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Financial Aid

Alternative Financing Options

At Pace University we understand that some students may need to look for options other than traditional financial aid to pay their expenses. Two alternative financing options available are private education loans and the Tuition Pay payment plan.

Pace University recommends maximizing your Federal Direct Loans before seeking a private education loan.


Private Education Loans

Private Education Loans are credit-based loans borrowed by the student. It is highly recommended that the student apply with a cosigner to increase their chance of approval and to receive a better interest rate.

Many lenders now offer a choice between a fixed-rate loan or a variable interest rate loan. Upon applying, your lender will provide you with necessary information regarding your options. On either type of loan the interest will begin to accrue at time of disbursement.

If the student chooses to use an alternative loan, be aware that the process could take as long as 30 days before the lender can disburse the funds to the school.

Pace University does not recommend any particular lenders. We will accept and certify a loan from any lender the student chooses. You may utilize the New York State HESC Private Student Loan Comparison Tool to review a list of potential lenders.


An Alternative loan is a private loan in the student's name which, depending on the credit worthiness of the applicant, may require a co-signer. Many lenders do not require students to be in a degree or certificate program to receive these loans. Many lenders will also lend to students enrolled less than half-time.

Payment and interest on Alternative loans can be deferred until six months after graduation, or as long as the student is enrolled at least half-time. INTEREST WILL ACCRUE DURING THIS DEFERMENT PERIOD AND IS ADDED TO THE PRINCIPAL. It is strongly recommended that students try to make the interest payments while they are in school to avoid an increase of the principal amount of the loan during the deferment period. Students are permitted to finance up to their Cost of Attendance minus other aid.

The student's credit score determines the interest rate and fees for Alternative loans. We advise students to obtain their credit report to verify that the information being used to determine their rate is accurate and up to date. It is always important to ensure that information reported to credit bureaus is correct.

The three major credit bureaus are:

Additional Steps:
 

Application Disclosure - Provided by Lender

Approval Disclosure - Provided by Lender

Final Disclosure - Provided by Lender

Self-Certification Form


These extra steps will cause significant delays in loans being certified and disbursed. We recommend applying at least 30 days before the payment due date. Most lenders will wait until all documentation is signed and returned before sending a request for certification to Pace University. Once we certify the loan, we will have to wait a minimum of 7-14 business days to receive disbursement.
 

Pace Student Loan Code of Conduct

 


Tuition Payment Plans

The Tuition Payment plan allows students to make payments over 5 months for one semester. This program is administered through the Office of Student Assistance (OSA). For more information, please visit the billing section of the OSA website.


Additional Resources

Private College 529 Plan

Pace University is a participating school of the Private College 529 Plan, the only nationally sponsored plan that's owned by participating private colleges and built to help families control the cost of tuition and avoid market risk. The Plan allows families to prepay tuition today that their child can later use at any member college. It provides a guarantee against tuition inflation, and the flexibility to choose from some of the nation's top colleges.

When enrolled in the Private College 529 Plan, you purchase Plan tuition certificates that are guaranteed. A semester of undergraduate tuition for a participating college or university purchased today will be worth a semester of tuition at that school for up to 30 years — no matter how much tuition rises or what happens in the financial markets.

To learn more about this plan, please visit the Private College 529 Plan web site.