Financing Your Education
IMPORTANT NOTE: If you are a currently-matriculated Millersville student who has been approved for financial aid, your paid tuition will cover online and off-site courses just as though they were offered on campus. If you are matriculated at another institution and have received financial aid through that school, some of those funds might be applicable to Millersville credits earned online or in one or our off-site facilities; please discuss your situation with your financial aid counselor.
Everyone has to figure out how to pay for their education. Fortunately, there are a lot of options geared for all kinds of financial and academic situations. Look into all your choices — and remember that sometimes assistance comes from places you would never expect.
As part of your preparation for further study, it is important to create a financial plan to pay for your education. Aid for comes in many forms. Scholarships and loans are based on financial need, academic merit, or both. Millersville University works with members of the lending community to provide qualified students with low-interest education loan options, including loans for all students.
Many students express anxiety about taking out loans to finance their education. When considering whether to apply for a loan, please keep the following in mind:
The borrower may receive subsidized federal loans in an amount determined by his or her financial need. Subsidized loans do not require the borrower to pay interest during the time that he/she is in school, during the six-month grace period following the completion of the program, or during any authorized period of deferment. There are several repayment plans available to students. They are as follows:
- Standard Repayment Plan - The borrower pays a fixed amount over a 10 year period.
- Extended Repayment Plan - The borrower repays over a period of 12 to 30 years, depending on the amount of the loan. Minimum monthly payment is $50.
- Graduated Repayment Plan - Payments are lower at first and then increase, usually every two years, over a period of 12-30 years, depending on the amount of the loan.
- Income Contingent Repayment Plan - Monthly payments are based on the borrower’s yearly income and family size, as well as the interest rate and amount of the loan. As income rises or falls, so do the payments. After 25 years, any remaining balance on the loan is forgiven.
To learn more about the options that are available you, and to help choose the right financing plan, remember to be in touch first with the Millersville Financial Aid office: by telephone at +1-717-872-3026; or by email at firstname.lastname@example.org.