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How to Pay for College

What to know...

You can pay your out-of-pocket costs with a 5-month payment plan through TouchNet. Please follow the "How to set up a payment plan" guide. The payments are interest free but you will be charged a $40 enrollment fee each semester. Payments must be made on the first of each month and begin in August.

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay for education expenses not covered by other financial aid. Once your student has filled out a FAFSA, parents can apply for a PLUS loan at StudentLoans.gov.

Many families plan to use savings, home equity or 529 Education investments to assist their students in school. Learn more about the best ways to deploy those funds by reviewing the IRS Publication 970, Tax Benefits for education at irs.gov.

There are a significant number of private scholarships not connected to the university that are available to students. Begin searching the Internet for private scholarships, and check with your high school, employer or neighborhood organizations to see if scholarships are offered.

Private student loans can help you cover the cost of attendance not covered by federal/state financial aid. These private loans are available through banks, credit unions, online lenders, and other financial institutions and must be paid back. Salem State does not endorse any particular lender; visit elmselect.com to compare student loan options.

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