Alternative Financing

We encourage all students to consider using their maximum Federal Stafford loan eligibility prior to seeking any alternative loan as alternative loans are typically more expensive then Stafford Loans and there are many benefits associated with the Stafford loan program.

When financial aid does not meet the full annual expense of your Wheelock College program you may wish to pursue some form of alternative financing.  Below are some financing options that can help facilitate paying for your Wheelock College education.  A number of factors are important to consider when making decisions about educational financing.  Interest rates, fees, length of repayment period, total cost of financing, and quality of customer service should all be carefully weighed. 

Wheelock College families can choose to borrow through the Federal PLUS loan program, or to use a non-federal credit-based program, or to break out their payments evenly over eight, nine or ten months using our TuitionPay payment plan or any combination thereof.  We encourage you to evaluate your situation and determine which features - low monthly payments, low cost of financing, flexible credit criteria etc. are most important to you, and to select a program that works best for you relative to those features. 

To help guide you through the student loan process we have provided you with a link to a useful website www.finaid.org/loans where you can get valuable information about loans including many types of loan calculators and checklists.  We have also provided a direct link to a repayment calculator to help you estimate what your monthly payments might look like once you are in repayment. 

TuitionPay Payment Plan

The Wheelock College monthly payment plan, via the TuitionPay service, offers families a means of budgeting annual college costs with, or without, borrowing. Education expenses for the year are paid to TuitionPay in eight, nine or ten monthly installments, beginning June 1. There are no interest or finance charges. The only cost is a modest annual application fee of $55.  Because there are no interest charges, the total cost is significantly lower than you would incur with a loan.

For further information or to apply:
TuitionPay
TuitionPay/Sallie Mae Corporation
PO Box 816
Swansea, MA 02777
info@tuitionpay.com
800-635-0120
508-235-2800 from outside the U.S.

Federal Parent Loan for Undergraduate Students (PLUS loan)

The Federal PLUS Loan is a federally guaranteed loan available to parents of dependent undergraduate students. Eligibility is based on credit worthiness.  When considering a PLUS loan, keep the following points in mind:

• The Interest rate on a PLUS Loan is fixed at 8.5%. This rate is determined by the federal government.
• An Origination/Guarantee fee of 4% will be assessed.  ** This fee is subtracted from the amount borrowed.

Example:

Parent requests to borrow: $1,000
The lender will subtract 4% for the Origination and Guarantee fees: $40
Total amount applied to student's Wheelock account: $1000 - $40 = $960

• Parent must be a U.S. citizen or permanent resident.
• Student must also be a U.S. citizen or permanent resident, and must be making satisfactory academic progress towards a degree.
• Borrower must be credit worthy, as determined by the absence of adverse credit on credit history, approval is not based on income or debt-to-income ratio as with many other loans.
• Applicants may borrow up to the cost of attendance (this includes tuition, room and board, books, and other miscellaneous fees) less other financial aid.
• Most PLUS loans are made to cover fall and spring semester costs. The loan funds are disbursed (minus fees) in two equal payments, 1/2 for the fall semester and 1/2 for the spring semester.
• The maximum repayment term is 10 years.
• Repayment begins 60 days after the loan is fully disbursed, but may be deferred while the student is enrolled at least half-time.
• If a PLUS is borrowed and the borrower is subsequently totally, permanently disabled, or deceased, the loan is forgiven.
• A PLUS Loan can also provide tax savings and incentives. Parents should check with a tax advisor to determine their eligibility.

Choosing a Lender

Wheelock College participates in the FFELP process, so your Federal PLUS loan will be funded by a private lending institution. There are a variety of banks and lenders who offer PLUS loans for financing education costs for undergraduate students and their families.  Wheelock has a formal process to review the PLUS loan offerings of most of the major lenders. Based on this review, we have chosen the lenders below who offer borrower benefits, reliability, electronic delivery of loan proceeds, as well as superior customer service. Be assured that Wheelock receives no benefits, financial or otherwise, from the lenders on our preferred lender list.

You are under no obligation to borrow your PLUS loan from one of these lenders. If you would like to borrow from a lender who is not on this list, you can simply select the lender of your choice and apply directly with that lender. You and the lender will be responsible for getting your loan information including a certification request and the loan funds to us.

Lender	Borrower Benefits	Customer Service Information	Lender Code	Apply online and E-Sign Master Promissory Note at:
Chase	0.25% interest rate reduction for ACH payments	Chase 1-800-487-4404	803000	www.amsa.com/direct
Citizens Bank	0.25% interest rate reduction for ACH payments	Citizens 1-800-708-6684	817729	www.amsa.com/direct
Discover	0.25% interest rate reduction for ACH payments	Discover 1-877-728-3030	831312	www.discoverstudentloans.com
Ed America	0.25% interest rate reduction for ACH payments	EdAmerica 1-800-337-1009	831453	www.amsa.com/direct
Nelnet	0.25% interest rate reduction for ACH payments	Nelnet 1-888-486-4772	833669	www.amsa.com/direct
Sallie Mae	0.25% interest rate reduction for ACH payments	Sallie Mae 1-888-272-5543	802218	www.amsa.com/direct
Wachovia	None	Wachovia 1-800-338-2243	830005	www.wachovia.com/education

 

Alternative Student Loans

Review our Alternative Student Loan options [pdf]

There are a variety of banks and private lenders who offer alternative loans for financing education costs for undergraduate students and their families.  Wheelock has a formal process to review the alternative student loan offerings of most of the major lenders. Based on this review, we have chosen the lenders below who offer borrower benefits, reliability, electronic delivery of loan proceeds, as well as superior customer service. Be assured that Wheelock receives no benefits, financial or otherwise, from the lenders on our preferred lender list.

Lenders offer private loan programs with different rates, fees, repayment terms and approval requirements. We suggest that you carefully review each program to compare the terms and conditions before deciding which alternative loan may be appropriate for your needs. The lenders listed below are those most utilized at Wheelock. Links are provided to the various lender websites. The application process is completed directly through the lender websites linked below.  All alternative loan information is accurate as of 09/18/09.

You are under no obligation to borrow from one of these lenders. If you would like to borrow from a lender who is not on this list, you can simply select the lender of your choice and apply directly with that lender.  You and the lender will be responsible for getting your loan information including a certification request and the loan funds to us.