Payment Plans & Parent Loans

Payment Plans

Williams offers both 5-month and 4-month payment plans for the fall and spring semesters through Tuition Management Systems (TMS). You can use the Expense Planner worksheet on page 3 in the Williams Financing Guide to calculate a monthly payment that’s affordable for you.

The Williams Payment Plan allows families to pay each semester bill in 5 equal monthly payments from July to November for the fall semester and from December to April for the spring semester, rather than twice a year before each term begins. There is also a payment plan option with 4 equal monthly installments – August to November for the fall semester and January to April for the spring semester. There is an administrative fee of $40 per semester ($60 per semester after August 14 and January 14), but no interest charge.

Parent Loans

The PLUS is a federal loan program. Parents are eligible to borrow up to the cost of education less all financial aid.  There is no income limit, although there is a credit check.  Repayment begins within 60 days after the loan is fully disbursed, but payments can be extended up to ten years and beyond.

Federal Direct Plus Loan

Williams is a participant in the Federal Direct Loan Program.

  • For loans disbursed between July 1, 2019 and June 30, 2020, the interest rate will be 7.08% FIXED. The interest rate can be reduced by 0.25% if the borrower enrolls in the Automatic Monthly Payment service.
  • For loans first disbursed after October 1, 2018, an origination fee of 4.248% is deducted.
  • Payment can be deferred while the student is enrolled as at least a half-time student but the interest must be paid quarterly or it will be added to the principal of the loan. The parent borrower must request this option from the Direct Loan Servicer after the loan has been applied to the student’s account.

To apply, review the full instructions and information, complete the Free Application for Federal Student Aid (FAFSA) and the application and promissory note on the Department of Education’s loan website. You can apply for a PLUS loan for 2019-2020 after May 15, 2019; we begin processing 2019-2020 loans in early to mid July.

Private Loan Certification

If your family intends to borrow a private education loan, you may need to complete the Private Loan Self-Certification Form. Send completed forms directly to your lender.

More on Paying for College

Should my family take out a home equity loan to finance my education?

Today, with interest rates relatively low, the most frequently used college financing plan is a home equity loan, through which a homeowner borrows for college costs using the equity in his home. The principal advantage is that the interest paid on a home equity loan can be deducted from taxable federal income, which is not always possible with other types of education loans.

As a student, how can I help finance my education if my family does not qualify for aid?

You can borrow from the government through the Stafford Loan program, and you may be able to hold a campus job. Federal Direct Loans are available to all students who are US citizens or Permanent Residents, whether or not they qualify for need-based financial aid. Priority for campus jobs at Williams is given to financial aid recipients, but some of the campus jobs are filled by students who are not receiving aid.