Corban University - A Private Christian University in the Pacific Northwest

A. Be sure the Financial Aid Office has all necessary documents. You can see the status of your Financial Aid File at https://aid.corban.edu.
If you don’t know your PIN, call us at 503-375-7006.

B. After your Financial Aid file is complete, you should contact the Corban University Business Office at 503-375-7030. They can help you determine the exact balance due after financial aid, and assist you in making a plan. These steps should be done before arriving on campus for orientation. You can see your Student Account Billing information online at: https://sis.corban.edu/studentservices/7390/crindex.cgi

top

2. How do I pay the balance due after Financial Aid?

The balance due after aid can be paid in a lump sum, monthly payments during the period of enrollment, additional loans available to parents and students, or any combination of these.

3. How does a monthly payment plan work?

We contract with a company called Tuition Management Systems (TMS). There is a $60 set up fee but no interest. Payments can start as early as July for traditional students. TMS can be reached at 1-800-356-8329 or at www.afford.com.

top

4. What if I need additional loans?

A. A Parent can borrow a federal PLUS loan on your behalf, or
B. The student can borrow a low-interest private loan (usually with a co-signer).

Federal PLUS loan features: (borrowed by a parent)

A parent applies online at www.studentloans.gov.
A fixed 7.9% interest rate.
2.5% loan fee. 97.5% of the amount borrowed is applied to the student’s account.
Payments begin 60 days after the loan is fully disbursed (typically in the spring semester) or a parent can request that the Department of Education defer payments until six months after the student ceases to be enrolled on at least a half-time basis.
If the parent is denied the PLUS loan due to credit, the student qualifies for additional federal unsubsidized Stafford loans ($4000 for Freshmen and Sophomores and $5000 for Juniors and Seniors).
If the parent borrower or student were to die before the balance is paid, the balance is waived.

Private loan: (borrowed by the student and normally a co-signer)

Apply with the lender.
Interest rate varies based on credit worthiness of the borrower or co-signer.
May have fees if approved at a level other than excellent credit.
Payments don’t begin until six months after you graduate (most lenders).
Interest rate is variable.
Interest is lower with a co-signer than without.

Once you have considered scholarships, grants and federal student loans, you can find a private student loan using the Private Student Loan Marketplace. The Marketplace is the only website that presents, side-by-side, the specific loan rates and terms you would see if you applied with each lender directly. You should then pick the private loan that is most appropriate for you and continue on to your chosen lender to complete the loan process.

The Marketplace will pull your credit report in order to instantly simulate the actual terms of loans available to you from local and national lenders - complete with APR, interest rate, total cost, monthly payment, borrower benefits, fees and repayment options. Your credit report will not be harmed by using the Marketplace. Remember that only by completing the lender's application can you be sure to receive the product rate and terms you select in the Marketplace.

DISCLOSURE:
www.oicanet.org

You can also compare private student loan information at http://studentlendinganalytics.com/ratings.html.

top

5. What would be a good plan to pay the balance due after aid?

The following chart is a suggestion for organizing your expenses and income so that you may plan ahead and keep up with school expenses.

Note: This chart does not take into account loan fees, lab fees, and tuition deposits. Contact the Business Office at 503-375-7030 for an exact calculation. Keep in mind there are additional expenses during a school year that may not be reflected in this chart.

Tuition and Fees (12-17 credits)		25,406
Room & Board	+	7,980
Tuition, Fees, Room and Board	=	33,386

Total grants and scholarships	-
Total Federal Direct or Perkins loans	-
Balance due after Financial Aid	=

Students earnings from summer (assuming it can go directly toward tuition)	-
Family contribution (lump sum or monthly payments)	-
Parent PLUS Loan	-
Private Student Loan	-
Other resources	-

Balance (or credit for books and other educational related expenses)	=

top

Quick Tips

For information about tax benefits for students and families visit: www.finaid.org/otheraid/tax.phtml.
Students who work 10 or 15 hours per week during school, borrow less loans than students who choose not to.
Most on campus jobs for new students are in the Dining Hall. If you want to apply there, you can mail them a copy of your class schedule with a resume or apply on their web site here. We have city bus service at the school and there are many jobs are available in town as well.
Our returning students average approximately $4,000 to $5,000 of income while in school.
If you are borrowing loans to help finance college, everything you spend money on during the school year is financed with loans. If family or student resources for the student are going toward a car, a cell phone or trips during the year, those funds could pay for tuition instead and the student could borrow less loans.
Students who bring cars to school typically borrow more loans than those who don’t. Education majors may need transportation for student teaching or observation.
Average incomes are much higher for college graduates, so financing a college education is a financial investment. Preparing for a career while growing spiritually is also an investment for Corban students.

top

Code of Conduct (.pdf)