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Additional Financing Options

Stonehill has provided SimpleTuition  with a list of private lenders whom Stonehill families have used for their non-federal borrowing during the last few years.  Stonehill’s suggested private lenders in the SimpleTuition  comparison engines typically offer some of the best terms available.  The terms of most concern to families are interest rate, origination fees, frequency of interest capitalization, and total cost of borrowing.      

Of course, you may use any private lender of your choice for your non-federal educational loan and are not required to restrict yourself to the College’s list of suggested lenders on the SimpleTuition web site. 

Stonehill and its employees do not receive any reimbursements, kickbacks, or gifts of any kind in exchange for recommending any alternative, private, non-federal student loans, or from SimpleTuition for services or loan volume from site use.  (Simple Tuition may receive remuneration by some lenders.)

Tuition Management Systems

Tuition Management Systems (TMS) offers a monthly payment plan, interest free, that can be used instead of or in conjunction with private borrowing to cover educational costs.  Many families prefer to spread tuition payments evenly throughout the year instead of making one large payment at the beginning of each semester. Although the College does not offer a payment plan option of its own, a private monthly prepayment program is available for a nominal fee through:

Since payments for fall contracts begin in May, this option should be investigated early. 

Prepaid Tuition Plan

The option allows families of incoming freshmen to guarantee the current year's tuition rate (this option does not include the room and board rate) for all four years of attendance by paying the tuition in advance. Call the Student Financial Services Office at 508-565-1394 for further information. Click here for a brochure on Prepaid Tuition.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

This federal program allows parents who have no adverse credit history to apply for up to the cost of education each year, less any financial aid. There is no application fee; however a 4% origination fee is deducted from the loan proceeds before the funds are forwarded to the school, half in each semester. Some borrowers may qualify for a 1.5% rebate of the origination fee. The latest rate is 7.9%. Repayment begins immediately. Because eligibility is based on borrower credit history, you cannot use the PLUS toward your tuition bill until the College has received 1) your completed application and 2) credit approval from the federal servicer. To visit the Department of Education Direct Loan site, please click here.

Repeat Borrowers: To request a PLUS loan, please call Janice Lindstrom, Associate Director for Loans, at 508-565-1076. 

First Time Borrowers: To download a PLUS loan pre-application, click here. Fax the pre-application to 508-565-1426 or mail to Student Financial Services. After we have received notice of credit approval, instructions will be provided for completion of the electronic promissory note. 

Alternative Student Loan Options

Credit-worthy applicants and co-applicants may apply for up to the annual cost of education, less any financial aid received, at competitive interest rates, fees, and repayment schedules. Repayment of interest generally begins immediately, although repayment of principal may be deferred as long as you are enrolled at least half-time. You cannot use an Alternative Loan toward your tuition bill until the College has received notification of final approval from the lender. 

The Cana Fund at Stonehill College

Established in 2002, through the generosity of Stonehill benefactors, the Cana Fund makes “moral loans” to students with limited resources, allowing them to participate in co-curricular activities -- such as visits to museums or the theatre -- that would otherwise be denied to them.  Based on the wedding feast of Cana, where Jesus turned water into wine, the Cana fund seeks to create opportunity where none existed.

In accepting a Cana Fund Loan, students understand that they have a moral obligation to repay the loan once they have graduated from Stonehill and are gainfully employed.

The ability of the Cana Fund, administered by the Student Financial Services Office, to continue assisting students with limited resources, depends on loan recipients fulfilling their moral obligation to repay their debt.  The guidelines for the Cana Fund are as follows:

• The recipient must be eligible for a Pell Grant in the semester the award is made.
• Eligible students may receive Cana loans no more than twice each semester.
• Loans are capped at $75 per award and $300 per academic year.