Meet Cost

Aid Chart: for Parents

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Type Program Program Information Annual Award Limits Requirements
Type Program Program Information Annual Award Limits Requirements

Federal
PLUS Loan

see PLUS program

 

 

apply now

Federal loan program available to parents of dependent undergraduates only.

Loan funds will be sent to the school. The loan will be disbursed in at least two installments; no installment will be greater than half the loan amount.

The funds will first be applied to pay tuition, fees, room and board, and other school charges. Any remaining funds must be used for paying education-related expenses.

The annual limit is equal to the total cost of attendance minus any financial aid received.

Parent must file the FAFSA form.

see FAFSA links

Parent must pass a credit check to qualify or have a relative or friend who can pass the credit check co-sign the promissory note.

Loan restricted to education-related expenses only.

Loan restricted for dependent undergraduate students only.

Student must be enrolled at least half-time in a degree or certificate program at an approved school.

State Agencies

link to your individual state for information

Individual states offer financial aid programs for state residents and in some cases out-of-state residents attending in-state schools.

Financial aid may include grants, scholarships, financial aid assistance, and some loan programs.

Financial assistance may vary by state.

Financial aid qualifications can vary by individual state.

Home Equity Line of Credit

see alternative aid

 

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Private loan program where the lender opens a credit line on your behalf, which credit line is secured by the equity value of your home.

You will use equity line checks or online transfer capabilities to pay for education or other expenses.

The line of credit can be used at any time and for any expense up to your approved credit line balance.

No annual limit restrictions.

Your amount is subject to your approved equity line balance.

You must have equity value in your home.

Calculate your equity value.

You must meet the lenders credit criteria and credit check.

There is no limitation or restrictions on the use of the funds.

Home Equity Loan

see alternative aid

 

apply now

Private loan program where the lender extends a loan amount secured by the equity value of your home.

This is a fixed loan amount with no draw capabilities. The loan can be used to pay any expense up to the available loan amount.

No annual limit restrictions.

Your amount is subject to your approved equity loan balance.

Same as the home equity line of credit.

You must estimate your total education costs since you will be taking out a one-time loan.

Private Student Loans

see Private Loans


apply now

or dial
1-866-230-4578
for questions on how this loan program can work for you

Private student loans are used to make up the difference between total cost of school and any financial aid received.

These loans are not guaranteed by the government so the interest rate and origination costs may be higher.

Most private loan programs have higher borrowing limits than federal loan programs.

The student will submit the application as the borrower. The parent will become the co-borrower to the application if the student is unable to meet the credit guidelines.

The loan can be used for education-related expenses, including the purchase of a personal computer.

 

 

From $1,500 to $30,000 annually; the aggregate program maximum is $130,000

You must have a satisfactory credit history.

Learn about building and maintaining a good credit history

You must meet the credit guidelines of employment and residency.

Undergraduate and Graduate students must be enrolled at least half-time in a degree or certificate program at an approved school.

Less than half-time attendance are considered under the continuing education program.

Investment
Financing Options

see Alternative Aid

State529 Plans

Qualified investment plans that can be used to pay education expenses. Contributions are after-tax, but earnings in the fund are tax exempt.

Funds are available to any named beneficiary. The beneficiary can be the contributor.

Two types of plans:
(view our State529 Center)
(links to our site at: sayplanning.com)

  1. Prepaid College Tuition Plans
  2. College Savings Plan

Education IRAs

IRA plans that can be setup for education. Contributions are after-tax, but earnings in the fund are tax exempt.

The IRA can be used to pay for higher education and K-12 education expenses.

Limitations subject to the available amount in the plan.

Plan must be setup in the name of the beneficiary.

Withdrawals are tax-exempt if the funds are used to pay for education-related expenses.

Penalties may apply for payment of non-education expenses.

view plans
view plans
(links to: sayplanning.com)

Education IRAs

see alternative aid

IRA plans that can be setup for education. Contributions are after-tax, but earnings in the fund are tax exempt.

The IRA can be used to pay for higher education and K-12 education expenses.

Limitations subject to the available amount in the plan.

Distributions from the fund must be for education-related expenses.

Distributions are tax-exempt unless used for non-education related expenses.

A beneficiary must be named to the account.

IRA Plans

More information from the IRS:
http://www.irs.gov

You can make withdrawals from your IRAs for qualified higher education expenses without having to pay the 10% penalty tax.

Limitations subject to the available amount in the plan.

You will owe income tax on at the amount withdrawn from the plan.