Monthly Payment Plan
The Monthly Payment Plan is an affordable, interest-free alternative to paying each semester’s tuition and expenses in full prior to the Fall term (due in August) and the Spring term (due in January). The Monthly Payment Plan is not a loan, so there are no interest payments—only a low annual enrollment fee. Used alone or in conjunction with loans, the Monthly Payment Plan can help reduce the amount you need to borrow, which saves you money and keeps debt to a minimum.
For more information please call the Washington College Business Office at 410-778-7708, or click on the link below.
Alternative/Private Student Loans
Many banks and lending institutions offer alternative educational loans that can be used to cover the portion of the total cost of education not covered by scholarships, grants, and other financial aid. These loans are offered by private lenders and there are no federal forms to complete. Eligibility for these loans often depends on the credit score of the borrower.
Some families turn to alternative loans when the federal loans do not provide enough money or when they need more flexible payment options.
Because most private loans cost more than the education loans offered by the federal government, and most have variable interest rates tied to your credit score, we recommend that families research the various private loans before electing to use this payment option.
Washington College does not partner with any particular lenders. However, the Office of Student Aid staff would be happy to help answer questions you may have related to alternative/private loans.
Scholarships & Interest-Free Loans for Maryland Residents
The Central Scholarship Bureau is offering interest-free loans to permanent residents across Maryland. Selection is based on need and merit. The Central Scholarship Bureau awarded a record $600,000 in interest-free loans and $300,000 in scholarships this school year. Over 450 students applied and 181 received loans or grants. Changes made to the program in the past year have increased the number of students eligible and the amount they could receive. Undergraduate and graduate students are eligible. There’s no age limit. Recipients range from age 17 to 61.
To qualify for a loan, you must apply for federal financial aid (FAFSA). You need to have a grade-point average of at least 2.0 on a scale of 4, and you must have a co-signer for the loan.
Central Scholarship is now accepting applications for the 2014-2015 academic year. Students have through April 1, 2014 to apply for all of their scholarships. For application eligibility & instructions click here. For more information and details check out the nonprofit’s Web site at www.centralsb.org.
Prepaid Tuition Option
Washington College offers a prepaid tuition plan that guarantees savings by protecting the student from future increases in the price of tuition. Tuition may be prepaid at the prevailing semester rate by multiplying the current semester rate by the number of semesters to be prepaid. The Prepaid Tuition Option covers tuition only; room, board, and other fees cannot be prepaid and will be invoiced according to the normal fall/spring billing cycle(s). For additional information or questions, please contact Jeani Narcum, Director, Office of Student Financial Aid, at 410-778-7214.