Financial Aid

Office of Financial Aid
315-859-4962 (fax)

Types of Financial Aid

Loans for ParentsLoans for Students

Financing Options

While the financial aid award is intended to meet the demonstrated need of each family, many families finance their expected family contribution over a number of months or years.

Monthly Payment Plan

  • Families can spread their payments out over 10, 11 or 12 months.
  • Hamilton partners with the TuitionPay! by Sallie Mae Payment Plan.
  • $45 annual fee.
  • No interest charged.
  • Consider financing through a payment plan before taking additional loans.


Combination Plan

  • Calculate the amount your family can afford to pay per month and sign-up for the monthly payment plan.
  • Take the maximum amount of Direct Loans for the student (subsidized and unsubsidized).
  • Bridge any remaining gap with a PLUS Loan and defer payments.


Alternative Loan for Students

  • Students should borrow the maximum amount allowed in a federal Direct Loan before a private alternative loan.
  • Parents should consider a PLUS Loan before an alternative loan.
  • Compare rates, benefits and repayment options offered by various lenders of your choice.
  • Students will require a co-signer (i.e. parent).

Other Options (best to consult a Financial Advisor)

Home Equity Loans

  • pro:  interest is typically tax deductible; long repayment periods
  • con:  dependent on equity in home; home is collateral; may have closing costs

IRA Draws

  • pro:  early withdraws for qualified education expenses usually not subject to tax penalties
  • con:  future interest lost on investment; potentially putting retirement at risk

Life Insurance

  • pro:  usually borrowed from cash value or dividends of whole life insurance; usually low fixed interest rate
  • con:  if not repaid, reduces the investment earnings and death benefits; not usually tax deductible

Retirement Savings (401k and 403b)

  • pro:  withdraws may be allowed for qualified education expenses
  • con:  future interest lost on investment; potentially putting retirement at risk; taxed on withdrawal