Financing Options

Payment Plan
Students can enroll in NEIT’s in-house, interest free, payment plan. The payment plan allows participants the option of spreading their balance due each term with either monthly, weekly or biweekly payments.

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.

Graduate students are eligible to borrow Federal Direct Unsubsidized Stafford Loans. Federal Direct Subsidized Stafford 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:

As of May 20, 2023, these are the interest rates for loans with a first disbursement date on or after July 1, 2023 and before July 1, 2024.

Interest Rates

Direct Subsidized Loans for undergraduates: 5.05% interest rate

Direct PLUS and Grad PLUS loans: 8.05% interest rate

Direct Unsubsidized Loans for undergraduate students: 5.05% interest rate

Direct Unsubsidized Loans for graduate students: 7.05% interest rate

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.

Ascent Funding

AAA Student Loans

Citizens Student Loan

Discover Student Loans

Lendkey Student Loans

RI Student Loan Authority Student Loan

Sallie Mae Student Loans

SoFi Student Loans

Union Federal Savings Bank

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 Parent Loan

RI Student Loan Authority Student Loans

SoFi Parent/Sponsor Loan

Discover Student Loans

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.