We know that paying for college and navigating the financial aid
process can seem overwhelming at times. That’s why the financial
aid professionals at the Mount are dedicated to helping you.
We'll walk you through the process of financing your education
in 3 easy steps.
- Calculate your net cost, or your out-of-pocket expenses for the
year. Use this worksheet.
- Evaluate our Monthly Payment Plan.
- Review the Federal PLUS loan versus Private Alternative
loans.
Net
Cost
It's
essential to distinguish between a college's published cost of
attendance, or "sticker price," and the net cost of college that
you (or your family) will pay out of pocket. Your net cost of
college is equal to a college's published cost of attendance minus
any grants and scholarships ("free money" aid) that you
receive.
Your net cost of college can be significantly less than the
published cost of attendance. You'll find that a Mount Saint
Mary College education is more affordable than you may think.
Monthly
Payment Plan
Mount Saint Mary College's Monthly Payment Plan (MPP)
provides a way to pay your annual educational expenses in ten easy
monthly installments with no interest charges.
You can choose the Mount's MPP to pay down all or any portion of
your overall college costs. This no-interest, monthly payment
plan means that you can reduce debt over time by avoiding or
reducing higher interest loans.
For more information or to enroll in the plan, please click here.
Parent Loans
The Federal PLUS Loan is a loan borrowed by a parent on behalf
of a child to help pay for tuition and school related expenses at
an eligible college or university, or by a graduate student for
graduate school. The student must be enrolled at least half time,
and the parent or graduate student must pass a credit check in
order to receive this loan. The primary benefit of using a
Federal PLUS loan is that the interest rate is fixed at
8.5%.
Private Loans
Private eduation loans are loans taken in the students name,
most often with a credit-worthy co-signer and have variable
interest rates and repayment terms. The interest rates and
fees you pay on a private loan are based on your credit score and
the credit score of your co-signer. While it is possible to
be approved without a co-signer, students often find they are
offered a better rate with a co-signer. Private loans tend to
cost more than the PLUS loan, but are less expensive than credit
card debt.
Other Options to consider
A home equity loan or line of credit should also be
considered as an alternative to private education loans. The
interest rates are competitive with private education loans and the
interest is usually fully deductible. However, these loans should
be compared with other forms of education financing according to
cost, the impact on student aid eligibility, and the flexibility of
the repayment provisions.
The Financial Aid Office at the Mount recommends each family
review all of the above options and select those that best suit
their particular financial situation and needs. The best
recommendation we have found is to to make sure families
understand their net cost, sign up for a monthly payment they can
afford, and then evaluate the pros and cons of the Federal Parent
loan versus a Private Alternative loan to finance the remaining
balance.