In these economic times, families of college students might find
themselves with less money in their pockets to pay this fall’s college
tuition. Sallie Mae, the nation’s leading saving, planning and paying
for education company, offers several affordable options available in
time to meet the cost of higher education.
“When times are tight, a college degree continues to pay long-lasting
dividends,” said Albert L. Lord, vice chairman and CEO, Sallie Mae.
“With unemployment for college graduates at half that of the population
at large, a college degree remains one of the best investments a family
can make. The good news is that there is a variety of options to help
cover the cost.”
Sallie Mae’s free Education Investment Planner, available at www.SallieMae.com/invest,
can help college-bound students and their families compare the costs of
5,500 colleges and universities, build a customized plan to pay for
college, and explore various funding options.
After maximizing scholarships, grants and federal student loans, Sallie
Mae advises families to consider these solutions to a last-minute
college financing gap:
Tuition payment plans are available at hundreds of college campuses and
offer families an alternative to making a large, lump-sum payment due at
the start of the term. Sallie Mae’s TuitionPay
is an interest-free, monthly installment option that saves families
money by reducing the amount they need to borrow and allows families to
more easily use their current income for education expenses. Visit www.SallieMae.com/tuitionpay
for more information.
Federal PLUS loans allow parents of undergraduate, dependent college
students, as well as graduate students, to finance their unmet financial
need, up to the full cost of education, as certified by the student’s
institution. Federal PLUS loans carry a fixed interest rate of 8.5%,
regardless of the customer’s credit history, income or assets. Funds may
be used to cover total education expenses, including room, board, books,
supplies and travel to campus.
To qualify, applicants must not be more than 180 days delinquent on
their mortgage or medical bills and no more than 90 days late on other
bills. Sallie Mae assists parents and graduate students who do not
immediately qualify for a PLUS loan in resolving outstanding or
erroneous credit issues.
