Preparations Prior to School Starting
- How can I be ready for school financially?
- How do I pay the balance due after Financial Aid?
- How do I set up a monthly payment plan?
- What if I need additional loans?
- What would be a good plan to pay the balance due after aid?
- Quick Tips
The following steps should be completed prior to the start of classes:
First, if you have applied for financial aid, be sure all necessary documents to complete your financial aid file are received and your aid has been accepted. You can do this at aid.corban.edu.
Second, you should contact us at 503-375-7006 or firstname.lastname@example.org. We can help you determine the balance due after financial aid, and assist you in making a plan. These steps should be done before classes begin.
After July 1st (for the fall term) and after January 1st (for the spring term) you can see your student account billing information online at: sis.corban.edu.
The balance due after aid can be paid in a lump sum prior to each semester, monthly payments during the period of enrollment, additional loans available to parents and students, or any combination of these.
to initiate the monthly payment plan process.
There is no interest or other costs associated with setting up a payment plan other than a yearly setup fee.
A Parent can borrow a federal PLUS loan for a student, or the student can borrow a low-interest private loan (usually with a co-signer).
Federal PLUS loan features: (borrowed by a parent)
A parent applies online at www.studentloans.gov.
Credit decisions are based on recent credit history, not debt to income ratio.
A fixed 7.21% interest rate.
4.204% loan fee. 95.796% of the amount borrowed is applied to the student’s account.
Payments begin 60 days after the loan is fully disbursed (typically in the spring semester) or a parent can request that the Department of Education defer payments until six months after the student ceases to be enrolled on at least a half-time basis.
If the parent is denied the PLUS loan due to credit, the student qualifies for additional federal unsubsidized Direct loans ($4000 for Freshmen and Sophomores and $5000 for Juniors and Seniors).
If the parent borrower or student were to die before the balance is paid, the balance is waived.
For more information click here.
Private loan features: (borrowed by the student with a co-signer)
- Apply with the lender.
- Interest rate varies based on credit worthiness of the borrower or co-signer.
- May have fees if approved at a level other than excellent credit.
- Payments don’t begin until six months after you graduate (most lenders).
- Interest rates are variable but some lenders offer a fixed rate option.
- Some lenders allow for the co-signer to be dropped after one or two years of on-time payments.
- Some lenders offer a loan forgiveness option in the case of a student death or disability.
for assistance in searching for a private loan.
The chart below is designed to help students develop a plan.
Note: This chart does not take into account loan fees, lab fees, tuition deposits and a $40 per semester technology fee. First time Traditional Undergraduate students also will have a one-time $100 enrollment fee.
A more detailed calculation is available upon request.
|Tuition and Fees (12-18 credits)||28,640|
|Room & Board (If living on campus)||+||8,892|
|Tuition, Fees, Room and Board||=||37,532|
|Total grants and scholarships||-|
|Total Federal Direct or Perkins loans||-|
|Balance due after Financial Aid||=|
|Student earnings from summer|
(assuming it can go directly toward tuition)
(lump sum or monthly payments)
|Parent PLUS Loan||-|
|Private Student Loan||-|
(or credit for books and other educational
For information about tax benefits for students and families visit: www.finaid.org/otheraid/tax.phtml.
Students who work 10 or 15 hours per week during school, borrow less loans than students who choose not to.
Most on campus jobs for new students are in the Dining Hall. If you want to apply there you can mail them a copy of your class schedule with a resume or apply on their web site here. There are also many jobs in Salem if transportation is available.
Our returning students average approximately $4,000 to $5,000 of income while in school.
If you are borrowing loans to help finance college, everything you spend money on during the school year is financed with loans. If family or student resources for the student are going toward a car, a cell phone or trips during the year, those funds could pay for tuition instead and the student could borrow less loans.
Students who bring cars to school typically borrow more loans than those who don’t. Education majors may need transportation for student teaching or observation.
Average incomes are much higher for college graduates, so financing a college education is a financial investment. Preparing for a career, while experiencing personal growth, is also an investment for Corban students.