Admissions
A Guide to the Payment Options
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.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
- fall payment is due August 14; spring payment is due January 1
- divide the amount owed for the entire year in half
- add $940 for the College's health insurance (if applicable) to the fall semester payment
- the $100 new-student orientation fee is billed in the fall semester, and paid from your deposit
- 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 is July 1; enroll by September 1 without 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for prior months (July and August) is made at that time payment is made by auto-debit; you authorize the amount to be withdrawn monthly from a bank in the U.S. that accepts ACH transactions
- funds are withdrawn on the 1st of each month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: Use a Federal PLUS Loan (a loan for parents)
The PLUS Loan allows parents to finance their child’s undergraduate educational costs. Parents may borrow up to the cost of education minus any financial aid their child is receiving; there is no annual or aggregate loan limit. Parents have the option to begin repayment after the PLUS Loan is fully disbursed or they may defer making payments until six months after their child graduates from college. This loan is usually considered "better" than an alternative loan (Option #4).
Option #4: Use an Alternative Student Loans
Alternative Loans allow students to finance their education, if they have a credit-worthy co-signor. An alternative loan should only be used after all federal and state scholarships and grants, institutional scholarships and grants, work-study programs, and federal loan programs (Stafford and Perkins Loans) have been exhausted.
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's estimated loan payment is $90 - 140 each month, depending on the interest rate offered by the lender
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.
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
