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Partners in Education with Parents (PEP) Options
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Since 1978, Washington University has been a pioneer in developing creative
payment choices for parents. Our Partners in Education with Parents program is
financed and managed by the University. We work closely with our students and
their families to continually improve these offerings and provide what we
believe are the most attractive set of payment options in American higher
education. Partners in Education with Parents (PEP) has three options:
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PEP Multiyear
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PEP Annual
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PEP Prepayment
Use the
Financial Planning Comparison Worksheet (secure connection) to compare
all three PEP programs with other financing options.
Key features of the PEP Multiyear and PEP Annual Options:
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Set your own flexible repayment period
Finance what you need and set your own repayment period, with up to 10 years to
pay.
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Borrow as little or as much as needed, up to cost
You decide what amount of each year's tuition, fees, room and board charges you
need.
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Competitive, fixed interest rates
Benefit from a fixed annual interest rate of 6.25 percent with the PEP
Multiyear, and 7.25 percent with the PEP annual option (for coverage starting
in the 2009-2010 academic year). PEP Annual option interest rates are fixed for
the amount you borrow in that year, but are subject to change in future years.
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Freeze all four years of covered charges at the entering-year rate (Multiyear
PEP only)
Freeze a percent of future years' increases in tuition, fees, room and board,
based on your participation in PEP Multiyear.
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No Prepayment penalty
You may prepay a portion or decrease the amount borrowed at any time, and
interest accrued on the unused amount will be adjusted.
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Table 1: PEP Multiyear Option
Sample Monthly Payments Starting in Year 2009-2010 (10 year
repayment)
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| Total Amount Borrowed
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Monthly Payment
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| $20,000
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$225
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| $40,000
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$449
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| $60,000
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$674
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| $80,000
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$898
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Borrow all or part of each year's cost one year at a time (PEP Annual only)
Estimate the amount needed each year as you go - and pay lower installments
while your son or daughter is in school.
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Home equity option
You may be eligible to use interest paid on the PEP options as a tax deduction.
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Table 2: PEP Annual Option
Sample Monthly Payments Starting in Year 2009-2010 for this
year's loan
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| Total Amount Borrowed
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Monthly Payment
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| $5,000
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$59
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| $12,000
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$141
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| $20,000
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$235
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Security or collateral is not required
By working directly with your family, discussing your needs and assessing your
credit rating, we make a professional judgement about your ability to handle
your monthly payments.
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Available to International Students
Families of International students may participate with a credit-worthy U.S.
citizen co-applicant. Proof of co-applicant citizenship and additional
documentation may be required. Contact our office for details.
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No fees
The PEP program is financed by Washington University and does not impose an
origination fee or fees of any kind.
PEP Prepayment Option:
You may choose to prepay all or part of the tuition, fees, room, and board
charges for all undergraduate years at the entering-year rate. You can also
choose to prepay a portion of the charges with the PEP Prepayment Option and
borrow the rest from Washington University through the PEP Multiyear Option.
(Combining the PEP Multiyear and PEP Prepayment Options works well for parents
who may have saved for some or most of their students' college expenses and who
also want to take full advantage of the cost-saving benefit by using PEP to
finance the remaining charges.)
How to apply: We encourage early application - by
June 1 - in order to have the amount borrowed or pre-paid credited on the first
semester's bill. Later applications are also accepted. However,
applications for the PEP Prepayment Option will not be accepted after December
31st.
Apply online (secure connection), or download and complete the Partners
in Education with Parents (PEP)
application (in PDF format) and mail it to our office at:
Partners in Education with Parents
Washington Univeristy in St. Louis
Campus Box 1041
One Brookings Drive
St. Louis, MO 63130-4899
(800) 468-0569
(314) 935-4139
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