Alternative Financing Options – Payments Plans and/or Loans

Payment Plans

For information about using the interest-free payment plan through Tuition Management Systems (TMS), please click here.

Loans

Students and families are welcome to apply for additional loans beyond the Federal Loans offered through completion of the FAFSA. Non-federal loans are called “private” or “alternative” loans. The Office of Financial Aid has selected Elm Select to be our Lender List carrier; a list of potential private loans can be found at their website. Students are not required to use one of these lenders; if you wish to use another lender that is not on this list, you have the right to do so.

To view these lenders please visit ELM Select.

While we understand that you may have questions, we believe you have the right and ability to seek the education loan provider of your choice. ELM Select allows you to compare several lenders, containing the most up to date rates and benefits.

Local Banks

If you would like a starting reference of where to research lenders that are participating in the educational lending market, we suggest that you talk to your current banking relationships to see if they offer any education loan programs and benefits for their customers.

State Agencies

You can also contact your home state's educational financing agency (for example, the Massachusetts agency OSFA) to see what types of assistance may be available to college students.

Common Questions

Here are some things you might want to consider when deciding what loan is best for you:

  • What is the interest rate based on: prime rate, Libor, something else?
  • How long is the repayment period?
  • What are the fees?
  • Does the lender offer any repayment benefits?
  • Who is the borrower of the loan? Will I need a co-signer?
  • Is the loan deferred while the student is in school?

You should also compare interest rates, fees, borrowing limits, and credit requirements.

Other Information

Most lenders require the student to be enrolled at least half-time in a degree seeking program, unless noted below. Most loan proceeds are disbursed directly to the student’s account at Becker College.

Information on financing programs is subject to change without notice.

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