Tuition Stabilization Programs
No doubt about it - tuition costs continue to rise. But, thanks to Holy Cross' two tuition stabilization plans, you can lock in at the current cost of tuition for your entire college education. Holy Cross offers two options:
1. The cash option
This plan allows you to prepay tuition for anywhere from two to four years in cash at the current academic year's rate.
For example, a student graduating in 2007 who participated in the plan starting in 2003 saved $10,320.00 in tuition over the four-year period by paying for all four years at the start of his/her education.
This option covers tuition only. The cost of room, board, fees, medical insurance or other miscellaneous charges will be reflected in each semester's bill. The plan is available for freshmen, sophomores and juniors, as well as transfer students.
2. The MEFA prepayment option
MEFA's prepayment option offers another approach. Jointly administered by the Massachusetts Education Finance Authority (MEFA) and Holy Cross, MEFA Loans allow you to borrow two to four years' worth of tuition all at once, rather than year by year. Under this option, you can pay for your entire education at the same rate as the year you took the loan without worry about future tuition increases.
If you're interested in a MEFA Loan, please contact the Massachusetts Educational Financing Authority at (800) 842-1531, visit the MEFA Web site, or call the Bursar's office at (508) 793-2521.
Some facts about Tuition Stabilization Programs:
- All students are eligible.
- Your prepayment is due on June 1, 2007.
- Current tuition rates can be locked in only before the next year's rate has been established.
- If you take an approved academic leave of absence, you may extend your tuition stabilization benefits for a maximum of two semesters.
- If you withdraw from Holy Cross, the Bursar will refund your unused prepaid tuition in accordance with Holy Cross's refunds policy. If you chose a MEFA Loan, your refund will be returned to the institution that financed your loan.
- To calculate your prepayment amount, multiply the current annual tuition rate by the number of years you expect to lock in for.
So, for example, if you locked in at the 2003 - 2004 tuition rate as a freshman for four years: One year of tuition at current rate times four years of school
Total Tuition Cost
$27,560 X 4 = $110,240.00
Using actual tuition rates, here is the actual cost of tuition for these four years:
| 2003 - 2004 | $27,560.00 |
| 2004 - 2005 | $29,220.00 |
| 2005 - 2006 | $30,960.00 |
| 2006 - 2007 | $32,820.00 |
| Actual Tuition Cost: | $120,560.00 |