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    Alternative Financing Options
     

    Stevens offers a wide range of financial aid programs from institutional, federal, state, and private sources; however students and families may find that these programs do not cover all of their educational costs. With this in mind, Stevens participates in a variety of financing options and payment plans, so families who need assistance in addition to the aid already offered, or even those who may not qualify for any traditional aid, still have resources available to them to make these expenses more manageable.

    The following lenders have been placed on our Financial Aid website because they provide exceptional customer service, competitive rates and financing options that provide a wide range of borrower benefits. Neither Stevens Institute of Technology nor its staff members receive any remuneration from these lenders for placement on our website. Families may choose one of the lenders below or may utilize an alternative lender of their choice.

    We provide a number of lender options on this page so that students and their families can have a good starting point when beginning the process of comparing loans. There are many student loan providers out there and it is advisable to look at lenders' criteria, rates and repayment options carefully before making a decision.

    Since these programs are subject to change, be sure to check with each provider for the most current information.

    • Financing your Education

    • PLUS LOAN:
    • Federal Direct PLUS Loan
      • Phone Number: 1-800-848-0979
      • Eligibility: Parents only, no other relatives or guardians; US Citizen / Permanent Residents; must pass credit check
      • Amount: Up to the full cost of attendance minus other aid
      • Interest Rate: 52 week Treasury Bill plus a percentage; capped at 9%. Currently 7.9%. The interest rate is adjusted each year on July 1 and is calculated according to a federal formula. Your parents will be informed of later changes in the interest rate. Interest is charged on the loan from the day the first disbursement is made until the day the loan is paid in full.
      • Fees: All PLUS Loans are subject to fees of 4.0% that are withheld from the amount received. There is an upfront 1.5% interest rebate (fees less rebate is 3%--the total amount withheld from the loan.) Fees are deducted from the loan proceeds at the time funds are disbursed.
      • Repayment: Begins 60 days after disbursement; up to 10 years to repay. Beginning July 1st, 2008, parent applicants may choose to defer payments on a PLUS loan until 6 months after the date the student ceases to be enrolled at least half-time.  Accruing interest could be paid by the parent borrower monthly or quarterly and be capitalized quarterly.
      • Application:
        Undergraduate Parent PLUS Loan: PLUS Loan Application letter
        Graduate PLUS Loan: PLUS Loan for Graduate Students
      • PLUS MPN E-SIGN: www.studentloans.gov


      Alternative Loan Lenders:
    • Alternative/Private Student Loan Options
    • Federal Perkins Loan

    • Non-Loan Payment Options

     
     
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