Alternative Financial Resources
For those students who are seeking additional funding beyond Title IV assistance, a Financial Aid Representative of First Institute can assist prospective students in applying for alternative tuition resources. Financial assistance may also be procured through TFC Credit Corporation. The terms of such a loan is a maximum of 24 months in length at an interest rate that is subject to change.
Parent Loans for Undergraduate Students (Federal Direct PLUS Loan)
These loans are awarded through the Federal Direct Loan Program. An origination fee of 4% is deducted by the federal government for processing the Parent Plus loans. The maximum loan amount is price of tuition per academic year. Any income may qualify for this loan. Approval is based on the federal government’s requirements. Repayment begins 60 days after the final disbursement of funds.
Parent Plus loans are federally insured loans available to parents of dependent students. These loans are typically available to pay unmet educational expenses and may be used as alternatives to private loans.
- Borrower is subject to a credit check.
- Maximum Loan amount is the price of tuition per academic year minus other aid the student is awarded.
- Origination Fee of 4% is deducted by the lender for processing.
- The interest rate is fixed at 7.9%.
- There is no grace period. Repayment begins 60 days after the loan funds are fully disbursed.
- There may be forbearance options available to postpone payments. Check with your lender.