Following is a brief summary of alternative plans for financing college costs while attending Grinnell College.

Federal Parent Loan for Undergraduate Students (PLUS) -- This loan is available to parents who want to borrow to help pay for their dependent child's education. PLUS loans are long-term, federally-insured loans available through banks, savings and loans, or credit unions. Parents may borrow up to the cost of education minus other aid. Interest rates are variable; the current maximum interest rate is 9% for loans made after July 1, 1994. An origination and guarantee fee not to exceed 4% is withheld from the disbursement amount. Repayment begins sixty (60) days after disbursement of funds. Deferment of principal and interest payments based upon the parent's status may be possible and the parent has a ten year maximum repayment term. Applications are available from our web page or a lender.

Federal Unsubsidized Stafford Loan -- This is a component of the Stafford Loan Program which allows students to borrow without regard to family income. This long-term loan is available to students attending school at least half-time. The Stafford Loan is a federally insured loan available through banks, savings and loans, or credit unions. The maximum individual loan available through the Stafford Loan Program (subsidized and unsubsidized combined) for undergraduate work is $5,500-1st year, $6,500-2nd year, and $7,500 for other undergraduates. Interest rates are variable and adjusted annually; the current maximum interest rate is 8.25% for new borrowers. The government withholds an origination fee and guarantee fee, not to exceed 2.5%, from the disbursement amount. Interest will accrue on the loan from the time of disbursement. Applications are available from our web page or a lender. Students must also provide a Free Application for Federal Student Aid (FAFSA).

Monthly Payment Plan -- Grinnell College offers students and their parents a payment plan option through TuitionPay. This plan provides for equal monthly payments of tuition and fees. A nominal fee is charged to cover the cost of administering the plan. Further information is available from Grinnell College, Office of the Treasurer, Grinnell, IA 50112 or you may contact TuitionPay directly by calling toll-free 1-800-635-0120 for an application or visiting their website at http://tuitionpay.salliemae.com. The following sample cost worksheets will help you determine the amount you need to budget.

2009-10 Cost/Payment Worksheet-Domestic Students

2009-10 Cost/Payment Worksheet-International Students

Tentative TuitionPay Schedule