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.
- Make payments directly to Montserrat College of Art
- Set up a Tuition payment plan
- A Parent Loan for Undergraduate Students (PLUS)
- 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 our office at 978-921-4242 ext 1174 to make a debit or credit card payment over the phone, or pay online by using these instructions:
- Go to Student Financial Services.
- Click on “Tuition Payments” on the right side of the page.
- Enter the amount you wish to pay, the Student’s Name, and the Student’s College ID number. The ID number will be on your billing statement, and it starts with “660…”. Click “Pay Now.”
- After clicking “Pay Now”, you’ll be redirected to PayPal. You can either use your PayPal account if you have one, or if you don’t there’s a gray button labeled “Debit/Credit Card Payment” and you can pay as a guest.
- Tuition Payment Plan
A number of payment plan options are available for students and families who are able 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 an annual fee of $55.00 to set up a payment plan. There are no interest rates, but late fees may be charged.
For more information or to sign up for a payment plan, please visit: Cashnet payment plan or call 1-800-635-0120.
- Parent PLUS Loans (Parent Loan for Undergraduate Students)
A PLUS loan is an option for parents wishing to share borrowing responsibility for their child’s education. It is a fixed interest loan (5.30% for the 21/22 school year) available for those who qualify. This is a federal government loan and is in the parent’s name. ONLY A PARENT CAN APPLY FOR A PLUS LOAN: www.studentloans.gov.
When applying for this loan, be sure to double the amount you want to borrow for the fall semester in order to have sufficient funds to cover the spring semester charges. Also, because the government charges an origination fee on these loans, the actual amount of the loan disbursed to the college will be lower than the amount borrowed. The current origination fee is 4.2%. It is important to take into account this fee when determining the amount to borrow. Parent PLUS loans have the option of deferment. If you are denied a PLUS Loan, please contact the Director of Financial Aid at firstname.lastname@example.org.
- Alternative Student Loans
A wide range of lenders offer alternative (also called private) student loans. Students applying for an alternative loan will typically need a credit worthy cosigner in order to qualify. Montserrat College of Art suggests students and parents review all terms and conditions of any private loan before borrowing. Important factors to consider are the interest rate, option for deferment while in school and repayment terms.
For more information about specific loans or to apply for an alternative student loan please visit: elmselect.com
Please be aware that the Financial Aid Office at Montserrat College of Art is not able to advise students on which loan to apply for. It is the responsibility of the student and family to research the loans and decide on which option works best for your circumstances.