|
1.
The financial aid process is hard to understand. Where can I
get help?
That is what the Office of Student Financial Services is for -- we can
help. Call us toll-free at (888) 547-6670. We will help you understand all the
options available to you. (Return to top)
2.
What options are available for parents for financing my
student's education?
Washington University has one of the best parent financing programs in
the country–PEP, Partners in Education with Parents. PEP features low-interest
rates, low monthly repayment terms, and the opportunity to freeze all four
years of costs at the freshman-year rate. We also offer a no interest monthly
payment plan to allow your family to spread the annual payment over 10 months
in your freshman year (and 12 months in your upper class years).
(Return to top)
3.
Is it possible to use Partners in Education with Parents
(PEP) to pay some of our expenses and the TuitionPay Monthly Plan for the rest?
Yes. Let us know what you have in mind, and we will design the right
combination for you. (Return to top)
4.
Does a PEP loan have an origination fee or other fees?
No. PEP loans are financed by Washington University and no origination
fee or fees of any kind are imposed. (Return to top)
5.
What is the maximum amount that I can borrow under the PEP
plan?
You can borrow the cost of tuition, fees, room, and board, less
financial assistance (scholarships, student loans, etc.).
(Return to top)
6.
Can I pay my PEP loans back in fewer than 120 months?
Yes. There are no prepayment penalties on PEP loans.
(Return to top)
7.
How does freezing tuition, fees, room, and board work under
the PEP Multiyear and Prepayment options?
You can freeze the cost of future year tuition, fees, room, and board
charges for four years at the freshman rate. The percent of charges that can be
frozen will depend on your participation rate in the PEP program. To calculate
how much of your costs can be "frozen" in this way, use the Financial Plan
Comparison Worksheet or call us toll-free for help at (888) 547-6670.(Return
to top)
8.
Under the PEP Multiyear Option, can I finance fewer than
four years' expenses?
Yes. With the multiyear option, you can finance two, three, or four
years of educational expenses. Use the PEP Annual Option to finance one year at
a time. (Return to top)
9.
Is the PEP program available only to freshmen?
No. You can apply for a PEP loan at any time throughout your student’s
undergraduate education at Washington University. (Return
to top)
10.
What do I have to do to use the PEP home-equity feature?
Just indicate your intent on the application and consult your tax
advisor to find out if you qualify for a tax deduction. In the follow-up
conversation following receipt of your application, our PEP representative will
then discuss what steps are necessary to arrange for you to benefit from the
home-equity feature. (Return to top)
11.
When will I know if my PEP plan application is approved?
We will make every effort to contact you to answer any questions you may
have and discuss your eligibility for the PEP options within seven business
days of receiving your application. (Return to top)
12.
What happens to my PEP room and board coverage if my son or
daughter moves off campus?
We can send you a check for your room and board coverage at the
beginning of each semester so you can pay for off-campus rent and food. Or, we
can reduce the plan by the unused number of semesters for room and board,
adjusting the principal and interest on the loan. (Return
to top)
13.
What happens to my PEP loan if my son or daughter decides
not to return to Washington University after a year or two?
We reduce the plan by the unused semesters resulting in a reduction to
your principal and interest balances. You will not be penalized -- you will be
responsible only for the semesters your son or daughter was enrolled.
(Return to top)
13.
Can I get help to decide which plan is best for my family?
Yes. Call one of our counselors toll-free at (888) 547-6670.
(Return to top)
|