The purpose of financial aid is to help make Beloit College an affordable choice for students of all economic backgrounds.
The way in which our aid awards are determined recognizes that the College, parents, and students all have significant roles to play in financing the costs of education, and that all partners willingly contribute to the extent that they are capable - the College, through an extensive program of scholarships, grants, loans, and campus employment; the student, through self-help of loan and work; and the parents, through their "out-of-pocket" financial support.
It is the parental contribution that is often the most problematic, because parents are expected to contribute "out-of- pocket" from personal assets and income. This expected contribution - which, in many cases, has not been fully anticipated - has an immediate impact on the family's financial situation. Fortunately, there are a number of financing options which parents should consider as they look for ways to meet their share of educational expenses.
The Parent's Loan for Undergraduate Students (PLUS)
Through the PLUS program parents may borrow up to the difference between the cost of education and any financial aid awarded per year.
This means that parents can borrow all, or part, of what they would be expected to contribute out of pocket, and, thus, have the opportunity to finance those expenses out over a longer time frame (up to 10 years).
Financial need is not a criterion for this program, however parents must complete the financial aid processs before applying for the PLUS loan. More detailed information on the PLUS loan can be found here.
Interest-Free Payment Plan
Beloit College offers an interest-free payment plan option through Tuition Management Services (TMS).
The annual fee for this plan is $60, and participation in the plan may be continued through the student's sophomore, junior and senior years. Tuition Management Services offers 8, 10 or 12-month payment options with no addititional finance charges.
Applications and more detailed information may be obtained from the Beloit College Accounting Office, or online at the Tuition Management Services website.
Other forms of borrowing, such as home equity loans, may offer more attractive interest rates while providing significant tax advantages. Parents should consult with tax professionals to explore whether these options provide the best means of financing educational expenses at the lowest cost.
In addition, a wealth of information on financing education can be found on the Internet. Sites such as FastWeb, the College Board, and SuperCollege are good places to start.