Additional Financing Options
Families may wish to consider a combination of a payment plan and a parent loan for educational costs.
Beginning with the 2013-2014 academic year, Stonehill will offer its own monthly payment plan to help families manage educational costs. The payment plan, interest free, can be used instead of, or in conjunction with, other borrowing. Many familes prefer to spread tuition payments over 8 or 10 months instead of making one large payment at the beginning of each semester. More details will be forthcoming as the plan is put in place. For information, contact Student Accounts at 508-565-1394.
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. The latest rate is 7.9%. Repayment begins immediately, or may be deferred until 6 months after the student finishes school. 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 2) your FAFSA and 3) credit approval from the federal servicer. To visit the Department of Education Direct Loan site, please click here.
Please note: A FAFSA must have been filed for the student for whom the Plus Loan is borrowed. The parent who borrows must have a FAFSA P.I.N.
The application process is outlined as follows:
-Go to http://studentloans.gov/, Click the green "Sign In" Box
-Enter parent borrower information
-Click on "Request a Plus Loan" (Parent Plus Loan)
-Complete personal information for both parent and student carefully
-Indicate preference on loan amount and check the box for "credit check."
-If you are a first-time borrower, continue and complete the promissory note.
-If you are a repeat borrower, this step is not necessary.
-Stonehill College will be advised of the loan acceptance, and half of the plus loan amount, minus the processing fee, will appear as a deduction on the student's tuition bill.
All questions regarding the Plus loan process should be directed to Eric Newnum, Assistant Director for Loans at 508-565-1076.
*NOTE: The PLUS loan requires a FAFSA to be on file for the student.
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
Stonehill recommends that students complete the FAFSA and apply for all low, fixed interest Federal Direct Stafford Loans and Federal Direct Parent Plus Loans through the College first before considering private alternative loans.
Any student applying for a private, alternative loan must have a credit worthy co-signor. Also, be advised that most private alternative loans have neither a fixed interest rate nor a cap on the interest, and therefore, are the most expensive way to finance an education.
If, after seeking eligibility for federal student and parent loans first, you determine that you must borrow additional funds through an alternative private loan, it is suggested that you check for State-sponsored loans first. Otherwise, it is highly recommended that you very carefully research private lenders for all rates and fees. Two resources for researching private loans are http://studentlendinganalytics.com/ratings.html
New Federal Regulations require the completion of a self-certification form by any student applying for an alternative loan. Many alternative lenders will include this form with the original application and promissory note. Click here to download the form. Information on "cost of attendance" minus "estimated financial assistance" may be obtained from Student Financial Services.
Alternative loans may not be used toward your tuition bill until the College has received notification of final approval from the lender.
Stonehill and its employees do not recommend any lenders, or receive any reimbursements, kickbacks or gifts of any kind from alternative, private, non-federal student loan lenders.
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 Student Financial Services, 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.