Academic Management Service
Wells College has contracted with an outside agency to provide students and parents with a 10-month payment plan. There is no interest or finance charge to participate in the plan. Families need only pay a $55 annual application fee, which includes life insurance for the individual who contracts with AMS. All enrolled students will receive a separate mailing on this payment option.

Federal PLUS Loan (Parent Loan For Undergraduate Students)
This is a federally guaranteed loan through a local participating lending institution. There are no income restrictions; parents need only satisfy a credit check. The interest rate varies from year to year but cannot exceed 9%. There are no annual or aggregate limits to how much a parent can borrow on behalf of their dependent student. However, a Federal PLUS Loan cannot exceed the student’s cost of attendance minus their financial aid awarded. Maximum payment time is 10 years and repayment begins within 60 days of disbursement unless an in-school deferment is granted from the lender.

Alternative Loans
Alternate Loans are private loans that are not guaranteed by the federal government. These loans are obtained at local lending institutions that offer alternate loans for students beyond the Federal Stafford Loan Program. The interest rate and repayment terms will vary between lenders. These loans are not a form of federal financial aid so their interest rates are higher. Students who do not have a three year work history often need a co-signer in order to be approved for the loan.