Payment Plan
Binghamton University offers an interest-free, web-based payment plan that provides you with the opportunity to divide the bill for each term into automatic installments to allow you to spread your payments over a period of up to four months. A non-refundable enrollment fee of $40 per term is required to activate the payment plan.
Federal Student Loans
There are two types of Student Federal Direct Loans: subsidized and unsubsidized.
Subsidized loans are awarded on the basis of financial need as determined by the federal government. Interest on subsidized loans begins to accrue upon repayment. Unsubsidized loans are available regardless of financial need. Interest on unsubsidized loans begins to accrue upon disbursement. Interest rates* for both are 4.99% with a 1.057% origination fee*. Repayment of either loan begins 6 months after graduation or if you fall below 6 credits.
Students are eligible for up to $5,500 as freshmen, $6,500 as sophomores and $7,500 as juniors and seniors. You may still need to borrow additional funds; however, it is recommended that you accept this form of funding first before applying for parent or student private alternative loans.
*Rates/fees as of February 2023, will be updated July 1.
Federal Parent Loan
Parents of undergraduate students are eligible to apply for the Federal Direct Parent PLUS Loan. Credit approval is required. Funding limits vary according to the aid received, but cannot exceed the cost of attendance. Interest begins to accrue with the first disbursement. The interest rate* is fixed at 7.54% with a 4.228% origination fee*. Repayment begins 60 days after final disbursement on the loan, if the student falls below 6 credits, or it can be deferred until 6 months after the student graduates.
*Rates/fees as of February 2023, will be updated July 1.
Alternative (Private) Loans
To be eligible, students will need a credit-worthy cosigner and/or have established credit. Funding limits vary according to the aid received but cannot exceed the cost of attendance; rates vary by lender and credit-worthiness.
This chart illustrates monthly loan payment examples based on amount borrowed and applicable interest.
| TEN-YEAR LOAN (120 EQUAL PAYMENTS) | |||||
|---|---|---|---|---|---|
| Amount Borrowed | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
| Student-subsidized loan 3.73% | $53 | $106 | $159 | $212 | $265 |
| Student-unsubsidized loan 3.73% | $53 | $106 | $159 | $212 | $265 |
| Parent PLUS loan 6.28% | $59 | $119 | $178 | $238 | $297 |
