Paying Your Bill (2)

Determine Your Estimated Out of Pocket Expenses

Subtract your total aid from your total bill for the year.

NOTE: You will typically be billed per semester, so you may need to double your semester bill to get your estimated bill for the year.

Take this amount and review Steps 2-5 to find an option to pay that best fits your situation.

Bills are usually sent to student’s around June for the Fall term, and January for the Spring term. If you are trying to estimate your out of pocket expenses, the following steps may be helpful:

Use Eastern’s Net Price Calculator to determine your estimated remaining expenses after Financial Aid. NOTE: This number will be the estimated amount of expenses for the year.

You can also find estimates by looking at Eastern’s Cost of Attendance estimates for the 2016-2017 academic year.

Take this amount and review Steps 2-5 on the tabs above to find an option to pay that best fits your situation.

Apply for a PLUS Loan

Do not apply for a PLUS Loan until you know your ACTUAL out of pocket expenses from your bill
The Parent Loan for Undergraduate Students (PLUS) is designed for parents to borrow at a favorable interest rate in order to help finance their child’s college education or spread the expense of college over time. The loans are disbursed twice a year at the beginning of the fall and spring semesters and parents typically begin payments of principal and interest after the second disbursement. These payments may be deferred until the student graduates or is enrolled less than half-time. Eligibility for the PLUS loan is based off of a credit check during the application process. This loan is not generated as part of the student’s financial aid package. It must be applied for at each year the loan is requested. For more information about the Federal Parent Plus loan and to apply, please visit

If the parent is denied the PLUS loan, freshmen and sophomore students may be offered an additional $4,000 in the Federal Direct Unsubsidized Loan money. In addition, junior and senior students may be offered an additional $5,000 in Federal Direct Unsubsidized Loan money from the PLUS denial.
Graduate students may also be eligible to borrow from the Graduate PLUS loan if they have exhausted their eligibility for Direct Loans.
The interest rate for the Parent Plus loan is determined annually by Congress. In addition to the interest rate,  an origination fee is also deducted from the award amount during disbursement from the Federal Government. For current interest rates and origination fees, please click here.

Seek Private Education Loans

Do not apply for a Private Education Loan until you know your ACTUAL out of pocket expenses from your bill
Alternative or Private Education Loans are privately-funded loans available to students who need additional funding. As these loans are offered by a variety of lenders and under varying conditions and interest rates, we strongly encourage students to compare and contrast such things as

interest rates, rate types, fees, grace periods, terms and repayment options before borrowing.

Some lenders may make loans to students who have not been admitted to a degree program, who don’t have a co-signer, who are enrolled less than half-time or who are not making Satisfactory Academic Progress. Simply Google “Alternative or Private Student Loans” to find lenders who offer these loans or check with your local bank or credit union.  Do the research and make comparisons in order to find the loan and lender that best meets your particular needs. In all cases, students and parents should exhaust their eligibility for Federal Direct and PLUS Loans before considering Private Loans as these loans will often offer lower interest rates.

Apply for External Scholarships

Scholarships are considered gift aid which does not have to be repaid and are typically awarded based on a number of varying characteristics, sometimes in combination with financial need. These awards often have annual conditions for renewal related to the specific award. The student can apply for external scholarships at, an online database of external scholarship foundations. Our External Scholarship page also lists potential scholarship resources for your convenience.


Set up an Eastern Payment Plan

Each year, more than 600 Eastern families finance some or all of their student’s entire bill through the University-endorsed Eastern Payment Plan. The payment plan is an interest-free monthly plan that enables you to spread payments for tuition, fees, room and board equally over a number of months. By paying monthly through current income and savings, you can limit borrowing and keep the overall cost of education down. The monthly payment plan is available to all families, regardless of credit-rating or financial need, and is not a loan.

For additional information, call the Bursar’s at (860) 465-5255 or visit the Bursar’s website. Families may make payment plan arrangements after May 1 for the following academic year.