Financial Aid

Financing Options

We know that paying for college and navigating the financial aid process can seem overwhelming at times. That’s why the financial aid professionals at the Mount are dedicated to helping you.

We'll walk you through the process of financing your education in 3 easy steps.

  1. Calculate your net cost, or your out-of-pocket expenses for the year. Use this worksheet.
  2. Evaluate our Monthly Payment Plan.
  3. Review the Federal PLUS loan versus Private Alternative loans.

Net Cost

It's essential to distinguish between a college's published cost of attendance, or "sticker price," and the net cost of college that you (or your family) will pay out of pocket. Your net cost of college is equal to a college's published cost of attendance minus any grants and scholarships ("free money" aid) that you receive.

Your net cost of college can be significantly less than the published cost of attendance. You'll find that a Mount Saint Mary College education is more affordable than you may think.

Monthly Payment Plan

Mount Saint Mary College's Monthly Payment Plan (MPP) provides a way to pay your annual educational expenses in ten easy monthly installments with no interest charges.

You can choose the Mount's MPP to pay down all or any portion of your overall college costs. This no-interest, monthly payment plan means that you can reduce debt over time by avoiding or reducing higher interest loans.

For more information or to enroll in the plan, please click here

Parent Loans

The Federal PLUS Loan is a loan borrowed by a parent on behalf of a child to help pay for tuition and school related expenses at an eligible college or university, or by a graduate student for graduate school. The student must be enrolled at least half time, and the parent or graduate student must pass a credit check in order to receive this loan.  The primary benefit of using a Federal PLUS loan is that the interest rate is fixed at 8.5%.

Private Loans

Private eduation loans are loans taken in the students name, most often with a credit-worthy co-signer and have variable interest rates and repayment terms.  The interest rates and fees you pay on a private loan are based on your credit score and the credit score of your co-signer.  While it is possible to be approved without a co-signer, students often find they are offered a better rate with a co-signer.  Private loans tend to cost more than the PLUS loan, but are less expensive than credit card debt. 

Other Options to consider

A home equity loan or line of credit should also be considered as an alternative to private education loans. The interest rates are competitive with private education loans and the interest is usually fully deductible. However, these loans should be compared with other forms of education financing according to cost, the impact on student aid eligibility, and the flexibility of the repayment provisions.

The Financial Aid Office at the Mount recommends each family review all of the above options and select those that best suit their particular financial situation and needs.  The best recommendation we have found is to to make sure families understand their net cost, sign up for a monthly payment they can afford, and then evaluate the pros and cons of the Federal Parent loan versus a Private Alternative loan to finance the remaining balance.