Question
What resources are available to help me resolve my past due balance?
Answer
- Determine if you have pending financial aid available:
- If not, make sure your FAFSA form was submitted by logging into your studentaid.gov account.
- Resolve any Holds, Notices, To Do List items, or enrollment requirements that may be preventing your accepted financial aid from releasing to your student Bursar account.
- Review your aid offer and review if you've been offered student loans. Though not everyone’s first choice, student loans can be a way to invest in yourself and your education.
- Consider borrowing a PLUS loan:
- Dependent Undergraduate students - Explore the parent PLUS loan offered to your parent. If your parent is interested in accepting the parent PLUS loan offered, they can follow the steps outlined on our website.
- Graduate/Professional students - review information about the Graduate PLUS loan and reach out to OSFA to be reviewed for a Graduate PLUS Loan offer.
- Make an out-of-pocket payment:
- Explore payment options with the Bursar’s Office.
- Review your savings and determine if you can afford to make a payment.
- Be careful using credit cards. Compare interest rates and APRs to Federal Loans and Private Educational Loan Options, when available.
- Research Private Educational Loan options. When doing so, make sure you:
- Compare interest rates (fixed vs. variable, understand capitalization)
- Make a note when repayment will begin.
- Determine if a co-signer be needed? If so, will having a co-signer lower your interest rate?
- Be sure to clarify any prepayment fees or penalties.
- As a long term plan, take advantage of your Federal Work Study (FWS) to avoid a past due balance being incurred in future semesters.
- Our financial literacy team hosts the Taking Care of That Past Due Balance Workshop throughout the year to provide resources for students. If you can’t make one of the scheduled workshops, you can navigate to our Events page to review a recording of the workshop.