Financing a private college education is one of the most important investments of your lifetime. While we encourage allstudents to apply for federal, state and Canisius College aid, not everyone is eligible to receive aid from all of these programs. Canisius College has a variety of loans and payment plans available for those families who need to supplement their aid award or finance a portion of their educational expenses.
Some of the programs described here are designed to help you spread the annual costs over the academic year, allowing you to budget from your monthly income. Other programs involve low-interest borrowing alternatives to spread costs over a longer period. We encourage you to research various lending institutions to find the one best suited to your needs. The Financial Aid Office will be happy to process any loan application submitted.
Selection of suggested lenders is based upon on interaction with lender Customer Service personnel and information from lender interviews, print materials, and internet postings that demonstrate the best rates and benefits for our students.
Quality customer service allows students to manage their debt in the future. It also means timely response to calls from our staff, allowing loan issues to come to a quick resolution.
While many loan products offer interest rate reductions, principal reductions, or cash back in exchange for signing up for auto-debit or account manager, or for reaching a specified number of on-time payments, it is estimated that only 10-20% of students actually achieve and maintain those benefits. Considering all aspects of a lender’s quality, we will strive to feature lenders with the most easily attainable benefits and those that do not forfeit those benefits by consolidating with another lender.
Canisius College Payment Plan Options
Griffin Tuition Payment Plan
The Griffin Tuition Payment Plan is a Canisius College sponsored program which provides students and parents with the opportunity to budget their out-of-pocket educational costs over the academic year. For an annual fee of $60, (charged semi-annually), parents may choose a monthly payment amount which will allow them to spread their costs (less financial aid for which the student may be eligible) from August through May, with no additional interest charge. More information and application forms are available from the Office of Student Accounts at (716) 888-2801.
Canisius College Installment Payment Plan
Students who are unable to pay their bills in full by the due date may pay the balance in monthly payments by signing a Two-Payment Installment Plan per semester. Students wishing to sign up for the Installment Plan program must do so by the due date on the tuition bill. All Installment Plans are subject to a $30 administrative fee. Accounts are subject to a five percent penalty fee if the plan is not paid in full by the due date. Notes for students under the age of 18 must be co-signed by a parent or legal guardian. The Office of Student Accounts will advise students when a co-signer is required.
LOANS
Students and families wishing to extend their payments beyond the school year have several loan options. It is your responsibility to research these options and to find the one best suited to your needs. Be sure to review interest rates, fees and special features.Be aware that each lender performs its own credit check and multiple checks can have an adverse effect on your credit score.You should opt for a loan that has no prepayment penalty, and is deferred until after graduation. Most importantly, borrow conservatively.
Federal Loan Financing Option
Federal Undergraduate PLUS Loan
The Federal Undergraduate PLUS Loan is available to assist dependent undergraduate students by allowing their parent(s) to borrow for their educational expenses.
To be eligible, a student must be a U.S. citizen or permanent resident alien and must be registered for at least six credit hours per semester. Pre-Approval applications for this loan program are available in the Financial Aid Office. Borrowers may select a lender from a variety of banks and credit unions. The application is completed and submitted to the Financial Aid Office.
Parent(s) may borrow up to the difference between the cost of attendance and all other financial aid per child. Currently, the annual interest charge is 8.5%. The interest rate is calculated annually based upon a 91-day-T-bill plus 3.1%. (The interest rate cannot exceed 9%.) A 4% origination/default fee is deducted from the loan check when it is disbursed. Repayment of this loan plus interest begins 60 days after the loan is disbursed. The minimum repayment is $50 per month and must be repaid within 10 years depending on the amount. Parents who have no adverse credit history are eligible for Undergraduate PLUS loans.
Private Education Loan Options
Many lending institutions offer lending options for families who need an alternative to the federal loan programs. Interest rate, benefits and services vary greatly among these institutions. It is your responsibility to research and choose the option best suited to your needs. Below you will find a list of lenders we have found to be reputable and customer service-conscious. You may wish to begin your research with these:
College Loan Corporation
For more information call College Loan Corp.at 1-888-972-0852 or www.collegeloan.com
Education Finance Partners
For more information, call 1-866-308-1071 or visit www.EducationFinancePartners.com
Signature Student Loan (AMS)
For more information call Signature Pre-Approval at 1-888-272-5543 or www.salliemae.com/signature
Wachovia Education Loan
For more information, call 1-877-689-0763 or visit www.wachovia.com/education