Prepaid Tuition Plan
Stonehill offers a Prepaid Tuition Plan, which allows families of incoming first year students to lock-in the current tuition rate for all four years of enrollment by paying in advance.
The prepaid tuition amount equals four times the freshman year tuition rate. Additional costs, such as room and board, fees, and summer/winter session are not covered by the Prepaid Tuition Plan.
First year students interested in the Prepaid Tuition Plan must enroll and make payment prior to beginning their first semester. Students with scholarships or grants based on financial need are not eligible to participate in the plan.
Please call Student Accounts at (508)565-1386 for further information regarding the Prepaid Tuition Plan.
Stonehill Monthly Affordable Payment (MAP) Plan
Stonehill offers an interest free 4- or 5-month tuition payment plan each semester for payment of Tuition, Room and Board and other fees that can be used instead of or in conjunction with other borrowing to cover educational costs.
Enrollment in the plan is online through the secure student account portal. Payments are automatically withdrawn from your checking account each month. The enrollment deadline for the 5-month fall plan is August 15, with the first payment due August 1. The deadline for the 4-month fall plan is August 31, with the first payment due August 15. The enrollment deadline for the spring 5-month plan is December 31, with the first payment due January 1, and January 14 for the spring 4-month plan with the first payment due January 15. There is a $30 per semester enrollment fee.
For instructions on adding an authorized user, click here.
Questions on the plan can be directed to email@example.com or by calling (508)565-1394.
Many students use private scholarships as a way to help fund their education. Last year Stonehill students received over $1 Million in private scholarships.
Federal Direct Parent Loan (“PLUS”)
Federal Direct Parent Loans are unsubsidized loans from the federal government that carry a fixed interest rate.The rate for 2016-2017 is 6.31%. Under the Bipartisan Student Loan Certainty Act of 2013 interest rates are determined each spring for the new loans made for the upcoming award year, which runs from July 1 to the following June 30. The loan is made to the parent of a dependent student, and the parent is responsible for repayment. The FAFSA must be completed prior to applying for the PLUS loan.
There is no application fee for a PLUS loan, but a 4.292% origination fee is deducted from the total loan proceeds before the funds are forwarded to the school each semester. Repayment of the loan can begin immediately, or may be deferred until the student is no longer enrolled at least half time.
Parents may borrow up to the cost of education minus any other financial aid received. The College will determine the actual amount that may be borrowed. Eligibility is dependent upon credit-worthiness.
If a parent borrower is denied a PLUS loan and the loan is subsequently approved for extenuating circumstances or the parent has obtained an endorser the borrower will be required to complete a PLUS Counseling on the www.studentloans.gov website before disbursement can be made.
Private Alternative Student Loans
Stonehill recommends exhausting all federal and family resources, including the Direct Plus Loan, before considering private alternative loans. Government loans are typically less expensive and carry more favorable repayment terms.
Important: Stonehill requires that all students that borrow private alternative loans complete online financial counseling before the School will certify your loan and credit your tuition bill. To complete the financial counseling logon to SALT and complete the “Student Loans” module on My Money 101. Please contact firstname.lastname@example.org with any questions.
Students may Choose any Alternative Lender
Stonehill has identified lenders that our students have borrowed from in the past three years and who are still providing alternative loans. This is an historical list only and is not a list of recommended lenders.
The FASTChoice loan comparison tool is provided by Great Lakes Higher Education Assistance Corp. to assist students in comparing alternative loan rates and fees, repayment and deferment terms and lender disclosure notices. Students are not limited from using lenders on this list.