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 the financing options listed below.
Bucknell Monthly Payment Plan
This plan is administered by Tuition Management Systems (TMS), and is a budget plan that divides college costs into ten consecutive monthly interest-free installments. The current application fee (subject to change) is $55. Acceptance into the plan begins in April and ends on the fall semester due date. Please be aware that the first of the ten payments is due June 1. Those who enroll in the plan after June 1 will be required to make all back payments immediately. For further information or to apply, you may contact TMS at 800-722-4867 or bucknell.afford.com/. (Non-US citizens may apply for the payment plan.)
Bucknell Tuition Prepayment Plan
This plan offers families the option of prepaying two or more years of tuition at the current rate, thus foregoing future tuition increases. This plan is available to enrolled undergraduate students who are not receiving need-based or merit-based grant or scholarship assistance awarded by Bucknell University. You must complete the prepayment agreement by the fall semester due date. Tuition (not room and board) is the only cost which may be prepaid through this plan. Learn more at www.bucknell.edu/TuitionPrepaymentPlan or contact Bursar Services at firstname.lastname@example.org or 570.577.3733.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
This is a non-need-based, credit-worthy loan with a 7.6% interest rate that a parent may borrow in his or her name to assist with the student's educational costs. Federal regulations require that we have a Free Application for Federal Student Aid (FAFSA) on file for your student before we may process a PLUS loan for you.
In addition to the options above, you and your parents may wish to pursue the possibility of a home equity loan, credit union financing, or other avenues that may be open to you. We strongly recommend borrowing federal loans first, but you may also want to consider private educational loans. Keep in mind that the interest rates for private student educational loans can vary depending upon your credit. If you do consider private loans, please be aware that different loans have different terms and conditions, interest rates (fixed or variable), etc. You also may want to check with your state to see if any state educational loan programs are possible for you. Other issues you may want to research may include:
- if the interest rate is capped
- if the interest rate can change
- how often your credit will be checked because some lenders may only check once in a 30-day period
- if there is built-in life insurance and/or loan forgiveness in the event of permanent disability or death of the student
- if there are loan deferment options
- if there are any additional processing fees
- what the annual loan limits are
- if there is a grace period before repayment begins
- if consolidation is a possibility
If you wish to apply for a private educational loan, we suggest that you apply after May 15, as most credit checks are only good for a limited period of time.
We are not able to recommend specific lenders to you. However, please let us know if you have questions, and we can try to assist you in your research.
Bucknell University Office of Financial Aid Lender Code of Conduct
- Bucknell University's Office of Financial Aid does not recommend, promote or endorse specific lenders. We may inform students and parents of various lenders with whom we have worked over the past few years, as they have provided excellent customer service to our borrowers.
- Students and parents are encouraged to choose any lender they wish. We do not assign lenders or discriminate based on lender, and we will process any lender's loans with the greatest level of efficiency possible.
- We do not participate in revenue sharing with lenders.
- We do not accept anything of value (not more than a de minimus value) from lenders or guarantors in exchange for any lending advantage they may seek.
- We require lender representatives with whom we work to identify themselves as being employed by lenders.
- We do not accept or solicit lenders to provide any staffing assistance in Bucknell University's Office of Financial Aid.