2008-2009 Financial Aid Award Guide
Other Financing Options
Private Loans
Private loan costs vary widely between programs. All private lenders will review the borrower’s credit history and some will require a loan co-signer. Private educational loan programs traditionally offer higher borrowing costs than federal loan programs. For more information, please visit the Student Financial Service center (1135 Lee Building) or our web site at http://www.financialaid.umd.edu.
Due to the higher borrowing costs, you generally should not consider borrowing private student loans unless any of the following situations apply:
- You are unable to borrow federal student/parent loans because you do not meet the Federal Eligibility Requirements.
- You are willing to pay higher borrowing costs for the option to borrow a loan that may be deferred while you are in school. (PLUS loan payments usually cannot be deferred while the student is in school, but many private loans offer this option.)
- You need to borrow funds for a previous academic year and it is too late to borrow federal loans.
- You have exhausted federal loan options and need to borrow additional funds to meet your Cost of Attendance.
Terp Payment Plan
UM offers a convenient, affordable alternative to lump-sum tuition payments. The Terp Payment Plan enables you to divide your yearly educational expenses into eight or ten manageable monthly payments.
One Semester 5 & 4 month plans are also available.
| All payments are due on the 5th of the month These plans do not accept credit cards or online payments. |
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| 10-Pay Plan | 10 equal payments July-April $45.00 enrollment fee. |
| 5-Pay Plan (fall) | 5 equal payments July-Nov. $40.00 enrollment fee. |
| If you enroll between... | |
| June 1 & June 15 | Enrollment Fee Only |
| June 16 & July 15 | Fee + 1 Payment |
| July 16 & Aug 15 | Fee + 2 Payments |
| 8-Pay Plan | 8 equal payments (Sept.-April) $75.00 enrollment fee. |
| 4-Pay Plan (fall) | 4 equal payments (Sept.-Dec.) $40.00 enrollment fee. |
| Aug. 1 & Aug. 15 | Enrollment fee only |
| Aug. 16 & Sep. 15 | Fee + 1 payment |
| Spring Semester only | 5 equal Payments $40 Dec.-April |
| 4 equal Payments $40 Jan.-April |
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Call 301-314-9000 to enroll. For additional information, terms and conditions can be found here.
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