There are several resources that a family may use to help pay for the difference between the cost of college and the available financial aid.
Federal Direct Parent Loan for Undergraduate Students (PLUS) - Recommended
A Federal Direct PLUS loan enables a parent with a good credit history to borrow money for their dependent student's education. If approved, the amount applied for, less a 4% origination fee, will be disbursed directly to the College. Repayment of principal and interest begins 60 days after the full amount of the PLUS loan has been disbursed or can be deferred. In order to apply for a PLUS, the student must have on file a valid FAFSA for the year funds are being requested. Additional information regarding the PLUS loan is available at https://studentaid.ed.gov/sa/types/loans/plus.
Applying for the Federal Direct PLUS loan is completed at https://studentloans.gov. When applying for the loan, the parent will receive a credit decision, complete the electronic Master Promissory Note and indicate the amount to be borrowed. The parent will need his/her FSA ID used to sign the FAFSA to sign the loan application electronically. If the parent applying for the PLUS did not sign the FAFSA application, a FSA ID can be obtained from http://fafsa.ed.gov. When completing the amount to be borrowed section, please note that most loans are borrowed for the full academic year, not by semester. Please call our office at 1-800-654-3210 or 315-655-7888 if you have any questions or need assistance with calculating the loan amount to borrow.
Here's an example of how to determine the amount to apply for in the PLUS:
(Requested amount - net amount divided by .957 = gross amount. Example: owe $15,000 divided by .957 - this amount includes the 4.204% origination fee. Net amount is applied to the student account.)
Cashnet Monthly Payment Plan
Cazenovia College offers students and families the option of paying with an interest-free monthly payment plan spreading payments over 10 months for the academic year, or 5 months for the semester. There is a required enrollment fee of $55 for the 10 month plan and $35 for the 5 month plan. Payments for the 10 month plan as well as the 5 month fall plan begin in July, and payments for the 5 month spring plan begin in December. For additional information, please call our Enrollment Services Office at 1-800-654-3210 or 315-655-7888.
When using the 10 month plan option, the Enrollment Services Office will credit one-half of the plan amount on the fall semester statement and an equal amount on the spring semester statement.
Adjustments can be made to your Cashnet contract amount after enrolling.
Private Education Loans
We recommend that the student and family review the borrowing options through the Federal loan programs first and then consider the private loan options as an alternative. To begin the Federal loan process, please call the Financial Aid Office at 315-655-7888 or 1-800-654-3210 or visit fafsa.ed.gov.
Private education loans are funded by private lending institutions and require a separate loan application, which usually can be completed online. Most private loans have variable interest rates based on a borrower's and co-borrower’s credit history and begin to accrue interest immediately. Some lenders may require payments while the student is enrolled. Loan amounts are limited to the total cost of attendance as determined by the Financial Aid Office, less any financial assistance received. Some private lenders also limit the cumulative borrowing for a student which may affect the amount the student is qualified to borrow annually.