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Loans and Payment Plans for Parents
A number of financing programs are available to assist
families with financing a Macalester education. Listed below is a
sampling of such options. Macalester College does not recommend one
program as being better than another. The decision to participate in
any of the programs discussed should be based on the unique
circumstances in each household. This information is as current as
possible, but is subject to change.
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Payment Plan with Tuition Management
Systems, Inc.
- Payments begin in June (10 payments), July (9
payments), or August (8 payments)
- $75 annual enrollment fee
- No interest
- Direct debit option
- For more information contact Tuition Management
Systems, Inc. at (800) 722-4867 or click
here
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Federal Direct PLUS Loans (for parents)
- Available to custodial and noncustodial parents.
- Maximum loan amount = cost of education minus
financial aid received.
- Loan fee = 4% of loan amount minus a 1.5%
rebate in anticipation of 12 on-time payments when the repayment period
begins. For each $100 borrowed, $97.50 is available to use for
educational costs. The 1.5% rebate would be revoked if, when
repayment begins, the first 12 payments are not made on schedule.
- Interest rate is fixed at 7.9%.
- Standard repayment begins 60 days after loan is
disbursed.
- Standard repayment period is ten years.
- For more information, call (800) 4FED-AID or visit the Department of Education web site.
- Click here for PLUS Loan Request Form and instructions.
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Other Loans for Parents
Many
other educational loans are available through private lending
agencies. Information is available from banks and other lenders,
or contact our office for further assistance.
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