Now that the bill has come out you are probably asking yourself: “How do I pay this?” There are many ways to cover that gap between your financial aid award and the bill. We don’t formally recommend any particular way to cover your balance since every family is different. However there are three major ways that we often see families utilizing to pay their bill.
Parent and Graduate PLUS loans– The PLUS loan is a federal loan that are available to the parents of dependent students and graduate students. These loans require an application and credit check in order to qualify. The Parent PLUS loan is a loan taken out in the parents name as opposed to the student. This means that the parent is primarily responsible for repayment of the loan. Applications for the PLUS loans are processed through www.studentloans.gov.
Private or Alternative Loans: If a PLUS loan is not the right option for you but you still would rather take a loan out than pay upfront then an alternative loan would be your next stop. Alternative loans are offered through a bank or lender and are loans taken out in the student’s name; however they will often need a co-signer to be approved. The repayment options vary depending on the loan and some loans may have other fees associated with borrowing so always ask the lender before you apply! You can compare private loans by using the Borrow Smart tool. The financial aid office does not recommend alternative loans to students or their families. A list of commonly used alternative loans can be found here.
Payment plan- Wentworth offers an interest-free monthly payment plan with Tuition Management Systems, or TMS for short. When you set up a payment plan you are dividing the costs of the academic year over several payments. There are various plans available depending on how you want to break down your payment plan. Check out this handy- dandy chart below with a breakdown of the plans, associated fees and payment dates.
|TUITION MANAGEMENT SYSTEMS (TMS)
Payment Plan Details
|Plan Type||# of Payments||First Payment Date
|Last Payment Date||Enrollment Fee|
|Full Year||12||April 5th||March 5th
|Fall Only||5||June 5th||October 5th||$60.00|
|Spring Only||5||November 5th||March 5th
The monthly statements are sent out by TMS and all payments are remitted directly to TMS and will appear on your WIT account once TMS receives the payment.
You can get some more information regarding TMS here!
Some families will do a combination of the above options but again it is really up to the student (and family) how they wish to cover this balance.
As always we highly recommend that students also pursue outside scholarship awards to help bridge the gap and manage their borrowing. If you are in need of a place to start check out these articles and SALT’s great scholarship search tool to get started on the application process!
Until next time!