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Billing Information & Funding the Balance

Deadlines: Payment in full, or a formal plan to meet the balance due, is due on or before July 15 for the Fall semester, and December 15 for the Spring semester. Student billing statements are available online at Campus Cafe and will be mailed to the student’s home address. Student accounts are subject to a one-time late fee when payments are not received and processed on time.

Balance Due: The difference between the charges listed on the student’s bill and the amount of verified aid is the balance due to the college. Because students will not be permitted to move into their residence hall or attend classes if a balance remains on their account, it is important to plan in advance and to have your plan approved by the Office of Student Financial Services. Please see “Funding the Balance” for details on payment options.

Changes to your Account: Throughout the billing period or during the semester, it is possible that changes to a student’s course schedule or housing situation will create a change to their account. In these cases, a new statement will be issued to reflect these changes.

Receiving Refund Checks: If a student’s financial planning relies on the issuance of a refund check to pay for day-to-day expenses such as food, rent, and supplies, please note that refund checks are issued 2-8 weeks after the Add/Drop period ends, and only if there is an available credit on the student’s account. It is important that students have financial resources to bridge the gap between the start of the semester and the refund period.  Refund checks are most often created when there’s been an overpayment made towards the balance due, or the student or parent/guardian over-borrowed a private or Federal Parent Plus Loan.

Student Financial Services recommends using the refund check in the following ways:

  • Use the funds to make a payment towards any loans you have borrowed.
  • Apply the funds from your refund check to a future semester.
  • Save your refund to help pay for any educational or living expenses that may occur during the academic year.

FUNDING YOUR BALANCE FROM STUDENT FINANCIAL SERVICES

You have 4 options to pay the balance due: Most students and families find that a combination of the options below best suits their needs. Also note: you are not obligated to use the lending options below. You are free to choose a lender that best fits your needs.

  1. Make payments directly to Montserrat College of Art
  2. Set up a payment plan
  3. A Parent Loan for Undergraduate Students (PLUS)
  4. A private loan

SEE BELOW FOR MORE DETAILS ______________________________________________________________­­­­­­______________________

       1.   Make payments directly to Montserrat College of Art

Students and their families can make payments directly to the College by mailing checks, calling to make a card payment over the phone, or paying online.

  • Go to montserrat.edu/admissions/student-financial-services
  • Click on “Tuition Payments” on the right side of the page.
  • Enter the amount you wish to pay and the Student’s Name.
  • You can select to pay by credit card (a 3% processing fee will be added) or with a U.S. Bank Account.
  1.  Payment Plan

A number of payment plan options are available to make monthly installments. These options include a semester plan that can be paid over 4 or 5 installments or an annual plan that covers both the fall and spring semesters over 8, 10 or 11 installments. If you are interested in an annual plan, remember to include the amount due for the Fall and Spring. Please note that there is a $55. fee to set up an annual payment plan, and a $35. fee to set up a
semester plan. There is no interest charged. Late fees may apply if you are late with a monthly installment.

For more information or to sign up for a payment plan, please visit commerce.cashnet.com/cashneti/static/epayment/montserratpay/login or call 877-821-0625.

  1. Parent PLUS Loans (Parent Loan for Undergraduate Students)

The Direct Parent PLUS loan is a federal loan made to the parent or legal guardian of a dependent undergraduate student to help cover the cost of the student’s education. Please keep in mind that when applying for this loan, you are applying for funds for the school year; therefore, the loan will be split into two separate disbursements.

Parent Plus Loan applications will expire after six months, so for a Fall semester start, please wait to apply until after April 1. Additional Information and the application can be found at studentaid.gov/plus-app/parent/landing.

Upon approval of a Plus Loan, the parent needs to complete the Plus Master Promissory Note here: studentaid.gov/mpn/parentplus/landing

If a parent’s Plus Loan application is denied, the parent may seek an endorser, file an appeal, or the student may qualify for additional Federal Unsubsidized Loan funds. Please contact our office for assistance.

If a borrower has a Federal Parent Plus Loan made before July 1, 2026, the parent can continue to borrow up to the Cost of Attendance for three additional academic years or the remainder of the student’s current program, whichever comes first. Parent PLUS Loans will be capped at $20,000 per student per year and a $65,000 lifetime limit beginning July 1, 2026, for new Plus Loan borrowers.

For Direct PLUS Loans disbursed on or after July 1, 2025, and before July 1, 2026, the interest rate is 8.94%. This is a fixed interest rate for the life of the loan. An added 4.228% origination fee is deducted from each disbursement.

  1.  Private Loans

A wide range of lenders offer private student loans. Students will typically need a credit-worthy cosigner in order to qualify. Montserrat College of Art suggests students and families review all terms and conditions of any private loan before borrowing. Important factors to consider are the interest rate, the option for deferment while in school, and repayment terms. We recommend you compare credit-based loan information and terms carefully to determine the best fit for your circumstances. The Student Financial Services encourages students to borrow the federal loans offered to them before borrowing private loans.

Here are two tools to help search for private loans:

Elmselect.com is a tool to help families search for private loans from a reputable list of lenders. ELMSelect is a transparent, lender-neutral, free service with the lenders providing the information available for comparison.

Credible.com/a/montserrat is a free online loan selection tool that allows you to compare pre-qualified rates, terms, and eligibility rules side-by-side in just a few minutes. With your approval, Credible will pull a soft credit inquiry, which will not affect your credit score but will enable you to compare interest rates you qualify for at multiple lenders.

FREQUENTLY USED LENDER LIST

Students and families are welcomed and encouraged to research multiple lenders to find the best fit for them. If they wish to explore lenders not included in these search tools, they have the right to do so.

STUDENT FINANCIAL SERVICES

[email protected]

978-921-4242 X 1172

FAX: 978-922-4268