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At Clark University, we realize that preferences and needs for additional resources for financing your education are as individual as each student.

We encourage families to consider ways to pay for educational costs that best fit their needs. Below are some suggestions you can review to determine what fits your personal financial situation.

Monthly Payment Plan

One way to limit or reduce debt is to consider the Interest-Free Monthly Payment Option that is offered to Clark families from the Student Accounts office managed by Nelnet Campus Commerce. On average, approximately 750-800 of our families use the payment plan during the academic year.  Using a combination of resources to limit debt while still keeping your monthly payments affordable. There is a deadline to enroll in the payment plan. You can reach Nelnet at 1-800-609-8056.

Loan Options

The maximum loan amount that can be borrowed each year is the total cost of attendance minus financial aid awarded to the student. The UG Alternative Loan Chart on our Resources page briefly describes the components of each loan program and is a summary of our annual review of alternative lenders. We review the interest rates, repayment options, borrower benefits and customer service of the lenders.

Students may borrow from a private lender, although a credit-worthy co-signer will likely be required.  Interest rates, both fixed and variable, and fees vary from lender to lender.  We encourage our families to perform their own research to find the product that best meets their needs.

    • We recommend that you borrow for the cost of the entire academic year, not one semester as a time.
    • Loans should be secured no later than one week prior to the billing due date to allowing time for processing and avoid late fees, interest charges and cancelled registrations.
    • The Federal Direct PLUS Loan application is available on our Forms and Resources webpage, with the review of applications to begin in June.
    • Private student loan certification will begin in June.

Some options to consider*:

The Federal Direct PLUS Loan is a Parent Loan for Undergraduate Students reserved for the parent of a dependent, undergraduate student.  The lender is the federal government.  The interest rate and origination fee is reset each July 1st for the upcoming academic year.  The Federal Direct PLUS Loan fact sheet, instructions and application can be found on our Forms and Resources webpage.  During the 2019-2020 academic year, 140 Federal Direct PLUS Loans were borrowed with an average loan of $17,758.

The MEFA Undergraduate Loan is offered through the Massachusetts Educational Financing Authority.  MEFA is a non-profit state agency that lends private educational loans to credit worthy undergraduate students and their parents.  For more information about the MEFA Undergraduate Loan, please visit their website or call 1.800.449.6332.  During the 2019-2020 academic year, 106 MEFA Undergraduate Loans were borrowed with an average loan of $16,616.

The Citizens Bank Student Loan offers competitive interest rates, flexible terms and repayment discounts.  They also offer multi-year approval for qualified borrowers.  For more information about the Citizens Bank Student Loan, please visit their website or call 1.800.708.6684.  During the 2019-2020 academic year, 45 Citizens Bank Student Loans were borrowed with an average loan of $18,198.

The Sallie Mae Smart Option Student Loan offers multiple repayment options and an interest rate reduction when monthly payments are made via auto debit.  For more information on the Sallie Mae Smart Option Student Loan, please visit their website or call 1.877.279.7172.  During the 2019-2020 academic year, 103 were borrowed with an average loan of $17,200.

  • Credit Union Student Choice Loan
  • Discover Loan
  • First Marblehead Alternative Loan
  • The Maine Loan
  • New Jersey Class Higher Education Loan
  • Rhode Island Alternative Loan

 

*Clark University has compiled this list based on terms, conditions and provisions that are favorable to borrower.  This includes payment of the origination fee by the lender, highly competitive interest rates, high quality servicing and flexible repayment options/benefits.  Students attending Clark Universities or their families are not required to borrow from a lender on this list.

*Clark University has compiled this list based on terms, conditions and provisions that are favorable to borrower.  This includes payment of the origination fee by the lender, highly competitive interest rates, high quality servicing and flexible repayment options/benefits.  Students attending Clark Universities or their families are not required to borrow from a lender on this list.

Contact Information

Office of Financial Assistance

Mailing Address
  • Clark University
    Office of Financial Assistance
    950 Main Street
    Worcester, MA 01610
  • 1-508-793-7478
  • 1-508-793-8802 FAX
  • finaid[at]clarku[dot]edu
  • Office Hours (for identity verification only, due to COVID-19 guidelines):
    10 a.m. – noon Mondays, Wednesdays, and Fridays
    Noon – 2 p.m. Tuesdays and Thursdays