By: Tiffany U.
For students planning on registering for fall 2015, don’t allow a balance from spring 2015 stop you. Students who have an outstanding balance for spring will not be able to register for fall classes in until the balance is cleared. If you are having trouble paying off such a balance, then there are options available to help.
- If you have not already filled out a 2014-2015 then it would be a good option to do so. Complete a 14-15 FAFSA at www.fafsa.ed.gov. You may be eligible to receive Stafford loans or the Pell grant. Unsubsidized and subsidized Stafford loans are federal student loans. The U.S. Department of Education pays the interest on the subsidized loan and with the unsubsidized loan the student is responsible for paying the interest during all periods. The Pell Grant is need based financial aid, which does not need to be repaid.
- If you have already filled out a 14-15 FAFSA, and are using the aid offered to you then an additional option to help pay for the spring balance would be to apply for a Parent PLUS loan. This is a federal loan taken out in your parent’s name and the U.S. Department of Education is the lender. The borrower must not have an adverse credit history and the maximum loan amount allowed is the student’s cost of attendance, which is determined by the school, minus any other financial aid received.
- Another option for those who have already filled out a 14-15 FAFSA would be to apply for an Alternative Educational loan which would be from a bank or credit union of your choice. We have an alternative lender search tool on our website that will help you find a lender if you don’t know who to choose http://www.umbc.edu/financialaid/loans_alternative.html.
All of these additional loan options do take time to process (up to 4 weeks from when we receive the application) so you’ll want to take action ASAP. If you have additional questions or want more details contact our office http://www.umbc.edu/financialaid/contact.html.