Your Expected Family Contribution (EFC) is an estimate of your capacity over time to absorb some of the cost of your education. It does not necessarily predict how much cash your family has on hand.

To obtain additional resources beyond scholarships and need-based grants and loans, most families use a combination of interest-free monthly payments, Federal Direct PLUS Loans and/or private loans.

Interest-free monthly payment option

The best way to limit debt is to consider the interest-free monthly payment option that is offered to Clark families through Tuition Management Systems (TMS), a Rhode Island company that works with colleges and universities nationwide.

For more information, call TMS at +1-888-216-4258 or visit the TMS website.

Types of Loans

The U.S. Department of Education can loan money to parents of undergraduate students through Direct PLUS Loans, also known as William D. Ford Direct PLUS Loans. These loans usually offer lower interest rates and more flexible repayment options than most private loans.

  • Lender is the U.S. Department of Education, so your parent does not need to select a specific lender.
  • The interest rate for the Federal Direct PLUS Loan for 2018-2019 is 7.60%  This rate is fixed for any loans disbursed from July 1, 2018 through June 30, 2019.
  • The net disbursement amount is reduced by the origination fee. Through September 30, 2018 the origination fee is 4.264%. New rates are set each academic year.
  • Requests are processed during the summer for the upcoming academic year
  • Your parent must pass a PLUS Loan credit check and must not have an adverse credit history. If your parent is unable to meet the credit criteria, he or she may appeal the decision or may be able to borrow with a credit-worthy endorser.

To apply:

To Learn More:

Go To Federal Student Aid

To learn more:

View or print the U.S. Department of Education Federal Direct PLUS loan.

The MEFA Undergraduate Loan is offered through the Massachusetts Educational Financing Authority. MEFA is a non-profit self-financing state authority that serves students and families in Massachusetts and families of out-of-state students pursuing higher education in Massachusetts. The MEFA Undergraduate Loan is a private educational family loan offered to credit-worthy borrowers.

The average MEFA loan borrowed for 2016-2017 was $15,185

  • Applicants must be either a U.S. citizen or a permanent resident
  • The fixed interest rate will vary based on the repayment option you select
  • Repayment Options vary

For more information about the MEFA Undergraduate Loan, you should click here or call MEFA at +1-800-449-6332.

The Citizens Bank Student Loan offers competitive rates, flexible terms and interest rate discounts. They also offer multi-year approval for qualified borrowers.

The average Citizens loan borrowed for 2016-2017 was $15,580.

  • Applicants must be either a U.S. citizen or a permanent resident
  • Variable or Fixed interest rates
  • Repayment Options Vary

For more information on the Citizen’s Bank Student Loan, you should click here or call +1-800-708-6684.

The Smart Option Student Loan (funded by Sallie Mae) offers multiple repayment options and an interest rate reduction when monthly payments are made via auto debit.

The average Smart Loan borrowed for 2016-2017 was $12,785.

  • Applicants must be either a U.S. citizen or a permanent resident
  • Variable or Fixed interest rates
  • Repayment Options Vary

For more information on the Smart Option Student Loan, you should click here or call +1-877-279-7172.

Other lenders self selected by our students & families

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

The university will process a loan from any lender or agency