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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 do I set up a monthly payment plan?
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 requested on your financial aid award notice. Once you receive your initial award notice from the Financial Aid Office you can view the status of your financial aid file at https://aid.corban.edu.
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
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 do I set up a monthly payment plan?
If you are interested in setting up a monthly payment plan, contact our Business Office at businessoffice@corban.edu or call 503-375-7030.
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)
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A parent applies online at www.studentloans.gov.
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A fixed 7.9% interest rate.
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4% loan fee. 96% of the amount borrowed is applied to the student’s account.
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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.
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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).
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If the parent borrower or student were to die before the balance is paid, the balance is waived.
Private loan: (borrowed by the student with 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 rates are variable but some lenders offer a fixed rate option.
- Interest is lower with a co-signer than without.
- Some lenders offer a loan forgiveness option in the case of a student death or disability.
To search for a private student loan lender log onto ELM Select.
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) | 27,486 | |
| Room & Board (If living on campus) |
+ | 8,550 |
| Tuition, Fees, Room and Board | = | 36,036 |
| 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) |
= |
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For information about tax benefits for students and families visit: www.finaid.org/otheraid/tax.phtml.
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Students who work 10 or 15 hours per week during school, borrow less loans than students who choose not to.
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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. There are also many jobs in Salem if transportation is available.
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Our returning students average approximately $4,000 to $5,000 of income while in school.
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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.
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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.
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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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