Financing Options
Payment Plan
Students may choose to pay their tuition balance in three or nine equal installments for each academic year through our Student Accounts Department. There are no fees or interest associated with this payment plan.
William D. Ford Federal Direct Loan Program
In this program you borrow directly from the federal government and have a single contact- the Direct Loan Servicing Center, for everything related to the repayment of your loans. You will also have online access to your Direct Loan account information 24 hours a day, 7 days a week.
Federal Direct Stafford Loan Program
Stafford loans are for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Stafford Loan.
There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford Loan. Financial need is not a requirement to obtain an unsubsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during certain periods.
As of July 1, 2012, Federal Direct Stafford Loans for graduate students will be unsubsidized only; subsidized loans will no longer be available to graduate students.
Federal Direct Parent Plus Program
Parents can borrow a PLUS loan to help pay your education expenses if you are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. To be eligible parents must have an acceptable credit history. Parents may borrow up to the cost of attendance minus any financial aid.
Federal Direct Graduate Plus Loan for Grad Students
The Grad Plus loan is a non-need credit based loan. The Grad Plus loan allows graduate students to borrow the total cost for their graduate school needs. Grad Plus payments can be deferred while you are in school. You must have applied for the annual loan maximum eligibility under the Federal Stafford Loan Programs before applying for a Graduate / Plus Loan.
You may apply for any of the above loans at the following website: www.studentloans.gov
| Interest Rates |
|---|
|
Direct Subsidized Loans for undergraduates with a first disbursement date between July 1, 2011, and June 30, 2013: 3.4% interest rate |
|
Direct Unsubsidized Loans for both undergraduate and graduate students: 6.8% Fixed Interest Rate |
|
Direct PLUS and Grad PLUS Loans: 7.9% Fixed Interest Rate |
Alternative Loans
Alternative loans are private educational loans that many students take out to cover the additional costs that Federal Student Aid may not cover. Alternative loans are available from a variety of financial institutions. These loans are not guaranteed by the Federal Government and interest rates usually run higher than Federal Loans. Most students need a credit -worthy co-signor for many of these loans.
The following lenders have been used frequently by our students and have provided excellent service . These lenders disburse your loan proceeds electronically to our school, and allow your funds to be posted to your student account in a timely manner.
Please visit the website for detailed interest rate information:
RI Family Education: www.risla.com
Salliemae: www.salliemae.com/smartloan
Citizens Bank Trufit Loan: www.citizensbank.com/trufitstudentloan
Wells Fargo: www.wellsfargo.com/student
Click here for the New England Institute of Technology Title IV Loan Code of Conduct.
Here at New England Institute of Technology students are free to choose any lender of their choice for an Alternative Loan.
