Balance Payment Options
We understand that deciding how to finance your student’s education is a difficult process, so we have attempted to make it easier by giving you some details about available options. You may choose to use one, or a combination of any of these options.
Option 1: Cash Payment
This option simply means that you would pay your fall balance in full in August and your spring balance in December with a cash (or check) payment.
Option 2: Payment Plan
The University is affiliated with a company that allows families to enter into a tuition payment plan. This payment plan offers families the option of spreading out the total yearly balance over 8, 9, or 10 months. If a family is enrolled in this payment plan, the business office will not charge interest on any balance financed through the plan assuming payments are made on time. To enroll in this plan, call Tuition Management Systems (TMS) at 1-800-722-4867.
Option 3: Credit Card/Debit Card Payment
Credit card payments are accepted by contacting Tuition Management Systems (TMS) at 1-800-722-4867. To pay online, visit the Business Office’s website at www.francis.edu and click on Tuition Management Systems. TMS charges a small fee for this service.
Option 4: Parent Loan for Undergraduate Students (PLUS)
Borrowing Limits: Parents can borrow up to the cost of attendance minus any aid received.
Interest Rate: This is a fixed interest rate loan set at 8.5% (rate can vary depending on your lender).
Fees: All PLUS Loans are subject to an origination fee of 3% and a guarantee fee of 1%. Fees are deducted from the loan proceeds at the time funds are disbursed.
Disbursement: PLUS Loans are sent directly to the school in two disbursements.
Repayment: Repayment of your PLUS Loan begins within 60 days after your loan has been completely disbursed. The maximum repayment period is 10 years with a minimum monthly payment applied to principal and interest.
If the parent is denied the PLUS Loan based on credit and we receive a copy of the denial letter, the student is then eligible for an additional amount of Unsubsidized Stafford Loan. Students with less than 60 credits are eligible for an additional $4,000 for the year; students with 60 or more credits are eligible for an additional $5,000.
Applying for a PLUS Loan: If you are interested in applying for a PLUS Loan, visit www.AesSuccess.org, click Parent PLUS Loans on the homepage, select Apply Now and follow the steps provided.
For a list of suggested PLUS Loan Lenders, please visit our Loan Options Link.
Option 5: Alternative Loans
If you find that your existing financial resources still fall short, you can also apply for an alternative loan. These are private loans that students take out in their name, although for most students the application would require a co-signer. Payments are usually deferred until 6 months after a student leaves school or drops below half time (6 credits). However, each private loan may have varying policies regarding deferment and repayment options.
For a list of suggested Alternative Loan Lenders, please visit our Loan Options Link.