Alternative Financing Options

You have access to options beyond the typical scope of traditional financial aid. Be sure to explore every opportunity to make your Herkimer College education as affordable as possible.

The Tuition Payment Plan

Can’t afford to pay your entire bill at once? No problem. The Tuition Payment Plan lets you make interest-free monthly installments of tuition, fees, and on-campus housing.

Alternative/Private Loans

Need to bridge the gap between the cost of education and the amount of financial aid you received? Alternative or private student loans offered by banks or lending institutions can be a good option though they are not guaranteed by the government and do not offer the same safeguards or deferment options as the federal loan programs. The terms and conditions vary from lender to lender.

  • Who can apply for an alternative/private student loan? Students who need additional money to pay for college and have exhausted all other sources of financial aid. Once the loan is approved by the lender, Herkimer College will also need to certify the loan amount.
  • How much can I borrow? The annual limit on an alternative loan is equal to your cost of attendance minus any other state or federal financial aid you are awarded. In some cases, if the amount approved by the lender is higher than the allowable maximum, it will be reduced by the school.
  • What is required to obtain an alternative/private loan? In most cases a student must have a good credit history. If not, a creditworthy cosigner will be required. All applicants and co-signers will be subject to a credit history check. Herkimer College students are encouraged to complete a FAFSA (Free Application for Federal Student Aid) prior to applying for an alternative/private loan.
  • How do I apply? Explore some options here. If approved for an alternative/private loan, the Financial Aid Office will certify the amount of the loan you are eligible for, and notify the lender.
  • How are the funds disbursed? Funds are received by the school’s Student Accounts Office, and applied to any direct charges (tuition, fees, room and board, etc.). Refunds are made payable to the student and will not be generated until all charges are paid in full.
  • Important Application Process Information According to the Higher Education Opportunity Act of 2008 (HEOA) and the Truth in Lending Act (TILA)— all private education lenders must obtain a completed and signed Self-Certification Form from the applicant prior to processing a private education loan.

Home Equity Loans and Lines of Credit

Home equity loans and lines of credit are popular borrowing options that provide great flexibility and possible tax-deductible interest.

Retirement Plans

Many retirement plans allow investors to borrow against their retirement savings. Using such a loan to finance your son or daughter’s education can be a complicated decision. Also, many families have other investments or savings that could be used to finance college.

Credit Cards

Many students and parents make payments with a credit card because of the convenience (online payments) and incentive programs (airline miles, etc.).