Elective Options

Elective options are primarily work and borrowing opportunities.

Student Employment Possibilities Students without work-study in their package may have opportunities to work on campus after the fourth week of the fall semester. The Office of Student Financial Planning may help identify these possibilities. Students working off campus find that the Carthage Career Center provides excellent resources for locating part-time positions available in the local community.

Summer employment is another key option for most students. Carthage students typically save between $1,600 to $3,000 from summer earnings. Significant benefits result from summer savings. These earnings promote student involvement with the family financing plan and substantially reduce the need to borrow or make monthly payments. For example, a $1,700 summer employment contribution is the equivalent of $155 in monthly payments over 11 months.

Student Financing Possibilities Students who do not qualify for need-based aid are eligible to borrow through the Federal Unsubsidized Stafford Loan. Identical to the traditional Stafford Loan with the exception of required interest payments, this program allows every family to maximize student access to financial assistance. Every student may borrow up to $2,625 between the subsidized and the unsubsidized Stafford Loan Programs

Parent Financing Possibilities Long-term loans may help families effectively manage some, or even all, of the costs not covered by no-need awards and student need-based financial aid. One example is the Federal Parent Loan to Undergraduate Students (PLUS) program.

With its low interest rate (a maximum interest rate of 9%) and generous 10-year repayment schedule, PLUS has become a vital building block. Repayment of a PLUS may be as low as $50 per month.

Other non-federal alternative loans may be suitable choices for families. A number of such programs exist, each tailored to a variety of needs, including longer repayment schedules (up to 25 years in some cases) or lower monthly payments.

Long-term borrowing may be a welcome addition to a financing portfolio. This option may help manage cash flow or preserve working assets for other investment choices.