Financial Aid > Ways to Pay
A Guide to the Payment Options We Offer

 

We recognize that paying for a college education requires some advance planning. If you know the amount that you need to pay to cover the year's costs, the next step is to decide the method of payment that works best for your family.   The Office of Business Affairs receives payment on student accounts, and is normally the first place to contact regarding billing issues.  Additional information is found on their Student Accounts page.  While the College is unable to accept credit cards for payment of tuition, we do offer several options.

View / Print a summary of the payment options

If you intend to use Options 3, 4 or 5 (each involves an additional loan) be sure to review the page "How Much Should I Borrow?"  You may need to complete our Loan Supplemental Statement.

 

Option #1:  Pay for one semester at a time

  • payment for the fall semester is due in early August
  • payment for the spring semester is due in early January
  • to determine the amount you pay, divide the amount owed for the entire year in half 
  • the College's health insurance fee ($940) is added to the fall semester payment
  • a $100 new-student orientation fee is billed in the fall semester, and is paid from your deposit
  • $35 late fee if payment is not made by the due date;  additional late fees may apply
  • pay now  (credit card payment is not accepted)


Option #2:  Pay monthly with the Forester Payment Plan (FPP)

This plan is offered through the Office of Business Affairs and allows you to spread the cost of one academic year over ten months (July through April).  Here is a summary of the characteristics of the plan:

  • preferred enrollment deadline, July 1;  enroll by August 1 without a late fee, provided payment for prior months (July and August) is made at that time
  • payment is made by auto-debit;  you authorize the amount to be withdrawn monthly from a bank in the U.S. that accepts ACH transactions
  • funds are withdrawn on the 1st of each month
  • $60 enrollment fee
    •
  • no interest is charged if payments are made on time
  • work directly with our staff to insure that payments are made for the proper amount
  • for questions contact Tina Cowan (Director of Student Accounts) at  847-735-5031
  • enroll now


Option #3:  Federal PLUS Loan (a loan for parents)

This is usually considered "next best" after Federal Perkins and Stafford Loans.   Here are some details:

  • new borrowers have a fixed interest rate of 8.5%
  • fees of 3.5% are deducted from the amount you request
  • may defer payment until six months after the student graduates from college or drops below half-time enrollment status
  • if a PLUS loan is denied, the student may apply for additional funds in his/her own name and without a co-signor, using the Unsubsidized Federal Stafford Loan ($4000 limit for freshmen and sophomores; $5000 for juniors and seniors)
  • learn more

 

Priority Completion Date:  August 1

This will help to insure that your funds appear on the biling statement on the date by which payment is due.   Applications will be accepted at any time, however, as long as the student is enrolled and eligible at the time.

 

Steps to receive a PLUS Loan:  

  1. Determine the amount you will need to borrow (see "How Much Should I Borrow?")
  2. View the federal loan comparison chart and select a lender
  3. Click on the link under the lender's name (or call lender) to complete the application for pre-approval
  4. Complete one Master Promissory Note for the full year

See bottom of page for criteria used to select the lenders we included on the chart.

Option #4:  Alternative Student Loans

If a parent will not be the borrower, students who have exhausted federal loans may borrow from an "alternative loan" created by a private bank.  Each bank determines their own requirements and conditions (see Step 2 below).  

 

Priority Deadline:  August 1

This will help to insure that your funds appear on the biling statement on the date by which payment is due.   Applications will be accepted at any time, however, as long as the student is enrolled and eligible at the time.

 

Steps to receive an Alternative Loan:    

  1. Determine the amount you need (see "How Much Should I Borrow?")
  2. View the alternative loan comparison chart and select a lender
  3. Click on the link in the left column to complete the Master Promissory Note for the full year

See bottom of page for criteria used to select the lenders we included on the chart.

Option #5:  Combine One or More Payment Options 

By combining the two or more options, your family will have some discretion in selecting the amount you pay each month.  Your family will actually make two monthly payments:  one is made to the monthly payment plan (#2 above);  one is made to repay the loan (#3 or #4).

If you choose this option, the monthly amount that is paid will most likely be much less than if you use Option #2 alone.  In addition, you will pay less interest than if you use Option #3 or #4 alone. To learn more about combining the two, contact the Office of Financial Aid or the Office of Business Affairs (bottom of the page).

Examples of Payment Options:
After subtracting his grants, scholarships and loans, John and his family need to pay $10,000 for the academic year.  He has submitted proof of health insurance, allowing the cost for insurance to be waived.  John and his family may choose:

¼ Option 1:  pay $5000 by August 15 and $5000 by January 2

 

¼ Option 2:  pay $1,000 each month beginning July 1

 

¼ Option 3:  apply for a PLUS loan of $10,363 (net of $10,000.29).  John’s parent will pay approximately $130 each month

 

¼ Option 4:  apply for an alternative loan of $10,000;  John will pay between $90 and 140 each month (based on rates 1.5% - 11.88%)

 

¼ Option 5:  John’s parents’ want to pay approximately $500 each month.  They put $450 each month into the Forester Payment Plan ($4500 total).  They borrow $5700 from the PLUS Loan (net $5500), and pay $71 each month.  Total monthly payment, $521.

How We Selected the Lenders on our Comparison Chart

The Office of Financial Aid completed a thorough evaluation of the lenders (9-11) who submitted proposals for our review.  We evaluated the lenders on several critical areas (listed below in alphabetical order) and chose lenders who had the highest overall scores. 

·     borrower incentives:  in what ways can you save money?

·     customer service

·     financial literacy programs:  how will they help you understand your loan?

·     lender stability: are they likely to provide loans as long as you are a student?

·     loan servicing:  who will you repay and correspond with about the loan?

·     on-line access and electronic signature

·     value-added products:  tools to help you understand the loan process and repayment responsibilities

 


Office of Business Affairs
phone:  847-735-5031 or -5032
fax:  847-735-6276
hours:  8:30 - 5:00 (central time) M-F;  summer hours are 8:30 - 4:30

 

Office of Financial Aid
phone:  847-735-5010, 847-735-5103 or  847-735-5015
fax:  847-735-6271
e-mail:   anderson@lakeforest.edu  or  finaid@lakeforest.edu
hours:  8:30 - 6:00 (central time) M-F; summer hours are 8:30 - 5:30

 


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