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Other Financing Options

While the financial aid award is intended to meet the demonstrated need of each family, many families finance their expected family contribution over a number of months or years.

Monthly Payment Plan

  • Hamilton has partnered with Blackboard/ CASHNet to provide a monthly payment plan option for the 2018-2019 academic year. Starting in early June, families will be able to enroll in a 10 month plan with payments beginning July 1st. Families may enroll by semester or academic year. An administration fee of $35 is charged per semester or $45 if enrolled for the academic year.

  • Consider financing through a payment plan before taking additional loans.

Combination Plan

  • Calculate the amount your family can afford to pay per month and sign-up for the monthly payment plan.
  • Take the maximum amount of Direct Loans for the student (subsidized and unsubsidized).
  • Bridge any remaining gap with a PLUS Loan and defer payments.

Alternative Loan for Students

  • Students should borrow the maximum amount allowed in a federal Direct Loan before a private alternative loan.
  • Parents should consider a PLUS Loan before an alternative loan.
  • Compare rates, benefits and repayment options offered by various lenders of your choice.
  • Students will require a co-signer (i.e. parent).

Other Options (best to consult a Financial Advisor)

Home Equity Loans
  • pro: interest is typically tax deductible; long repayment periods
  • con: dependent on equity in home; home is collateral; may have closing costs
IRA Draws
  • pro: early withdraws for qualified education expenses usually not subject to tax penalties
  • con: future interest lost on investment; potentially putting retirement at risk
Life Insurance
  • pro: usually borrowed from cash value or dividends of whole life insurance; usually low fixed interest rate
  • con: if not repaid, reduces the investment earnings and death benefits; not usually tax deductible
Retirement Savings (401k and 403b)
  • pro: withdraws may be allowed for qualified education expenses
  • con: future interest lost on investment; potentially putting retirement at risk; taxed on withdrawal

Contact Information

Office of Financial Aid

800-859-4413 315-859-4962 finaid@hamilton.edu
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