There are several programs that can help parents and students meet college costs, whether a family's contribution represents the entire cost of education or a portion of those costs.  These programs can be used alone or in ways that complement each other.

Bates offers an interest-free 10-month payment plan through Tuition Management Systems (TMS).  Although TMS provides other payment options, the 10-month plan is recommended. The plan calendar is June through March, with the first five payments applied to fall semester and the second five to winter semester. The deadline for enrolling in the plan for fall semester is August 1; for winter, December 1.  Participants in any payment plan are expected to have paid the account balance in full by October, for fall semester, and March, for winter semester.

Education Loans to Pay Expenses at Bates  

Federal Family Education Loan Program (FFELP) loans are available for students (Federal Stafford Loan) and parents (Federal PLUS Loan).  Stafford and PLUS loans are available to families regardless of whether or not they are receiving other financial aid. 

Bates’ suggested Federal Stafford Loan and Federal PLUS Loan provider is the Nelnet SuperLoan program available for students attending Maine colleges. Borrower benefits and discount information for Nelnet SuperLoans can be found at www.superloan.com. We recommend Nelnet SuperLoans because they offer high quality Maine-based customer service for origination and disbursement of Stafford and PLUS Loans and promise life of loan servicing rather than selling loans to new loan holders. We have electronic systems in place with Nelnet for loan certification and electronic funds transfer to credit loan proceeds directly to student accounts.

We will certify loans through any lender of your choosing and ask only that you provide us with complete and accurate lender information so that we are able to promptly deliver the certification to the right place. FFELP lenders may each have somewhat different borrower benefit incentives though the basics of the loan program including maximum interest rates and repayment requirements are established by federal law. Several lenders also utilized by Bates families are listed on our loan certification forms.

Before applying for a Stafford Loan, the Free Application for Federal Student Aid (FAFSA) must be filed with the US Department of Education.  Students who have not already done this, should do so immediately being mindful that we cannot process a Stafford Loan until a FAFSA is filed and the data provided is verified. Signed copies of 2006 parent and student federal tax returns and 2006 W-2 forms must be on file in our office in order for a Stafford Loan application to be processed. PLUS Loans do not require filing of the FAFSA or submission of tax documents.

To apply for a Stafford Loan, please complete a Stafford Loan Authorization and return it to our office.  First-time Stafford Loan borrowers need to complete a Stafford Loan Master Promissory Note (MPN) with their lender in order to receive loan funds. For the Nelnet SuperLoan log on to www.superloan.com and follow the link to apply online or call the Nelnet College Planning Center at 1 (866) 866-7372. Previous borrowers with a MPN on file with their lender for a Stafford Loan payable to Bates only need to submit the Stafford Loan Authorization to Bates. However, if a student is borrowing from a lender other than Nelnet, s/he must provide Bates with the lender name, lender code and mailing address for Bates to send the loan certification. Contact your lender, not Bates, if you need any of this information.   

PLUS Loans for parents are available up to the full cost of an academic year attendance at Bates or full cost minus any student Stafford Loan or other financial aid received by the student.  Approval to borrow a PLUS Loan is only denied in the event of adverse credit history.  To apply for a parent PLUS Loan, please complete a PLUS Loan Information for School Certification form and return it to our office.  If you are a parent borrowing to pay the college costs of an individual Bates student for the first time, you must complete a PLUS Loan Master Promissory Note (MPN). For the Nelnet SuperLoan log on to www.superloan.com and follow the link to apply online or call the Nelnet College Planning Center at 1 (866) 866-7372. 

Previous borrowers with a PLUS Loan MPN on file with their lender for the student on whose behalf they are borrowing a PLUS Loan payable to Bates only need to submit the PLUS Loan Information for School Certification to Bates.  However, if a parent has a MPN on file with a lender other than Nelnet, s/he must provide Bates with the lender name, lender code and mailing address for Bates to send the loan certification.  Contact your lender, not Bates, if you need any of this information.

For repeat PLUS borrowers who already a have a MPN on file, a credit check is still required for each academic year PLUS Loan. Credit checks will automatically be performed when the College submits your PLUS Loan certification, but often you can initiate this process in advance (pre-approval), if you prefer, by contacting your lender.

In addition to Stafford and PLUS Loans offered through FFELP, many lenders also offer non-federal education loans also called "private" or "alternative" loans. Families are usually well advised to consider federal loans first. Students, especially, should exhaust federal loan options before taking out any private education loan. One source of private education loan information can be found on the web at http://www.finaid.org/loans/privatestudentloans.phtml.

Among private education loans is The Maine Loan offered by the Maine Educational Loan Authority. It is available for Maine residents as well as non-Maine residents attending college in Maine. The Maine Loan carries a variable interest rate (6.35% through 5/31/08). Principal and interest may be deferred while student borrowers are enrolled at least half-time in a degree granting school and The Maine Loan features a co-borrower release provision. For more information go online to http://www.mela.net/maineloan.html  or call 1 (800) 922-6352.