Princeton offers two methods for paying the University bill within the academic year:
- one payment each semester.
- twelve monthly payments.
If you choose the semester plan, one-half of Princeton’s charges will be due in the fall and one-half in the spring. Any subsequent miscellaneous charges a student incurs (for example, charging books to the student account) are due in full during the semester the charge is made.
The Monthly Payment Plan allows your family to spread payments out over the year, from September through August. The interest charge for this option is 2.25% in 2012-13. Once the monthly payments have been established, subsequent charges to the student account will be due in full during the semester the charge is made.
Some parents, however, prefer to manage college expenses through longer term financing. For these families there are two primary parent loan plans available with terms that can extend over a number of years:
- The University offers the Princeton Parent Loan (PPL). This loan gives families the opportunity to borrow their share of Princeton ’s costs at either a variable or a fixed interest rate (currently expected to be approximately 1.24 percent variable and 4.9 percent fixed) that is adjusted before the start of each academic year. The PPL is available to families based on their credit history and ability to meet repayment terms. A single application can be used to apply for four years of borrowing, and parents have up to 14 years to repay. Further information about the PPL may be obtained from the Parent Loan Office website or P.O. Box 35, Princeton, NJ 08543-0035.
- PLUS is a federally sponsored direct loan to parents who may borrow up to the cost of attendance less financial aid received. The PLUS interest rate is fixed at 7.9 percent, and program fees of up to 4 percent may be charged. The 10-year repayment begins 60 days after the money is disbursed.
More information about these and other loan options is available in our financing options brochure.