Financial Aid: Undergraduate Students - Alternative Financing
Options & Tax Credits
In addition to need-based financial aid there are several programs
you may want to consider to supplement your financial aid award
or to assist you if you do not qualify for need-based assistance.
These programs may be used to finance all or part of the total cost
of attendance.
MEFA Loan
The MEFA Loan allows a credit-worthy parent, legal guardian, relative,
or spouse to borrow up to the total cost of attendance minus financial
aid. There are a number of loan options available, so you are able to choose the best loan for you.
You may apply using the MEFA website www.mefa.org. For additional information visit the MEFA
website or call 1-800- 449-MEFA (1-800-449-6332).
Citiassist Loan
The Citiassist Loan is offered by CitiBank and allows the student
to borrow under his/her name. Typically a credit-worthy co-signer
is required. Repayment of the loan can be deferred until after
the student graduates. You may apply using the Citiassist
website www.studentloan.com/schools/fsc,
or contact the Financial Aid Office to have an informational brochure
and application sent to you by mail. For additional information
visit the Citibank website, or call 1-800-967-2400.
Federal Direct Plus Loans
Federal Direct Plus Loans provide funds to qualified parents of
dependent students. Parents may borrow up to the cost of attendance
minus financial aid. The interest rate is fixed at 7.9 percent.
Repayment begins 60 days after disbursement. Contact the Financial
Aid Office for more information or an application.
Payment Plan
Offered through Tuition Management Services (TMS), this plan divides
your payments into four or five equal monthly installments per semester
for a $60 application fee. To enroll in a payment plan or for additional
information, contact TMS at 1-800-722-4867. TMS is offered
to Undergraduate Day students.
Hope Scholarship Tax Credit
Available for students who have not yet completed the first two
years of college. The credit may be claimed for the qualified out-of-pocket
tuition and related expenses of each student in the taxpayer's family
who is enrolled at least half- time in a degree or certificate program.
Eligible taxpayers may claim a credit of up to $15OO per student.
Lifetime Learning Tax Credits
Available to individuals not eligible for the Hope Tax Credit.
Eligible taxpayers may deduct up to a maximum of $1000. The credit
may not exceed 20% of $5000 in tuition and related educational expenses.
Unlike the Hope credit, the amount of the Lifetime Learning credit
is not based on the number of students in a family and is available
to undergraduate, graduate and professional students.
For more information on tax credits or to determine if you might
be eligible for a tax credit, please contact the IRS or visit the
IRS Web Site at http://www.irs.gov.
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