Loans and Payment Plans
There are a number of ways to borrow money to help pay for your education. Learn more about options for student and parent borrowers below.
Federal Direct Parent Loan for Undergraduate Students (PLUS) Loan
The Federal Direct PLUS Loan Program provides a borrowing option for biological or adoptive parents or stepparents of dependent undergraduate students to help finance their student’s education. For financial aid purposes, a student is considered “dependent” if he or she is under age 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid (FAFSA) is submitted. The maximum amount a parent can borrow is the cost of attendance less other sources of financial aid.
Parent borrowers will have a credit check completed at the time of application. In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, not be in default on any federal education loans or owe an overpayment on a federal grant, and must meet other general eligibility requirements for the Federal Student Aid programs. Parents denied a Federal Direct PLUS Loan will be offered the option to appeal, apply with a credit-approved endorser, or request that the student be awarded additional unsubsidized loan funding (requires student signature). Parents who have an adverse credit decision overturned will be required to fulfill the PLUS Counseling requirement on https://studentloans.gov.
To obtain a PLUS Loan, complete the following steps:
1) Complete the application.
a. Sign in at https://studentloans.gov using parent FSA ID (parent may need to create one).
b. Select “I want to: Apply for a Direct PLUS Loan.”
c. Select “Direct PLUS Application for Parents.”
d. Follow the 4-step process.
2) Complete the Master Promissory Note.
a. Select “I want to: Complete Loan Agreement (Master Promissory Note).”
b. Select “PLUS MPN for Parents.”
c. Follow the 4-step process.
Always use any federal loan eligibility available to you before borrowing a private education loan. Alternative Loans are borrowed by the student and can be used to “fill the gap” between financial aid, federal loans, and the student’s cost of attendance. Lenders offer private education loans with different rates, fees, repayment terms, and approval requirements. Please review carefully, each private education loan program to compare the terms and conditions before deciding which loan may be appropriate for your needs. Most private loans require a co-signer.
Below are websites where you may compare Alternative Loan lenders. We do not recommend a particular lender; you are free to choose any lender.
You have the option of enrolling in an online payment plan directly with Northern Vermont University. This plan can include all or a portion of the student account balance. Payment plans have to be set up each semester. This option cannot be used until the student is registered for classes. There is a $30 enrollment fee for payment plans. Additionally, there is a $15 late payment fee added to accounts if a payment is not received.
To sign up for the monthly payment plan, students can go to http://portal.vsc.edu/ :
1. Click on “VSC Bill Payment for Students and Authorized Users.”
2. Login using your Username and VSC portal password.
3. Click on “Payment Plans.”
4. Select “Enroll Now.”