Question
What resources are available to help me resolve my past due balance?
Answer
- Use available financial aid:
- Resolve any holds, to do list items, or enrollment requirements that may be preventing your accepted financial aid from releasing to your Bursar student account..
- Determine if you have additional loan offers you can accept. Review the Federal Loan limits for the academic year here. Have questions about how to accept loans offered to you? Visit our Accept Your Federal Direct Loans page for more information. Feel free to contact OSFA if you have questions.
- Consider borrowing a Plus loan:
- Dependent Undergraduate students - discuss the Parent PLUS Loan option with your parents.
- 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:
- Review your savings, how much can you afford to use 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:
- Compare interest rates (fixed vs. variable, understand capitalization)
- Make a note when repayment will begin.
- Will 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 access the recording and notes here.