Financing and payment options
There are several options available for paying the remaining out-of-pocket costs not covered by financial assistance in the student's award package.
These options are:
Three payments per academic year
Tuition bills are typically mailed in early August (fall term), early November (winter term) and early February (spring term).
Monthly payment plan
Tuition Management Systems (TMS) allows families to pay yearly education expenses out of current income through regularly scheduled monthly payments. A 10-month payment plan is available. An informational brochure on this program will be mailed in May to all incoming first-year and transfer students who have submitted a tuition deposit.
The only cost for the Monthly Payment Plan is a $65 annual enrollment fee. Life insurance covering the payment balance is included. There is no approval process, regardless of need or financial standing. For further information, contact TMS at (888) 713-7234 or see www.afford.com/augustana.
Federal Direct Parent Loans for Undergraduate Students (PLUS)
The Federal Direct PLUS loan program enables parents with good credit histories to borrow all or part of the student's yearly educational expenses. Parents may choose to pay yearly expenses using a combination of PLUS loan and the Tuition Management Systems (TMS) monthly payment plan or cash payments. To apply, see Direct Parent PLUS Loan.
Alternative loans for students
Private loans are available to students who meet credit criteria and, in most cases, have a credit-worthy co-signer. These loans supplement the Federal Stafford and/or PLUS loans. Interest rates are variable. Interest accrues while the student is enrolled with repayment beginning six months after graduation. See information on loans.