Applying for Loans
Most families have two major needs when considering finance options for a college education: first, obtaining manageable monthly payments, and second, minimizing the total cost of education. To meet both of these goals we recommend the following:
- Reduce your need to borrow by paying as much as you can directly to Emerson College or through the TuitionPay monthly payment plan.
- Investigate the terms of available loan programs if you decide to borrow.
- Begin with an equal combination of loan and payment plan options to meet the financed amount.
- Determine what you can afford. If you can pay more monthly then increase the TuitionPay payment plan. If you need smaller monthly payments then increase the loan(s).
Practices Concerning Preferred Lenders
The Office of Student Financial Services is dedicated to helping parents and students understand and meet the costs associated with an Emerson education. This includes providing information designed to help you identify financial institutions that provide student loans.
In April 2009 the College discontinued the practice of recommending "preferred lenders." You have the right and ability to seek the education loan provider of your choice prior to the start of each semester, without regard to any lender from which you may have borrowed previously. On this site you will find contact information for a number of organizations that provide information concerning financial institutions that participate in the educational lending market.
You may obtain a written description of Emerson's past practices and policies concerning preferred lender lists from the Office of Student Financial Services upon request.
If you would like a starting reference of where to research lenders that are participating in the educational lending market, we suggest:
- Look at your current banking relationships and ask them if they offer educational loan programs. Current banking relationships may include your personal accounts, mortgage company or credit card company.
- Contact your home state educational loan agencies. In New England these agencies are: Connecticut Student Loan Foundation, Massachusetts Educational Finance Authority, Maine Educational Loan Authority, NHHEAF (NH) , Rhode Island Student Loan Authority and Vermont Student Assistance Corporation . If you live outside of New England, your state most likely has their own agency. Ask your local high school for information or do a web search.
- For a broader range of information you could visit www.finaid.org a free, non-Emerson affiliated website that give tips and information on many financial aid topics including loans.
You may also contact the Student Service Center at 617.824.8655 if you have questions about student loans.
