University Financial Aid Office
Alternative Financing Options
The purpose of this letter is to provide information about additional and/or alternative financing options that
Tulane students and their families often use to help in meeting educational expenses not already covered by
financial aid. We encourage you to review the 2009-2010 Cost of Attendance figures (found on our website at:
www.finaid.tulane.edu/idxcost.htm) to determine your budgeted costs. If you were awarded financial aid, you
should subtract your total aid from the cost of attendance to determine the approximate remaining expense
obligations. While a variety of alternatives exist, we have listed below three options used by Tulane students and
1) Federal Parent Loan for Undergraduate Students (PLUS)
PLUS is a federal credit-based loan for parents with a fixed interest rate of 8.5% and fees of up to 4%.
Application for this loan requires that you have completed the 2009-2010 Free Application for Federal
Student Aid (FAFSA). If you have not already done so, you are encouraged visit www.fafsa.ed.gov and
use Tulane’s federal school code: 002029. To apply for a Federal PLUS Loan after the FAFSA is
processed, select the participating lender of your choice (a sampling of Federal PLUS lenders is listed on-
line at www.elmselect.com and on our website), and then apply on-line at your lender’s website. If the
credit-based PLUS loan is approved, Tulane will receive a certification request from the lender which we
will then complete and return to the lender. PLUS loans must be received and certified by Tulane before
the student’s semester ends. Note: If an eligible parent applies for a PLUS loan but is denied, and we
receive documentation of the PLUS loan denial, we can generally authorize the student to borrow a
certain amount of “additional” Federal Unsubsidized Stafford Loan funding.
2) Monthly Tuition Payment Plan
A monthly payment plan allows parents to spread institutional expenses over a number of months without
interest charges. Tulane has an agreement with Tuition Management Systems (TMS) to offer an array of
different payment plan options. You can locate information regarding TMS online at
www.afford.com/tulane or call TMS toll-free at 800.262.9201.
3) Non-federal Alternative Education Loans
Private credit-based alternative loans may assist students and their families who are either not eligible for
or not interested in the federal grant and loan programs. (For example, alternative loans may be an option
for international students who are not eligible to apply for Federal loans.) Since these loans are NOT
federal loans, the completion of the FAFSA is not required. Private loans usually have variable interest
rates which are tied to a market index such as the prime interest rate or LIBOR, plus or minus an
additional interest rate. We encourage eligible parents to apply for the fixed-interest Federal PLUS
Loan (see above) before either the student or parent applies for a non-federal loan. If a student or
parent must consider non-federal loans, information is available online at www.elmselect.com and our
The Tulane University Financial Aid Office is ready to assist you with any questions regarding these programs.
Please refer to our web site at www.finaid.tulane.edu for additional information and ways to contact our financial
aid counselors. You can also reach us by calling 504.865.5723 or 800.335.3210.
205 Science & Engineering Lab Complex, New Orleans, LA 70118-5698 tel 504.865.5723 fax 504.862.8750 finaid.tulane.edu