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 are not 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
As of May 19, 2016, these are the interest rates for loans with a first disbursement date on or after July 1, 2016.
Direct Subsidized Loans for undergraduates: 3.76% interest rate
Direct PLUS and Grad PLUS loans: 6.31% interest rate
Direct Unsubsidized Loans for undergraduate students: 3.76% Fixed Interest Rate
Direct Unsubsidized Loans for graduate students: 5.31% Fixed Interest Rates
Privately Funded Student Loans
Alternative, loans, also referred to as privately funded student loans, are available from a variety of financial institutions. These loans are not guaranteed by the Federal Government and interest rates vary. Many of these loans require a credit-worthy co-signer.
The following lenders have been used frequently by our students and have provided excellent service. These lenders disburse your loan proceeds electronically to New England Tech, and allow your funds to be posted to your student account in a timely manner.
Citizens Bank Trufit Loan https://www.citizensbank.com/student-loans/
Discover Student Loans https://www.discover.com/student-loans
Lendkey Student Loans http://www.lendkey.com/private-student-loans/?sk=organic
RI Student Loan Authority Student Loan www.risla.com
Salliemae Smart Option Loan http://salliemae.com/landing/schoolapply/?InstID=00784500&loanprogram=SOSL&InstLndrID=900905
Suntrust Custom Choice Loan http://www.suntrusteducation.com/fmd/customchoice/default.html?referrer_link=EURSTPSBR
Union Federal Savings Bank www.unionfederalstudentloans.com
Wells Fargo Collegiate Loan www.wellsfargo.com/student
Privately Funded Parent/Sponsor Loans to Borrow on Behalf of a Student
Some lenders provide loans to individuals who wish to borrow on behalf of a student. In some cases, these borrowers can be parents, spouses, family members or friends of the student.
The following lenders have been used frequently on behalf of our students and have provided excellent service. These lenders disburse loan proceeds electronically to New England Tech, and allow funds to be posted to the student’s account in a timely manner.
Citizens Bank Parent Loan https://studentloans.citizensbank.com/parent
RI Student Loan Authority Parent Loan https://www.risla.com/risla-parent-loan
SLMA Parent Loan http://salliemae.com/landing/schoolapply/?InstID=00784500&loanprogram=PNSM&InstLndrID=900905
Students are free to choose any lender they wish for an Alternative Loan at New England Tech
Click here for the New England Institute of Technology Title IV Loan Code of Conduct.