Paying Your Balance

Most students' initial financial aid awards will pay much of their college costs, but not all of the costs of tuition, fees, and living expenses. In addition to the College's Deferred Payment Plan, the following options are available to students and families in need of additional financial assistance:

  • Parent PLUS Loans - Parents of undergraduate students may borrow Federal Parent PLUS loans. Parent PLUS loans offer fixed interest rates, post-graduate deferred repayment, and flexible repayment options. Parent PLUS loan applications are available at www.studentloans.gov. First time PLUS loan borrowers must also complete a master promissory note online at www.studentloans.gov.
  • Graduate PLUS Loans - Graduate students may borrow Federal Graduate PLUS loans. Graduate PLUS loans offer fixed interest rates, post-graduate deferred repayment, and flexible repayment options. GraduatePLUS loan applications are available at www.studentloans.gov. First time PLUS loan borrowers must also complete entrance counseling and a master promissory note online at www.studentloans.gov.
  • Private Student Loans - students may borrow a private student loan from a private lender like a bank or credit union. Students are much more likely to be approved for and receive a better interest rate on private loans when applying with a cosigner. A list of private lenders used by STLCOP students is available on the College's FastChoice website, however students are not restricted to the lenders on the list.
Primary considerations when comparing private loan options are:
  • Interest rates – Are they variable or fixed?
  • In-school deferment – Does repayment begin while you are in school or when your attendance ceases?
  • Cosigner release policies – Will the cosigner be removed from the loan if the primary borrower (the student) makes on time payments once you begin repayment?
  • Origination fees – Will the entire amount you borrow be received or does the lender charge a fee to borrowers?