BLOOMFIELD COLLEGE SETS THE PACE WITH NEW LOAN PROGRAM
February 5, 2003, Bloomfield, NJ -- Bloomfield College has joined with ProEducation Solutions, LLC to take the mystery out of educational loans and to offer parents of qualified students a comprehensive and advantageous program.
Through the PACE (Providing an Affordable private College Education) program, parents may borrow up to $10,000 per year interest-free while their son or daughter is enrolled at Bloomfield College. The interest on the loan is paid by Bloomfield College while the student is enrolled at the College.
Payments begin on the first year’s loan in the spring of the freshman year. A new loan is taken out at the beginning of each academic year. Each loan runs for a standard 10-year term.
After the student has graduated, the parents will be responsible for the interest payments. However, they will be able to take advantage of low rates. The current rate on government-backed parent loans is 4.86 percent (academic year 2002-2003). Some restrictions apply.
To learn more about the PACE subsidized parent educational loans, contact
the Bloomfield College Office of Financial Aid at (973) 748-9000 ext. 383 or
212 or log on to www.bloomfield.edu/finaid.
