We know that higher education is a significant investment. Careful planning allows you to explore financial options to gain the resources you need. As part of our commitment to make a Wilkes education as affordable as possible, this brochure outlines several options to help you pay educational costs. 

Tuition Payment Resources

The Office of Student Financial Services is here to help you through the next steps of financing your educational expenses. As a deposited student, you should have already received a financial aid award package. Included in the package were options to finance the portion of your educational expenses not covered by other financial aid. The resources inside may be useful in helping you pay those remaining educational expenses.

If you need additional assistance, please contact your student financial services counselor (based on the first letter of your last name): 

LAST NAMES BEGINNING A-D Christy Snedeker  570-408-5011 christy.snedeker@wilkes.edu	LAST NAMES BEGINNING E-K Denise Krasucki  570-408-5004 denise.krasucki@wilkes.edu
LAST NAMES BEGINNING L-Q Ann Maselkevich 570-408-4954 ann.maselkevich@wilkes.edu	LAST NAMES BEGINNING R-Z Michelle Shadle 570-408-4742 michelle.shadle@wilkes.edu

Federal Direct Parent Plus Loan

This program allows a credit worthy parent to pursue loan assistance on a student’s behalf. The parent is responsible for repaying the loan. Repayment of principal can be deferred until the student completes his or her program of study or drops to less than half-time status. A credit check is required to determine eligibility.

INTEREST RATE	5.3 percent through June 30, 2021 The federal government determines the rate each year on July 1.
ORIGINATION FEE	4.236 percent through Sept. 30, 2020 This is the amount charged for processing a new loan application.

WHO APPLIES: Parent
WHEN: After July 1 but before Aug. 1 to ensure adequate processing time before fall balance is due.
WHERE: studentloans.gov

HOW TO DETERMINE THE AMOUNT TO BORROW FOR THE YEAR

EXAMPLE for financing direct costs only:

$10,000 TOTAL	Estimated Balance Due Wilkes University (refer to your award package)
x 4.236%	Origination Fee (valid through Sept. 30, 2020)
$423.60
$10,000 + $423.60	equals $10,423.60

If additional funds are needed for indirect costs such as books, supplies or transportation, add that amount to the total estimated balance and then calculate as above.

HOW TO APPLY

1. Direct PLUS Loan Application (studentloans.gov)
   1. Click the blue “Log In” button to sign in with your FSA ID (parent).
   2. Click on “Apply for a Direct PLUS Loan.”
   3. Select the second option: “Direct PLUS Loan Application for Parents.”
   4. Select Award Year 2020-2021.
2. Master Promissory Note (MPN)
   1. From “My Home Page” select “Complete Loan Agreement (Master Promissory Note).”
   2. Complete the PLUS MPN for Parents.
   3. Provide all requested information.

Private/Alternative Loans

These loans allow you as a student (with a credit worthy cosigner), or as the parent of a dependent student, to borrow funds for educational expenses. In most cases, repayment of principal and/or interest is deferred until after the student graduates or is no longer enrolled. Terms, conditions and interest rates vary from lender to lender. Please note that a private loan requires a credit check by each lender through which a loan is pursued. Contact your credit union or bank for details on their offerings, or review some options and apply at www.elmselect.com. It is recommended that applications be submitted between June 1 and Aug. 1 to ensure adequate processing time before the fall balance is due. It is strongly recommended that you apply for the entire academic year to eliminate the need to submit a second application for spring semester balances.

If desired, you are able to add funds for indirect costs such as books, supplies and transportation to the amount requested through the private loan.

Wilkes University Payment Plan

The Wilkes University payment plan allows you to budget full or partial semester balances into five equal payments for the fall and, if continued enrollment in the payment plan is desired, five equal payments for the spring. There is no interest fee attached to enrollment in the payment plan, but you will be charged a $25 fee for each semester in which you wish to enroll. Please note that the payment plan may be used in isolation or in conjunction with the loan programs listed herein.

TO ENROLL

• Sign into portal.wilkes.edu.
• Enter username and password.
• Click on the “Student” tab and “Student Services.”
• Under “My Account,” click on “Installment Payment Plan.”
• Follow instructions on screen.

Federal Direct Subsidized/Unsubsidized Student Loans

The Federal Direct Subsidized and Unsubsidized Loans are listed as an aid source on your financial aid award letter and are calculated as such on your “2020-2021 Financial Aid Notification.” You, the student, may apply for these loans from the U.S. Department of Education. With a subsidized loan, the U.S. Department of Education determines eligibility based on financial need. Interest does not accumulate while you’re in school at least half time and for the first six months after you leave school. With an unsubsidized loan, you need not demonstrate financial need, but you are responsible for paying interest even while in school.

INTEREST RATE	2.75 percent through June 30, 2021 The federal government determines the rate each year on July 1.
ORIGINATION FEE	1.059 percent through Sept. 30, 2020 This is the amount charged for processing a new loan application.

WHO APPLIES: Student
WHAT: Entrance counseling and Master Promissory Note are REQUIRED for the funds to be disbursed to Wilkes University.
WHEN: After July 1 but before Aug. 1 to ensure adequate processing time before fall balance is due.
WHERE: studentloans.gov

INSTRUCTIONS

1. Entrance counseling
   1. Click the blue “Log In” button to sign in with your FSA ID (student).
   2. Click on “Complete Loan Counseling.”
   3. Click on “Start Entrance Counseling.”
   4. Select “I am completing entrance counseling to receive Direct Loans as an undergraduate student.”
2. Master Promissory Note (MPN) (Note: If you complete the MPN after completing the entrance counseling session, you will not need to sign in a second time. Simply proceed to the “Master Promissory Note” section.) 
   1. From “My Home Page” select “Complete Loan Agreement (Master Promissory Note).”
   2. Complete the MPN for Subsidized/Unsubsidized Loans.
   3. Provide all requested information.

Wilkes’ Office of Student Financial Services will receive electronic notification that you have completed the requirements. Parents should NOT complete the requirements on behalf of their student, as this federal requirement is designed to benefit each student’s understanding of his/her rights and repayment responsibilities.

Note that although the maximum borrowing potential for the academic year for a first year student is $5,500, the 1.059 percent origination fee referenced elsewhere will result in a net loan amount of $5,442.

Outside Scholarship Opportunities

Search for additional scholarships at the free website www.fastweb.com. You can also contact your high school guidance counselor, local civic groups, parents’ place of employment, etc. to inquire about scholarship opportunities.

Billing and Payment Information

Bills are generated by the Bursar’s Office each semester and are available to students via the online student portal approximately eight weeks before each semester begins. Tuition payments are due two weeks before the start of each semester (Aug. 17 for the fall 2020 semester; Jan. 5 for the spring 2021 semester).

Online Wilkes Tutorials

Billing and payment questions may be addressed to the Bursar’s Office at 570-408-4960 or billing@wilkes.edu. Please contact the Office of Student Financial Services at 570-408-4512 or financialaid@wilkes.edu with financial aid questions.

Important Dates to Remember

Late June - Fall bills generated and are available on the Wilkes University portal July 1 - Apply for Federal Direct Loan, PLUS Loan and/or private loan No Later Than Aug. 13 - Enroll in the Wilkes University monthly payment plan for the fall semester Aug. 17 - Tuition payment due for fall 2020 semester

Late November - Spring bills generated and are available on the Wilkes University portal Jan. 5 - Tuition payment due for spring 2021 semester No Later Than Jan. 13 - Enroll in the Wilkes University monthly payment plan for the spring semester May 1, 2021 - Deadline to submit 2021-2022 Free Application for Federal Student Aid