Prior to using alternative financing for educational needs, students must exhaust federal student aid options.  A private loan should only be considered if there is a financial need after federal student loans are exhausted. 

Simpson College encourages families of dependent children to consider a PLUS loan prior to private alternative loans.

PLUS loans – (Parent Loan for Undergraduate Students) - enable parents to borrow from a bank, savings and loan association, credit union or participating lender.  Maximum loan amounts are determined by the cost of education minus financial aid award.

Tuition Pay Plan -The Tuition Pay Plan is managed by Sallie Mae and provides a way to pay educational expenses through manageable monthly installments instead of paying one lump sum.  The only cost is an annual $55 non-refundable participation fee. 

National United Methodist Loan - available to students who are members of the United Methodist Church.  United Methodist Loans are granted on a first come, first served basis until allocated funds for the year are no longer available.

SELF (Student Educational Loan Fund Program) - is an educational loan provided by the Minnesota Higher Education Services Office (MHESO).  The program is unique to Minnesota and MHESO is the only lender in the program.  Minnesota residents are eligible to apply. 

US Bank No Fee Education Loan - interest rate based on credit rating of the applicant(s).  Requires co-signor.  Apply on line at: http://www.usbank.com/nofeeapp

Wells Fargo Collegiate Loan - interste rate is variable for the life of the loan and is based on the credit rating of the applicant(s).  Requires co-signor.  Apply on line at https://www.wellsfargo.com/student/