Some students may need additional funds to fill the gap between what they have been offered for financial aid and their cost of attendance budget. Below are links to some additional loan borrowing options.
Some students may apply directly for an alternative loan without exploring the option of a Federal Stafford loan. Currently Federal Stafford loans have a fixed rate, are not based on credit history, and there is no fee to apply for this loan. There are also benefits offered for Federal education loans that are not offered with Alternative loans. To understand these benefits better please visit the American Student Assistance (ASA) website. Only a FAFSA and a BC Graduate Financial Aid application are required to begin the process. Alternative loans are a good source of additional funding once you have received other financial assistance that you are eligible for. Generally Alternative loans have a variable interest rate with no caps, are based on your credit history and often have fees (which could be upfront, backend, or part of the interest rate).
Alternative and PLUS Loans preferred lender selection process.
Alternative loans are private loans from lenders (banks) students can apply for educational purposes. Please review the chart for general information about these loans. Some lenders may charge fees with their loans and others may not. A loan with fees could be a good option depending on the borrower benefits that are offered. We recommend that you call the lender directly before applying to ask about borrower benefits, terms, and any other questions you have about their loan.
Graduate PLUS loans are Federal Alternative loans for graduate or professional students. This loan is taken out in the student?s name and not the parents. Graduate or professional students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other financial assistance the student receives. Students must be enrolled at least half-time and must meet all of the other general eligibility requirements for the Federal Student Aid programs. In addition, the applicant cannot have an adverse credit history. This loan has a fixed interest rate of 8.5% and repayment begins after the loan has been fully disbursed; however students can postpone payments while enrolled at least half-time. This loan may be consolidated with your Stafford loans once you go into repayment. (Note: any benefits offered when the loan was originally taken out will end once the loan has been consolidated.) Applicants for this loan are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied, and the school must determine the student's annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS Loan.
As a reminder, the Stafford Loan rate is 6.8% fixed, and the grad PLUS Loan rate is 8.5% fixed.
Graduate and Law Student Federal PLUS Loan Borrower Benefits Comparison (PDF)
Payment Plan
Controller's Deferred Payment Plan
Graduate students who wish to use the Controller's Deferred Payment Plan (CDPP) are required to make a minimum down payment of 25% of the semester charges. A 3% participation fee will be assessed on the remaining balance. This deferred balance is then divided into three installments (due October 15, November 15, and December 15).
Upon receipt of the CDPP application, the Office of Student Services will send participants a confirmation of enrollment and a payment schedule. Monthly billing statements may be viewed in My Bill.
Prior semester balances must be resolved before you may participate in this plan. If you failed to make payments as agreed under the CDPP program during a previous semester, you are not eligible to enroll in this plan for subsequent semesters and will be required to pay in full by the due date.
Students who anticipate a problem with paying their bill should contact the Office of Student Services.