Admissions & Aid
Alternative Financing
Loans
Private student loans, also referred to as alternative student loans, are great solutions to help you pay for college or graduate school. These private college student loans make dreams come true for many students and are available through banks, credit unions, online lenders and other financial institutions.
When you start comparing the different private college student loan products available, you should ask lenders a number of questions to help you evaluate their different loan products. The following should help you get started:
- What are the loan's terms? Will I have at least 10 years to repay the loan?
- Can I defer the loan while I am in school? What are the terms of deferment?
- How will interest be calculated? Can I make interest only payments while I'm still in school?
- Are interest rates fixed for the life of the loan, or will they change as banking interest rates in general go up and down?
- What types fees will I be responsible for?
- What will my monthly payments be? For how long?
- Do they offer a graduated payment system where I can pay more on my loan as I begin to earn more?
- How much interest will I pay over the life of the loan?
Salem State College participates in a number of Alternative Loan and Parent Loan programs. You and your family should research your options and choose the program and lender that best fits your families' needs.
Payment Plan
Interest-free and everyone qualifies. For a one-time enrollment fee Undergraduate Day Students* can budget financial aid short-falls into easy to afford monthly payments with Tuition Management Service. This plan can help students and parents to reduce the amount of alternative loan debt by making monthly payments on their balance due (after aid has been applied to their account) instead of applying for loans. The amount you budget is determined by you and is tailord to fit your families finances.