the Federal PLUS loan lenders our Washington College families have used during the last three years. Applications for Federal PLUS loans are available through one of the lenders listed at the right or a participating lender of your choice.
Alternative/Private Student Loans
Many banks and lending institutions offer alternative educational loans that can be used to cover the portion of the total cost of education not covered by scholarships, grants, and other financial aid. These loans are offered by private lenders and there are no federal forms to complete. Eligibility for these loans often depends on the credit score of the borrower.
Some families turn to alternative loans when the federal loans do not provide enough money or when they need more flexible payment options.
Because most private loans cost more than the education loans offered by the federal government, and most have variable interest rates tied to your credit score, we recommend that families research the various private loans before electing to use this payment option.
Washington College does not partner with any particular lenders. However, the Office of Student Aid staff would be happy to help answer questions you may have related to alternative/private loans.
Scholarships & Interest Free Loans for Maryland Residents
The Central Scholarship Bureau is offering interest-free loans to permanent residents across Maryland. Selection is based on need and merit. The Central Scholarship Bureau awarded a record $600,000 in interest-free loans and $300,000 in scholarships this school year. Over 450 students applied and 181 received loans or grants. Changes made to the program in the past year have increased the number of students eligible and the amount they could receive. Undergraduate and graduate students are eligible. There's no age limit. Recipients range from age 17 to 61.
To qualify for a loan, you must apply for federal financial aid (FAFSA). You need to have a grade-point average of at least 2.0 on a scale of 4. and you must have a co-signer for the loan so that if you don't repay it, the co-signer would be on the hook.
Central Scholarship will begin accepting applications for the 2010-2011 academic year in January. Applications must be submitted online between January 2, 2010 and May 31, 2010. All supporting documents must be postmarked by no later than May 31, 2010. For more information and details check out the nonprofit's Web site at www.centralsb.org.
You may contact the Financial Aid office by phone at 410-778-7214 or by e-mail at fa_office@washcoll.edu.
300 Washington Avenue, Chestertown, Maryland 21620 | 410-778-2800 | 800-422-1782