monthly payment plans DIRECT PAYMENTS Payment Due Dates Forms of Payment
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FINANCING OPTIONS
Parent PLUS Loan
Parents of dependent undergraduate students may borrow the Federal Direct Parent PLUS Loan to help pay for their child’s college or career school expenses. The Parent PLUS Loan offers a fixed interest rate and helps cover educational costs not met by other financial aid.
Beginning July 1, 2026, Parent PLUS Loans are subject to new borrowing limits of $20,000 per student per year and a $65,000 lifetime limit per student (totaling 3.25 years), replacing the previous cost of attendance model. Families should plan borrowing carefully to ensure funds are available across all years of enrollment.
Parent PLUS Loans first borrowed on or after July 1, 2026, will be repaid under a single fixed (tiered) standard repayment plan, with monthly payments set over 10 to 25 years based on the loan balance. Parent PLUS Loan repayment begins immediately, with payments typically due within 60 days of the last loan disbursement.
The Direct Parent PLUS Loan interest rate for 2026–2027 is fixed at 9.07% (with a 0.25% reduction when using auto-debit). An origination fee of 4.228% is automatically deducted from the loan amount. For more information, please visit: Federal Parent PLUS
To apply, visit Parent PLUS Loan application.
Private education loans
What is a private (alternative) student loan?
Private (alternative) loans are offered by various banks, lending institutions, credit unions, and state agencies. The borrower is the student and in most cases a credit-worthy co-signer is required. These loans are not associated with the federal government. You can apply via telephone or online with the lender of your choice.
How do I apply for a private loan?
You can apply directly with the lender you decide on. Most lenders allow you to complete the application easily online or over the phone with a representative.
Do I need a co-signer to get a private loan?
Students who receive the best interest rates typically have good credit or have a co-signer with good credit. Many lenders require that students have a co-signer.
How are interest rates determined?
Interest rates can be either variable or fixed and will generally start to accrue after the loan funds are disbursed to the school.
When does interest start building up, and when do I pay it?
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Accrual: Most interest begins to accumulate as soon as the lender sends the loan funds to the school. Be sure to check with the loan company to know accrual dates.
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Repayment: Depending on the lending institution, interest payments may be required while the student is enrolled in school. Check with the loan company to know what the repayment terms are.
In the past, Siena students have used the following banks for private loans: