Starting in the 2008-2009 academic year, Pine Manor College became a full participant in the William D. Ford Federal Direct Loan Program. As a full Direct Loan participant, Pine Manor College no longer certifies Federal Stafford and PLUS Loans through the Family Federal Education Loan Program (FFELP). Click here for a Q & A about what this means for you.
Payment Plans
Tuition Management Systems (TMS) Interest-Free Budget Payment Plan
The interest-free monthly Payment Option allows you to budget your education expenses over the course of 10 months. The only cost is a $60 enrollment fee, which includes life insurance protection of your education expenses, toll-free education payment counseling, and 24-hour automated account access. An information packet describing the plan will be included in your fall billing packet. To enroll, call 1-888-216-4258 or visit the TMS website.
Federal Direct Loans
Federal Direct Stafford Loan
This loan may be subsidized, unsubsidized, or a combination of both. With a subsidized loan, which is awarded based on financial need, the federal government pays interest that accrues while you are in school. The unsubsidized loan is not based on need; interest that accrues while in school must either be paid monthly or deferred and capitalized (added to the original loan balance). Loan eligibility is determined by the Financial Aid Office.
Interest rates for Federal Direct Subsidized Stafford Loans during
2009-2010 is a fixed 5.6% for undergraduates. The interest rate for all
Federal Direct Unsubsidized Loans is a fixed 6.8%. There is a .5%
origination fee (which is net of a 1.5% up-front rebate that assumes 12
on-time monthly payments) deducted from the proceeds of the loan. Loan
funds are disbursed directly to PMC in equal amounts over each term of
enrollment for the academic year. There is a 6-month grace period prior
to repayment following graduation, withdrawal, or a drop below
half-time status.
Increased Unsubsidized Eligibility
On
May 7, President Bush signed H.R. 5715 into law, making the following
changes to both independent and dependent undergraduate unsubsidized
Stafford loan eligibility:
Dependent undergraduates:
- Annual
federal unsubsidized Stafford loan limit increased by $2,000, which
means a dependent student can receive his or her base amount of
eligibility plus up to $2,000 of additional unsubsidized Stafford
funds.
- Total aggregate increased to $31,000, of which $23,000 can be subsidized.
This chart illustrates the total amount annually available to dependent undergraduate students:
Student
|
Subsidizes/Unsubsidized Base Amount
|
Additional Unsubsidized Amount for Loans First Disbursed Prior to July 1, 2008
|
Additional Unsubsidized Amount for Loans First Disbursed On or After July 1, 2008
|
| First Year |
$3,500 |
$0 |
$2,000 |
| Second Year |
$4,500 |
$0 |
$2,000 |
| Third Year and After |
$5,500 |
$0 |
$2,000 |
Independent undergraduates:
-
Annual federal unsubsidized Stafford loan limit increased by $2,000,
which means that 1st and 2nd year students can receive up to $6,000 in
additional unsubsidized Stafford funds and 3rd year or above students,
can receive up to $7,000 in additional unsubsidized Stafford funds.
- Total aggregate increased to $57,500, of which $23,000 can be subsidized.
This chart illustrates the total amount annually available to independent undergraduate students:
Student
|
Subsidizes/Unsubsidized Base Amount
|
Additional Unsubsidized Amount for Loans First Disbursed Prior to July 1, 2008
|
Additional Unsubsidized Amount for Loans First Disbursed On or After July 1, 2008
|
| First Year |
$3,500 |
$4,000 |
$6,000 |
| Second Year |
$4,500 |
$4,000 |
$6,000 |
| Third Year and After |
$5,500 |
$5,000 |
$7,000 |
The aggregate maximum (cumulative total for all schooling) is $57,500 of which $23,000 can be subsidized.
MFA Graduate Students
The annual maximum is $20,500. Depending on financial need the first $8,500 may be subsidized.
The aggregate maximum (cumulative total for all schooling) is $138,500 of which $65,500 can be subsidized.
Federal Direct Parent PLUS Loan
The federally sponsored PLUS loan is a low-interest student loan for
the parents of dependent undergraduate students, who are attending at
least half-time. The interest rate is a fixed 7.9%. There is a 2.5%
origination fee (which is net of a 1.5% up-front rebate that assumes 12
on-time monthly payments) deducted from the proceeds of the loan. Loan
funds are disbursed directly to Pine Manor College in equal amounts
over each term of enrollment for the academic year. The maximum amount
that can be borrowed is the cost of education less any other forms of
financial aid. PLUS loans must be processed according to federal
regulations, which stipulate that a loan cannot be processed after the
end of the loan period.
Parent PLUS Borrower
The borrower can be the biological or adoptive parent or, in some
cases, the stepparent, and must be a U.S. citizen or permanent
resident. Repayment begins 60 days after the loan is fully disbursed,
and extends up to 10 years. However
due to a recent bill passed by congress Parents can choose to defer
payments on a Plus loan until 6 months after the date the student
ceases to be enrolled at least half time. Accruing interest can either
be paid by the parent borrower monthly or quarterly, or be capitalized
quarterly. To apply for the PLUS loan you must download and submit this credit authorization form 
. The borrower must complete the credit check process and sign the PLUS Master Promissory Note.
If
a parent is denied a Federal PLUS loan due to credit reasons, the
parent may appeal the denial with the Direct Loan Servicing Center or
reapply with a credit-worthy co-borrower. The Direct Loan Servicing
Center can be reached at (800)-848-0979.
Deferment for PLUS loans is NOT automatic!
You MUST complete the following:
If you have received the Parent PLUS loan, to request deferment please
contact Borrower Services at 1-800-848-0979, when prompted, enter your
Social Security Number.
Private Loans for Students
It is important to note that Alternative Loans are recommended as a last
resort. Please make every effort to exhausted all financial aid options
i.e. scholarships, grants, payment plans and Federal loans. Contact the
Financial Resources Ombudsperson for a personal finance counseling
session at henderss@pmc.edu.
This loan allows you to borrow up to the total cost of attendance, less other aid you receive.
MEFA offers loans for undergraduate and graduate students, with some of the lowest interest rates and terms around.
Click here for information on repaying federal student loans.