Preparations Prior to School Starting

1. How can I be ready for school financially?

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

3. How does a monthly payment plan work?

4. What if I need additional loans?

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

6. Quick Tips

The following steps should be completed prior to the start of classes:

1. How can I be ready for school financially?

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 College 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

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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.

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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):

  • Apply through our office, just call us at 503-375-7006.

  • A fixed 7.9% interest rate.

  • 2.5% loan fee.

  • The payments begin after the loan is fully funded however a general forbearance can allow payments to stop if you are willing but unable to manage them.

  • If the parent is denied the PLUS loan due to credit, the student qualifies for additional federal unsubsidized Stafford loans.

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 (can be as low as prime rate minus 0.25%).  Click here for current Prime Rate.

  • May have fees if approved at a level other than excellent credit.

  • Payments don’t begin until six months after you graduate.

  • Interest is always variable and changes monthly if prime rate changes.

  • Interest is lower with a co-signer than without.

You are free to use any bank you choose. We recommend the following banks because we believe they have good terms and customer service.  If you choose another lender, be sure the terms are as good or better than those offered by the banks listed below.

You can apply for a Sallie Mae Signature loan online at http://www.salliemae.com/signature/index.html or call 1-800-695-3317.

You can apply for the Wells Fargo Collegiate loan at https://www.wellsfargo.com/wf/student/loans/undergrad/collegiate or call 1-800-658-3567.

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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 Activity Fee (12-17 credits)

 

22,322

Room & Board
(if living on campus with largest meal plan)

+

8,068

Tuition, Fees, Room and Board

=

30,390

 

 

 

Total grants and scholarships

-

 

Total Stafford 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)

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Quick Tips

  • If you qualify, the Hope tax credits can be up to $1500 for several students in a family.  The Lifetime Learning tax credit can be up to $2000 per family.  For information on the Hope and Lifetime Learning tax credits, as well as other tax benefits for students see 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, all you need to do is mail them a copy of your class schedule with a resume.  We have city bus service at the school and lots of jobs are available in town.

  • 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.

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