financing a brandeis education what does it cost? when is it due? how can we pay?

Financing a Brandeis Education

What does it cost? When is it due? How can we pay?

2014-2015 Direct Charges

Tuition $ 46,022Fees 1,811Double Room 7,49210 Meal/Points 5,700

Total $ 61,025

Net Cost Calculation

Subtract Grants, Scholarships, and net of Loans from Total Cost

$61,025 Total Cost - 29,475 Aid $31,550 Net Cost

Semester Billing Dates

Fall semester bills mailed early July with payment due on August 8th

Spring semester bills mailed mid- November with payment due

on January 2nd

Payment Options

Directly by Check or Money OrderWestern Union Wire TransfersOn-Line Payment Gateway by Credit Card or Direct Withdrawal from Checking/Savings10-Month Payment PlanTuition Stabilization Plan (TSP)Loans: Home Equity or Mortgage Loan Supplemental Education Loans for Parents Supplemental Education Loans for Students

Parent Federal Direct Loan for Undergraduate Students (Direct PLUS)

6.41% fixed interest rate4.288% origination fee deducted from amount borrowedCost of attendance minus financial aidRepayment options: Deferred, standard (up to 10 year), graduated (up to 10 year), or extended (up to 25 year)Consolidation

MEFA Loan for Parents

Fixed interest rates of 5.99/7.24% on immediate repayment 10 year term, 6.29/7.29% on immediate 15 year term, 7.09/8.09% on interest only repayment during in-school period 15 year term, 7.59% on deferred repayment during in-school period 15 year repayment term4.0% origination fee added to amount borrowedCost of attendance minus financial aidLower interest rates on immediate and interest-only loans apply during in-school period only, interest-only repayment ends after anticipated graduation date, deferred repayment ends after the student graduates, leaves the program, or is enrolled for less than half-time status

Student Federal Direct Unsubsidized Stafford Loan

3.86% fixed interest1.072% origination fee deducted from amount borrowed$5,500 1st year, $6,500 2nd year, $7,500 3rd year and beyond (minus any subsidized loan)Additional $4,000 1st and 2nd year, $5,000 3rd and beyond with PLUS denialDeferred repayment until six months after graduationRepayment Options: Standard (10 year), graduated (10 year), extended (25 year), income-based repayment, pay as you go, or income contingentInterest accrues during deferment periodConsolidation

Private Loans for Students:

Variable interest rates based on credit rating and co-signer presenceCost of attendance minus financial aidSix plus years of repayment starting six months after graduationOrigination/disbursement fees varyCo-signer usually required with possible releasePayment of interest may be required during deferment periodInterest rate reduction incentives vary based on direct withdrawal payment and years of on-time payments.

Combinations to Pay $31,550 Net Cost

Payment Plan and PLUS Loan (Immediate Standard 10 Year Repayment)$10,000 Payment Plan = $1,000.00 Monthly$21,550 PLUS = $244 Monthly$1,000 Payment for Seven Months, $1,244, Payment for Three Months, $244 for Two Months for First Year

Combinations to Pay $31,550 Net Cost

Payment Plan and MEFA Loan (Immediate 10 Year Repayment)$10,000 Payment Plan = $1,000.00 Monthly$21,550 MEFA Loan = $251.60 Monthly$1,000 Payment for Seven Months, $1,251.60 Payment for Three Months, $251.60 for Two Months for First Year

Combinations to Pay $31,550 Net Cost

PLUS (Standard 10 Year Repayment) and Private Student Loan (Deferred Repayment)$21,550 PLUS = $244 Monthly$10,000 Private Student Loan = Payment of Interest Only During Deferral PeriodInterest on Private Student Loan only for Seven Months, Interest and $244 Monthly Payment During Deferral Period

Multi-Year Repayments

$10,000 PLUS Borrowed per Year for Four Years - Standard 10 Year Repayment Year 1 - $113 MonthlyYear 2 - $226 MonthlyYear 3 - $339 MonthlyYear 4 - $452 Monthly for 7 years, $339 for 1 year, $226 for 1 year, $113 for 1 year.

On-Line Help

GO.BRANDEIS.EDU/FINANCING for:- Payment Plan- Education Loans- Tuition Stabilization Plan

(TSP)- Customize a Solution (click “BorrowSmart”

under Education Loan Programs)

- Other links