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Families may wish to consider
a combination of payment plan, parent loan and/or private
loan options for financing remaining educational costs.
Tuition Management Systems
Tuition Management Systems (TMS) offers 4, 10, and 11
month payment plans, interest free, that can be used instead
of or in conjunction with other 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. Please access our TMS Payment Plan webpage for
contact information at:
http://www.schreiner.edu/business/payplans.html
Since payments for fall contracts begin in June, this
option should be investigated early.
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, 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 and 2) credit
approval from the federal servicer. To visit the Department
of Education Direct Loan site, please
click here.
Borrowers:
Download a
Federal Direct PLUS Loan Application/Consent to Obtain
Credit.
Fax the completed form to 830-792-7226 or mail to the Office
of Financial Aid. Once credit decision is disclosed to our
office, we will contact you about completing your MPN with
the Department of Education at:
www.studentloans.gov
If your credit is NOT approved for a PLUS loan, the Office
of Financial Aid may be able to offer your student an
additional unsubsidized direct loan. An official denial must
be on file in our office each academic year.
If you think your credit results are incorrect, or if you
would like to pursue the option of a co-signer on your PLUS
loan, please contact the Department of Education Application
Service Department at: 1-800-557-7394.
Alternative
Student Loan Options
Schreiner University ask all students to complete the FAFSA
and consider all low, fixed interest Federal Direct Stafford
Loans and Federal Direct Parent Plus Loans before
considering private alternative loans.
Any student applying for a private, alternative loan must
have a credit worthy co-signor. Also, be advised that
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.
Students and families can choose any lender they would like
to work with, but to give you a sampling of options, the
following lenders have completed a Request for Information
and disclosed their business processes to our office.
College Access Loan for Texas Residents (Undergraduates
Only)
To View Loan Terms:
http://www.hhloans.com/borrowers/calfactsheet.cfm
To Apply:
https://helmnet.thecb.state.tx.us/borrowers/apply/Update_App.asp?AppType=AL&LoanType=CAL
Students and families can choose any lender they would like
to work with, but to give you a sampling of options, the
following lenders have completed a Request for Information
and disclosed their business processes to our office.
Private Loan/ Lender Options
https://www.elmselect.com/oll/SchoolLenderList/?schoolId=8556
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