We offer this advice when families are seeking financing options:
A payment plan is available to students who would prefer to pay in monthly installments. For a nominal fee, you will be able to enroll in two separate five-month term-based plans.
For more information, visit finadmin.lafayette.edu or contact the Student Accounts office at (610) 330-5145.
Students who do not qualify for the Subsidized portion of Federal Direct Loans may still apply and borrow under the Unsubsidized program. Interest begins to accrue from the time the loan is disbursed. Students who do qualify for Subsidized funding may also be eligible to borrow additional Unsubsidized funding.
To request your Federal Direct Loan eligibility that does not appear in your financial aid award, please complete this form.
A 1.059 percent fee will be proportionately deducted by the government from each loan disbursement. Repayment begins six months after the student graduates or ceases to be enrolled at least half time. For loans disbursed in the 2020-21 academic year, the interest on both Subsidized and Unsubsidized Federal Direct Loans is 2.75 percent.
These student loans are available to any student who has filed a 2020-2021 FAFSA.
Read more about student loans for information on loan limits, how to apply, disbursements, and repayment.
Parents who are citizens or permanent residents of the United States may borrow up to the total cost of education, less any financial aid, through the PLUS program. Many parents find this a useful way to finance some or all college expenses. Parents do not need to qualify for need-based financial aid to participate in this program but the student is required to have a FAFSA on file. When determining loan amounts, keep in mind that a fee of 4.236 percent will be proportionately deducted by the government.
Read more about Parent Loans for information on how to apply, disbursements, and repayment.
Students and parents sometimes wish to borrow non-federal education loans, called “private loans” or “alternative loans,” to help with remaining college expenses.
Numerous lending institutions offer private education loans, which may be combined with institutional, federal, and state financial aid up to the cost of attendance. These loans usually require a credit-worthy cosigner.
Lafayette maintains a list of the lenders our students have used over the past three years that still offer educational loans. Please note that this list is not inclusive or an endorsement of any specific lender or product.