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Financing Options

Monthly Payment Plan

Randolph College offers a monthly payment plan for families who wish to make monthly payments on the tuition bill. No interest is charged on this program that enables families to spread tuition payments over 10, 9, or 8 months. A $55 annual convenience fee is charged. Families determine the amount they want to finance under this payment plan each year. To take full advantage of the 10-month payment option, enrollment must be completed prior to June 1st each year.

Randolph College Plitt Loan

The Randolph College Plitt Loan is a college loan program that helps families bridge the gap between the Cost of Attendance and the student’s financial aid award. The interest rate is currently 3.5% and loan repayment begins about 30 days after the loan is disbursed to the student’s account. The loan repayment term is 24 months. Both the student borrower and the cosigner will undergo a credit check for this loan. The maximum amount available each year through this loan program is $10,000.

Federal Parent PLUS Loan

Parents may qualify to borrow under the federal Parent PLUS Loan program for loan funds to pay the cost of tuition and other education related expenses. The lender for the PLUS Loan is the U.S. Department of Education, and the loan offers a fixed interest rate of 7.0% for the 2017-2018 year with a loan repayment term of 10 years. Parents may borrow up to the Cost of Attendance minus all other financial aid awarded. Deferred repayment is an option.

Alternative Loans

Alternative loans are loans in a student’s name for which they will need a qualified cosigner. Randolph College works with a number of lenders who are committed to the student education loan industry. However, if a student chooses to borrow from another lender, Randolph College will certainly accommodate their choice. Interest rates can be fixed or variable, and loan repayment options can vary. Students may borrow up to the Cost of Attendance minus all other financial aid awarded.

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