Financial aid and scholarships rarely cover the full cost of a college education. Families often rely on payment plans and private loans.
Beacon Monthly Payment Plan
Our monthly payment plan option allows you to spread out payments with no interest charges and no credit check and a modest enrollment fee. Families often find that this often reduces the need to borrow money. You can also call 800-722-4867 for assistance, weekdays 8 a.m. to 10 p.m. (EST).
Alternative/Private Student Loans
Private loans, sometimes called alternative or supplemental loans, are available from private lenders and offer additional financial assistance. A credit check is required for private loans and some of the loan terms and conditions may be based upon your credit standing. If you are a student, please know that most lenders will require a co-signer.
Before securing a private loan, we encourage you to first explore all other sources of grants and support, including low-interest federal loans.
Beacon’s Office of Financial Aid will process a private loan from any lender of your choosing. Carefully consider your needs before you borrow. We recommend that you first apply for federal grant and loan programs before you consider a private loan. Unlike federal loans, private lenders set the terms for the loans, which can mean they have different criteria for both loan eligibility and loan rates. We also encourage you to research all of your options. A few things to keep in mind:
- Before accepting any private student loan, you should determine the interest rate and any fees associated with the loan.
- Borrowers who choose more than one lender to fund their postsecondary education will have multiple student loan payments upon leaving school. It can be advantageous and economical to consider using the same lender for all of your private education loan needs.
- Initially apply to multiple lenders. Student loans are provided special protections under the credit reporting rules: as long as long as you conduct your ‘shopping’ within a 30-day period, there should be no impact on your credit rating and no impact on your loan terms.
Visit FinAid.org for helpful information and ways to compare alternative/private student loan options.
If you have general questions about private loans, please contact Beacon’s Office of Financial Aid. Please remember, though, that we are not permitted to offer assistance on choosing a specific lender or product. Each family’s circumstances are unique and the loan terms and benefits offered to you may be dependent upon your specific credit standing.
