Alternative Payment Options

For most families, financing a college education is second only to purchasing a home, and in some cases, college costs supersede this expense as well. We at Bucknell recognize the difficulty this investment can present for many families, even for those who have been prudent in their planning for their children's education.

Therefore, we are very pleased to bring you alternative payment options, which are listed below. These are Bucknell’s recommended steps in managing the cost of education.

Extended Unsubsidized Federal Stafford Loan

If a parent applies for and is denied a PLUS loan (see below) due to adverse credit, we need documentation of this denial. The student may then borrow up to an additional $5000. (The maximum for first and second year students is $4000, and the maximum for third and fourth year students is $5000.) You must request and complete our Extended Unsubsidized Federal Stafford Loan form, available upon request beginning in July preceding the academic year.

Bucknell's Monthly Payment Plan

Administered by Tuition Management Systems (TMS), a Key Corp. company, this plan allows families to make 10 equal monthly payments for the academic year, or five monthly payments for a semester. There is a non-refundable $50 (subject to change) application fee. You may apply on-line at www.afford.com/bucknell, or you may call 800-722-4867.

Federal Parent Loan for Undergraduate Students (PLUS)

This non-need based, credit worthy loan allows parents to borrow for their students’ education expenses. The maximum amount eligible to be borrowed is financial aid cost of attendance minus other aid. The interest rate is fixed at 8.5% as of July 1, 2007. Repayment usually begins 60 days after disbursement, but we encourage you to ask your lender of choice if you may be eligible to delay your repayment while your student is enrolled. Lenders may deduct loan fees of up to 4% of requested amount from each disbursement.

Bucknell will begin the certification process in July. We suggest that you visit www.selectyourlender.com for information regarding lenders who have provided Bucknell students and parents with excellent customer service and loan processing over the past few years.

Bucknell Tuition Prepayment Plan

This plan offers families the option to prepay one, two, or three years of tuition at the current rate, thus forgoing future tuition increases. This plan is available to enrolled undergraduate students who are not financial aid recipients. You must complete the prepayment agreement by August 1, 2008. The tuition rate for the full academic year is the only charge which may be prepaid through this plan. For more information and to apply for the plan, visit the Finance Office website.

Alternative Loans

Before you consider any alternative loans, please be sure to consider the Bucknell Monthly Payment Plan, Federal Stafford, and Federal PLUS first, as these programs are less expensive options. Alternative loans have higher interest rates than federal loans, so you need to be careful about borrowing. If you choose to borrow alternative loans, it is important to consider annual maximums, fees, interest rates, co-signer options, deferment policies, and any other questions you may have.

We suggest that you visit www.selectyourlender.com for information regarding lenders who have provided Bucknell students and parents with excellent customer service and loan processing over the past few years.

As of this writing, there is pending legislation regarding borrower benefits that different lenders may offer, so that is why we are suggesting this website so that you may see for yourself information about the lenders with whom we have experience. The choice of lender is entirely up to you.