Welcome to the Payment Options page. Montreat College is pleased to offer a variety of payment options for funding your education, including a monthly payment plan. Our experienced Staff is available to help review financing options and help build a custom plan for your family. Please note that payment arrangements must be established before the start of each term. Bills are generated and mailed by term. This means that the charges and credits appearing on your bill are for one term only (fall, spring or summer), not for the year.
Loans
Federal Loans
Student Financial Aid award letters include the maximum amount available of Federal Direct Loans. These loans are part of the overall Student Aid Award, and are deducted on the student billing statement to determine any remaining balance due. Students may elect to decline all or part of these Federal loans and then pay the increased amount due instead. For information regarding Federal Direct Loans, including interest rates, deferments, repayment plans and loan consolidations, please visit http://studentaid.ed.gov.
In most cases, the entire remaining balance due may be paid by a Federal Parent Loan for Undergraduate Students (PLUS). A parent of an undergraduate student may apply for a loan for up to the cost of attendance for the Academic Year. Any parent may apply for a PLUS at www.studentloans.gov. If the loan is approved, the parent may borrow the maximum amount available, a lesser amount, or decide to decline the loan entirely. In order to receive the loan, the parent is required to electronically sign a Master Promissory Note (MPN). A parent would apply for a PLUS at the beginning of each Academic Year. For more information regarding interest rates and repayment plans and calculations, please visit http://studentaid.ed.gov.
If a parent is not approved for a PLUS, the undergraduate student is eligible for an increase in Federal Unsubsidized Direct Loan. The Financial Aid Office will send the student an updated award letter allowing them the opportunity to accept or decline the additional loan amount.
Alternative Loans
Alternative Loans, also called Private Education Loans, are credit worthy loans available to students who need additional loan funds in addition to the Financial Aid they have already been awarded, up to the cost of attendance. These loans are offered by private lenders and unlike the federal loans, private loans require a new application each time a student wishes to borrow one. In most cases, a student needs a credit worthy cosigner to be approved for a private loan. The school has composed a neutral list of lenders used by Montreat College students in the past three years to help you make an informed decision.
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Academic Management Services Inc.
1-888-272-5543
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Sallie Mae
1-888-272-5543
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Alaska Student Loan Corporation
1-800-441-2962
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South Carolina Student Loan Corporation
1-800-347-2752
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Citi-Assist Loan
1-800-967-2400
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SunTrust Education Loan
1-800-378-5526
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Discover
1-877-728-3030
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US Bank
1-800-375-4494
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Fifth Third Bank
1-800-222-7192
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Wachovia/Wells Fargo
1-800-658-3567
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Many financial institutions offer alternative loans. You may also want to look at your personal financial institutions (e.g. banks and credit unions), to find the best terms.
Need more information? www.FinAid.org is a user friendly website dedicated to providing students and parents a clear and comprehensive guide to Financial Aid, including FastWeb scholarship search and FAQs.
Outside Scholarships
There are several excellent search engines available to families to search for scholarships. We strongly encourage students and families to make use of these sites. However, never pay or provide payment information in exchange for scholarship information. We have listed the following sites for your review:
College Savings Plans - 529’s – Prepaid Plans – Employee Tuition Benefits
Contact your 529 servicer and complete their authorization for payment procedure. Most 529 servicers contact Montreat College to notify us of a pending payment. However, not all do, so please contact our Student Accounts office to notify us of your pending payment. If your family has been contributing to a Pre-paid plan, contact the State agency to authorize disbursement to Montreat College. If you have an employee tuition benefit available, contact your employer for information on applying.
VA Benefits
Montreat College is happy to participate in the VA GI Bill Education benefit program. Students in the School of Arts and Sciences are also allowed to apply for the Yellow Ribbon program within the Post 9/11 GI Bill.
All students using GI Bill benefits to help pay for their Montreat College education are required to submit the following paperwork to the Certifying Official prior to beginning their benefits:
- Certificate of Eligibility (sent to the student by the VA after a VONAPP is completed)
- DD-214
- GI Bill Benefit Memorandum of Understanding (see below)
Information about GI Bill education benefits and VA forms are available at: www.gibill.va.gov
Please review the Montreat College Procedure for Processing Veteran's Benefit available on the Montreat College VA Education Benefits page.
Monthly Payment Plans
Monthly payment plans are available through The College Foundation of North Carolina (CFI/CFNC). You must establish your payment plan with CFI before the college can consider the payment plan as a form of payment. The plan charges no interest. The only cost to use the payment plan is a minimal enrollment fee.
To make the enrollment process as easy as possible, you should first complete as many of the following steps as possible:
- Use the "Payment Due" amount on your bill to determine how much to finance on the payment plan. Click "Setting Up a Full Year or Fall only Payment Plan" or "Setting up a Spring only Payment Plan" for step by step detailed instructions.
- Determine who will be responsible for making the monthly payments. This person’s Social Security number and a valid U.S. address are required for online enrollment.
- Decide if you want to set up a plan for one term or for the entire academic year.
- A full year plan with the first payment due July 1st may be set up for 10 months, a 7, 8, or 9 month plan may be set up with the first payment due on August 1st.
- A fall-only plan with the first payment due July 1st may be set up for 5 months, a 3 or 4 month plan may be set up with the first payment due August 1st.
- A spring-only plan may be set up for 5 months with the first payment due December 1st, a 3 or 4 month plan may be set up with the first payment due January 1st.
A plan for one term would cover fall or spring. If you set up a one-term plan for the fall term and later decide to use the payment plan for spring, you will need to enroll in a second one-term plan for the spring term.
A plan for the academic year would cover fall and spring. If you are setting up a plan for the year, please remember that your bill is only for one term or half the year. To approximate an amount for the year, you should either contact the Student Accounts Office or double the amount due on your fall bill.
There is no payment plan available for the May/Summer Term.
To enroll in a payment plan, please do one of the following:
- Call CFI/CFNC at 1-866-866-CFNC (2362)
- Click here to go to the CFI/CFNC website
Direct Payment Options
Montreat College gladly accepts the following forms of payment in person at the Student Accounts Office in Gaither Hall or as otherwise noted below:
- Check or Money Order – Made payable to “Montreat College.” On the memo line, please write the term and student ID or name and mail to Montreat College, PO Box 1267, Montreat, NC 28757.
- Credit Card – Payment by Visa, MasterCard or Discover may be made online here . Pay by phone – Call the Cashier at (828) 669-8012 x 3799 . Please have your credit card and billing address ready when calling.
- Cash – In person ONLY at the Student Accounts Office located on the main floor of Gaither Hall (please do not mail cash). Exact change is preferred, but not necessary.
Work Study
Work study wages are paid directly to students as they are earned. Students may apply for jobs through the Office of Work and Vocation. Since there are a limited number of positions, jobs are not guaranteed even though a student may be awarded work study. Potential work study earnings will not reduce the balance due at the beginning of the term. Earnings may be directly applied to a student’s account if the student so authorizes, which will reduce the amount due for the following semester.
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