Skip to Main Content

The Path Forward

Payment Options

Monthly Payment Plan:

Bay Path University offers students and parents an interest-free monthly payment plan option to assist you in financing your education. Through our soon to be launched, CASHNet platform, families have the option of a monthly payment plan to divide the out-of-pocket expenses into 5 easy payments each semester. A $55.00 per semester enrollment fee covers the plan administration. If you have any questions, please call the Student Financial Services Office for assistance. 


Federal Direct Parent Plus Loan for Undergraduate Students (PLUS):

The Federal Direct Parent PLUS Loan program provides a borrowing option for parents of dependent undergraduate students to help finance their student's education. The maximum amount a parent can borrow is the cost of attendance less other sources of financial aid. The student's award letter will indicate the maximum amount eligible. This amount can be reduced or declined; no parent is required to borrow a Federal Direct PLUS Loan.

The funds are borrowed directly from the U.S. Department of Education. This is a credit-based loan. The interest rate for loans disbursed between 7/1/20 and 6/30/21 is fixed at 5.30%, and there is a 4.236% fee deducted from every disbursement. Interest accrues from the first date of disbursement. Repayment begins after the loan is fully disbursed; however, deferment options are available to delay repayment. There is no prepayment penalty.

To borrow through the Federal Direct Parent PLUS Loan program the parent must pass a credit check, which is valid for 180 days. Parents without adverse credit will be approved for the loan. Adverse credit is defined by regulation as: 90 days or more delinquent on any debt or having a credit report that shows a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt, during the five years preceding the date of the credit report. Parents denied a Federal Direct Parent PLUS Loan will be offered the option to appeal or apply with a credit-approved endorser.

Parents intending to borrow a PLUS Loan will need to complete a Master Promissory Note (MPN) and PLUS Application online at www.studentaid.gov. In subsequent years, only the PLUS Application will need to be completed. The MPN is valid for 10 years after a loan has been issued from it.


Private Loans:

These loans are based on the credit worthiness of the borrower, income-to-date ration and may require a co-signer. The information in the borrower’s and co-signer’s credit report will determine the interest rates qualified for. There is usually a minimum loan amount depending on the lender's requirements. The terms and conditions vary depending on the lender’s requirements. Borrowers may be allowed to defer payment of principal and interest on the loan while the student is enrolled in school. Note that you may borrow a private loan through any program that you choose. Be sure to maximize your federal loan eligibility before applying for a more expensive private student loan. Bay Path University provides a list of private loan lenders for your consideration on ELM Select.  Explore this external website for:

  • Easy access to lender’s websites
  • The ability to compare loan programs side by side
  • Links to other helpful websites, such as loan payment calculator to help you estimate your loan payments
  • Information on rates and fees for private alternative loans from lenders who have worked with our students in the past