Daemen College is pleased to announce the Daemen Deferred Tuition Plan for prospective students and families.
Purpose
The purpose of the Daemen Deferred Tuition program is to provide prospective students and their families financial assistance to help with tuition, room, and board as a result of the COVID-19 pandemic. Incoming students who have experienced a sudden financial crisis, either personally or through a local, state, national, or global disaster, will qualify for a deferred tuition plan which will enable students to pay less in year one and have that money spread out in equal, zero interest payments over the duration of their college years when their finances have stabilized.
How it works
In addition to receiving all of their awarded financial, need and merit based aid, a prospective student is able to apply to defer up to $6,000 (commuters) or $12,000 (residential) of their first year of tuition, room, and/or board at Daemen College. That deferred amount will then be spread equally over the next three years; $2,000 per year (commuters) or $4,000 (residential).
Families will benefit from being able to enroll at Daemen and get re-adjusted from a crisis without having to stress even further about payments and bills. Families will NOT receive a reduction in financial aid for adopting the Daemen Deferred Tuition Plan payment model.
Example
If a commuter student’s net tuition is $16,000, their first year tuition under the Daemen Deferred Tuition Program will be $10,000. The second, third and fourth years would be their tuition, plus $2,000. ($18,000).
Important Note
If a student chooses to leave Daemen, they will be responsible for all deferred, unpaid tuition, room, and/or board. Payment will be due at the time of withdrawal and a student will not be able to receive transcripts or have them sent to another institution until the total amount is paid.
If a residential student’s net tuition, room, and board is $40,000, their first-year tuition, room and board under the Daemen Deferred Tuition Plan program will be $28,000. The second, third and fourth years would be their tuition, and room and board, plus $4,000, or $44,000.
Please note, tuition, room and board rates, and a student’s financial need, are subject to change each year.
FAQs
This program is designed for students and families who have suffered an unexpected setback and/or hardship relates directly to the COVID-19 pandemic and their typical ability to pay. To minimize burden, Daemen is utilizing a simple and straightforward review process that includes the review of the student’s FAFSA (must be completed) as well as a brief application answering some basic questions about your situation and why you would like to enroll in the program, along with a copy of your credit score. This application will be reviewed by our Financial Aid and Admissions Office to make a determination if the program is a good fit.
Once a decision has been made on your application, a representative from the Office of Admissions will call you to discuss the decision and next steps. After all of your questions are answered, a formal letter with a contract will be sent your way to review and sign. The contract will need to be sent in by a predetermined time along with your deposit for next year. Then, your first bill will be adjusted accordingly for the fall semester and a hold put on your transcript until the deferred amount is paid off.
While we hope that is not the case, we understand that things happen and sometimes, a student is not able to finish where they start. If a student chooses to leave Daemen, they will be responsible for all deferred, unpaid tuition, room, and/or board. Payment will be due at the time of withdrawal and a student will not be able to receive transcripts or have them sent to another institution until the total amount is paid.
No. This is not a “bait and switch” program. All of your already awarded merit and need based aid, including student loans, will remain intact. You are just being enabled to defer a portion of this year’s bill due to an extreme situation to start your education on time.
No. We will make a decision, based on what you share, that seems to make the most financial sense for you and your family. You can certainly opt to defer less if you want/need.
No. Daemen College is trying to help our prospective families navigate an unprecedented crisis and asking them to pay interest on a program like this is not the way to do it. This is a zero interest payment plan of sorts that allows students to be in good standing and pursue their degree on time.
No. Students on the DTP will be full students and have the rights and privileges to live, learn, play, and explore our campus and all that it offers. The only thing the College will do is place a hold on transcripts so that they cannot be released until it is paid in full.
Absolutely. You can. We are fixing the payment in equal distribution over the next 3 years, but if you feel that in a year you can pay off the deferment amount because things have turned around, then you can pay it off early.