For some families, financing may be part of their plan to pay for college. Loans must be repaid, so it is important to be an informed consumer before deciding to borrow. Students and parents may borrow from several different sources:
- Federal government: Students who are US citizens and eligible non-citizens are eligible to borrow a Federal Direct Loan, and their parents may be eligible to borrow a Federal Direct PLUS Loan.
- Home equity: Some families choose to use part of their home equity to help finance educational expenses. You should contact your current mortgage provider or other mortgage providers advertising home equity loans for more information.
- State government: Many states provide financing options for state residents. Contact your state agency for more information. The Finance Authority of Maine (FAME) is the state agency for Maine families.
- Private: Banks and other financial institutions offer educational loans to students and parents. Bowdoin does not make specific recommendations for private educational loans.
Be sure to research and understand interest rates, fees, terms, and repayment options before borrowing. Matriculating students will receive more information about federal loans in May. Current Bowdoin students may find the instructions to borrow a federal loan in the Forms and Resources section of their MyAid portal. Please review our tip sheet, our detailed financing information document, and our student aid calendar for further information, and feel free to contact the Office of Student Aid if you have questions or would like assistance making a plan.
International students may be able to access student or parent educational financing options from a loan authority in their home country. For more information, contact the department responsible for administering those programs. They may send enrollment verification forms to the Office of the Registrar or the Office of Student Aid.
Installment Payment Plan
Bowdoin works with Nelnet Campus Commerce to provide installment payment plans for families who would like to pay all or part of their semester bill on a monthly basis instead of in a lump sum. There is no interest involved with this plan, but there is a small fee to sign up. The Bursar's Office offers additional information about this option.