Financing and payment options

There are several options for paying out-of-pocket costs not covered by financial aid. Augustana parents generally finance their student's education through one or a combination of the following.

Payment plans

For information on monthly payment plans, see Student Accounts.

Long-term financing options

Federal Direct Parent Loan for Undergraduate Students (PLUS)

The Federal Direct PLUS loan program enables parents with a good credit history to borrow all or part of the student's yearly educational expenses. The PLUS loan is a government-sponsored loan administered by Augustana's Office of Financial Aid.

For additional information and to apply, see Federal Direct PLUS Loan.

Alternative/private loans

Alternative/private loans are credit-based loans offered by some banks and credit unions to help cover certain educational expenses not covered by financial aid. Alternative/private loans are not part of the federal loan program or guaranteed by the federal government.

For additional information, see Alternative/Private Loans.

Home equity loan

A form of credit for which your home is pledged as collateral, home equity loans generally offer a fixed interest rate and a fixed monthly payment, and are paid off over an extended period of time. Contact your local bank or lending institution for current interest rates and other information.

Unmet balance

If you have a student account balance after financial aid has been applied, Student Accounts can provide you with information on monthly payment plans, when to pay, how to pay and other information. Email studentaccounts@augustana.edu or call 309-794-7390 or 800-798-8100, ext. 7390.