Parent Loans & Payment Plans
Families approach the college years with varying levels of financial resources, preparedness, and fiscal flexibility. For this reason, Elizabethtown offers a variety of financing options to supplement the financial aid a student receives. The College recommends that, whenever possible, financing done to supplement a student's financial aid package be processed in the parent's name. Doing so will ensure that the loan indebtedness incurred by the student is maintained at a reasonable level. Two of the options most commonly chosen by the parents of our students, the AMS TuitionPAY 10-month Payment Plan & the Federal PLUS Loan, are discussed in this section.
One affordable financing option is the AMS TuitionPay 10-month Payment Plan. AMS TuitionPay allows you to pay tuition, room, and board on a monthly basis throughout the year. There is no credit check and there are no finance or interest charges. Below are the highlights of this 10-month payment plan:
- Payments begin in May and run through February
- Pay all, or part, of the cost billed by the College
- Interest-free
- $55 enrollment fee includes Tuition Protection Coverage, which will pay any remaining balance of your AMS Plan in the event of the death of the bill payer.
For more information or to apply, go to www.tuitionpay.com or call 1-800-635-0120
FEDERAL PLUS LOANS
A Federal PLUS Loan is a non need-based loan option for all, or part, of the annual cost of college. A PLUS Loan is provided by a private lender to a credit-worthy parent for the benefit of a dependent student. Parent and student must be U.S. citizens or eligible non-citizens. Although a Federal PLUS Loan is ultimately insured by the federal government, approval of this loan is determined solely by the lender. The Financial Aid Office strongly encourages you to borrow Federal student loans first and then consider the AMS Payment Plan and/or the PLUS Loan before applying for a private educational loan. You may compare benefits of the PLUS and the private educational loan at http://www.aessuccess.org
Apply for a Federal PLUS Loan AFTER June 1st.
For those families wishing guidance about selecting a lender and to apply online, information will be available HERE after May 15th. Parents may choose any lender that participates in the federal loan program.
The AMS TuitionPAY 10-month Payment Plan & Federal PLUS Loanare flexible options for families, but both take time to process properly. For this reason, we recommend the following application deadlines:
Type of Financing Option
Application Deadline
AMS 10-month Payment Plan
May 15, 2008
Federal PLUS Loan
July 1, 2008
Contact our office:
Financial Aid Office
Elizabethtown College
One Alpha Drive (Zug 208)
Elizabethtown, PA 17022
(phone) 717-361-1404
(fax) 717-361-1514
