• Pine Manor College Financial Lenders Code of Conduct

Pine Manor College is a full participant in the William D. Ford Federal Direct Loan Program. 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

Direct Stafford Loan

Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education.

Direct Stafford Loans include the following types of loans:

• Direct Subsidized Loans—Direct Subsidized Loans are for students with financial need. Students are not charged interest while enrolled in school at least half-time and during grace periods and deferment periods.

• Direct Unsubsidized Loans—Students are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out.

Annual and Aggregate Loan Limits:

The following chart provides maximum annual and aggregate (total) loan limits for subsidized and unsubsidized Direct Stafford Loans.

Student	Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans)	Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)	MFA Graduate Students
First Year	$5,500 - No more than $3,500 of this amount may be in subsidized loans	$9,500 - No more than $3,500 of this amount may be in subsidized loans	$20,500 - No more than $8,500 of this amount may be in subsidized loans
Second Year	$6,500 - No more than $4,500 of this amount may be in subsidized loans	$10.500 - No more than $4,500 of this amount may be in subsidized loans	$20,500 - No more than $8,500 of this amount may be in subsidized loans
Third Year and After	$7,500 - No more than $5,500 of this amount may be in subsidized loans	$12,500 - No more than $5,500 of this amount may be in subsidized loans	$20,500 - No more than $8,500 of this amount may be in subsidized loans
Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)	$31,000 - No more than $23,000 of this amount may be in subsidized loans	$57,500 - No more than $23,000 of this amount may be in subsidized loans	$138,500 - No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study

Note: These annual loan limit amounts are the maximum yearly amounts students may borrow in both subsidized and unsubsidized loans. Students can have one type of loan or a combination of both. There is a .5% origination fee 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.

Direct Loans Interest Rates

Undergraduate Students
• Direct Subsidized loans - Disbursements made between July 1, 2011 and June 30, 2012, the interest rate is fixed at 3.4%.
• Direct Unsubsidized Loans - The interest rate is fixed at 6.8% .

Graduate and professional degree students
• Direct Subsidized and Unsubsidized Loans - The interest rate is fixed at 6.8%.

Repayment Plans - The Direct Loan Program offers several repayment plans that are designed to meet the different needs of individual borrowers. Generally, you’ll have 10 to 25 years to repay your loan, depending on the repayment plan that you choose. You will receive more detailed information on your repayment options during entrance and exit counseling sessions at your school. For more information about repayment; http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp

 

Direct PLUS Loans for Parents

Parents of dependent students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses
To be eligible for a Direct PLUS Loan for Parents:

• The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible.
• The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Programsm. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
• The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
• The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to the student aid eligibility page.

About the Direct PLUS Loan for Parents

• The annual limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives
• 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.
• Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.
• The interest rate is fixed at 7.9%. Interest is charged from the date of the first disbursement until the loan is paid in full.
• In addition to interest, a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. The fee is deducted the amount received.
• Repayment Plans - The Direct PLUS Loan Program for parents offers three repayment plans-standard, extended, and graduated-that are designed to meet the different needs of individual borrowers. The terms differ between the repayment programs, but generally borrowers will have 10 to 25 years to repay a loan.

For more information about repayment; http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp

To Apply For a Direct PLUS Loan

• The parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN).
• Parents may complete the PLUS application and MPN online at www.studentloans.gov.

Deferment for PLUS loans is NOT automatic!
You MUST complete the following:

 

Private Loans for Students

• Private Student Loans - What You Need to Know!

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.

Click here for information on repaying federal student loans.