Sewanee offers a monthly payment plan and participates in the Federal parent loan program to help parents finance their portion of their student’s educational expenses at the University of the South.
The University offers this short-term plan in conjunction with Tuition Management Systems to assist parents of all students (regardless of income level) with financing of the cost of a Sewanee education. Using this plan, a parent may pay the semester direct cost (minus pre-registration deposits) or any portion of that cost in 4 or 5 interest-free monthly installments each semester. Apply at Sewanee.afford.com
This federal loan program offers parents of dependent students annual loans up to the total cost of education, minus other financial aid received. There is no income restriction or needs test for this program, but loan approval is subject to a satisfactory credit check. These loans require no security or collateral. In 2017–2017, the interest rate is 7%. Currently the federal government deducts a 4.45% fee to help defray the costs of making a Direct Loan. These fees are deducted from the loan prior to its disbursement. Thus, on a $10,000 loan, parents should not expect to receive more than $9,555 and the University does not cover the difference between the gross amount of the loan awarded and the net amount disbursed. The student or his/her family must plan to pay the difference between the gross and net amount.)
The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or deferring until six months after the dependent student, on whose behalf the parent borrowed, ceases to be enrolled on at least a half-time basis. Additional details and the PLUS loan application are available at studentloans.gov