Whether or not you qualify for aid, there are a number of financing options that are available to help you pay your contribution. These include, but are not limited to, monthly payment programs, loan programs, and pre-payment plans. Often, it can be advantageous to seek professional financial advice regarding the tax advantages of various strategies.
A few of the programs most used by Colgate parents and students are described below.
Colgate University Monthly Payment Plans
Monthly payment plans allow parents to make 10 monthly payments (starting in June) toward college bills. There is a small processing fee. Colgate offers plans that are administered by Tuition Management Systems (TMS) and Sallie Mae TuitionPay. For further information call TMS at 800-722-4867 or Sallie Mae TuitionPay at 800-635-0120.
Federal Direct PLUS Loan
This is the loan most commonly used by our Colgate families. Only one master promissory note is needed throughout the students' enrollment at Colgate. This federal loan enables parents to borrow directly from the Federal Government up to the cost of attendance minus any financial aid. The current interest rate is fixed at 7.9%, and borrowers pay an origination fee of 4% (but only 2.5% is charged if regular payments are made). Repayment begins 60 days after loan disbursement and continues for up to 10 years. To begin the application process, please call the Office of Financial Aid.
The Tuition Prepayment Plan
For those parents interested in stabilizing tuition charges during the four undergraduate years of their child’s enrollment, Colgate University has developed a prepayment option. The Tuition Prepayment Plan offers parents the opportunity to prepay tuition for two, three, or four years at the current rate of annual tuition set for the first year of participation in the plan, which protects families from probable future increases.
Participation is limited to parents of students who are not financial aid recipients and are in full-time attendance. Only tuition charges are included. All other charges for fees, room, and meals are payable as billed.
Specific details of this plan may be obtained by contacting the Office of Student Accounts at 315-228-7421 or by email at stuaccounts@mail.colgate.edu.
The Tuition Refund Plan
This plan provides refunds of tuition in the event of withdrawal due to medical or emotional reasons, in accordance with the terms set forth by the contract. Information is sent to parents annually by A.W.G. Dewar, Inc., (617-774-1555), the insuring company.
Specific details of this plan may be obtained by contacting the Office of Student Accounts at 315-228-7421 or by e-mail at stuaccounts@mail.colgate.edu
Student Resources
Federal Direct Unsubsidized Loans
Federal Direct Unsubsidized Loans are available to students, regardless of family income, for up to $5,500 for the first year of school, $6,500 for the second year, and $7,500 for the third and fourth years. Some students may be eligible to borrow a portion of these amounts through the subsidized portion of the Federal Direct Loan program, in which no interest accrues while the student is enrolled at least half time. However, at least $2,000 of each of these amounts can be offered only through the unsubsidized portion of the program.
The FAFSA or Free Application for Federal Student Aid must be submitted online before the loan can be processed. Currently the interest rate is fixed at 5.6% for subsidized loans and 6.8% for unsubsidized loans. In the unsubsidized portion of the program, interest accrues while the student is in school and may be paid or capitalized. In both portions of the program borrowers pay a 2% origination fee. Further information may be obtained by contacting the Office of Financial Aid.
Campus Employment
Campus employment is another financial opportunity for students. While students with a work-study award in their aid package receive priority in hiring, a number of jobs are open to all students. More than half of the students who work on campus have not applied for aid.