Saving for College
Planning and saving for college is the best choice that a parent can make for the future educational expenses of their children. Scripps College encourages all families to carefully investigate the many college savings opportunities available nationally, such as those listed below.
529 Plan
A 529 plan is a tax-advantaged investment plan designed to encourage saving for the future higher education expenses of a designated beneficiary (typically one’s child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by private organizations and state agencies.
All withdrawals from 529 plans for qualified education expenses will remain free from federal income tax. Many states mirror the federal tax advantages for 529 plans by offering state tax-deferred growth and tax-free withdrawals for qualified higher education expenses. For more information, speak with your financial adviser or visit www.collegesavings.org as a central resource on different college savings plans.
Private College 529 Plan
The Private College 529 Plan is unique with nearly 300 participating private colleges across the country (including Scripps College). The Private College 529 is not an investment. It is a pre-paid tuition plan. The plan allows families to purchase tuition at today’s prices that can be used at any member school with any increase in value being tax free. The plan protects families from tuition increases and 100% of contributions go toward the purchase of tuition with no fees for account owners. Private College 529 is the only 529 plan not run by a state. Participating colleges and universities own the Plan, and they guarantee the tuition you prepay. For more information visit privatecollege529.com or call (888) 718-7878.
- Incoming students may pre-pay for the senior year at current tuition rates.
- Tuition certificates purchased through Private College 529 Plan must be held for a minimum of 36-months.
- Families can roll over a portion of current savings to the Private College 529 Plan to lock in today’s tuition rates.
- No entry fees, annual fees, or exit fees.
- All federal tax-free (the increase in the value between the amount of the original purchase and the amount of tuition for which the certificate is redeemed.
- There are no special eligibility requirements to take advantage of the Private College 529 Plan. And there are no income limits for participation.
See how it works
College Cost Calculators
Use our interactive calculators for an estimate of how much financial aid you may be eligible to receive and what your overall cost to Scripps College could be.
The MyIntuition College Cost Estimator asks 6 questions, and gives you a ballpark estimate of your college costs and potential financial aid. The Net Price Calculator requires more information about your income, taxes, and assets, and gives a more in-depth estimate. Neither tool is a financial aid application, but can help you better understand what assistance might be available to you. Click below to access each calculator.
Scripps College Payment Plans
The Scripps College Installment Payment Plan
Under this plan, the annual fees, minus financial aid, are paid in eight equal installments or four payments each semester. A service charge of $50 per semester is added to the total charges. Payment of installments should be made on or before the due date stated on the bill, which are as follows:
Families wishing to pay their annual comprehensive fee on the Installment Payment Plan should apply to the Student Accounts Office. Applications for the payment plan will be mailed by June 15, 2021, or may be obtained at scrippscollege.edu/student-accounts. Contact the Student Accounts Office at (909) 621-8259.
The Scripps College Prepayment Plan
The Scripps College Prepayment Plan allows families with significant resources to save by locking in the current rate of tuition for all four years of study by prepaying for four years of full-time comprehensive fees at this year’s rate. For additional information concerning the terms and conditions of the agreement, please contact the Scripps College Financial Analyst at (909) 607-3251.
Federal Direct Parent PLUS Loans
A Federal Direct Parent PLUS Loan is a low-interest, long-term loan that your parent may borrow to pay for up to the full cost of your education, less any financial aid you receive. These funds may be used for tuition, fees, books, room, board or other educational expenses. Funds in excess of these costs will be released either to you or to your parent, as designated by the borrower.
Federal Direct Parent PLUS Loans are available to all families that meet the eligibility requirements, regardless of your financial needs.
Eligibility
Federal Direct Parent PLUS Loans are available to parent borrowers (biological parents, adoptive parents, and stepparents). More than one eligible parent may apply. Eligible borrowers must be U.S. citizens or eligible non-citizens, and must not have an adverse credit history as determined by the U.S. Department of Education. Parent borrowers who fail to meet the established credit criteria may appeal the decision or may apply with an endorser (co-borrower) who does meet the credit criteria. Parents who establish eligibility by virtue of an appeal or an endorser must complete online counseling at studentloans.gov.
Interest Rates, Fees and Repayment
Each July 1st, the federal government establishes a new interest rate for loans made that academic year. Once established, the interest rate is fixed for the life of that loan. Interest on the Federal Direct PLUS Loan begins to accrue at disbursement—i.e., each time a payment is made to Scripps on your or your parent’s behalf—and an origination fee is deducted and withheld from the loan by the federal government to offset the cost of the program.