UpDate - Vol. 12, No. 25, Page 2
March 25, 1993
Delaware Plan a success

     The Delaware Plan, a range of innovative, tuition-payment options
offered by the University, just completing its first year, has been judged
a success because it meets the needs of many students and their families,
according to Bruce Walker, associate provost, admissions and financial aid.
     "As college costs rise and federal and state funding for scholarships
and loans shrinks, the Delaware Plan helps students and their families meet
expenses. At the same time, it benefits the University by attracting and
enabling qualified students to attend," Walker said.
     In fact, he said, the Delaware Plan is used as a recruitment tool for
prospective students at high schools, college fairs and during campus
visits.
     "Through the Delaware Plan, we are offering students and their
families flexible choices to meet their particular financial requirements
with the mutual goal of helping qualified students afford a college
education at the University," Walker said.
     The Delaware Plan offers three options--guaranteed prepaid tuition,
lines of credit and an installment payment plan.
     Walker said 77 students and their families have taken advantage of the
guaranteed, prepaid tuition plan, which allows students to prepay up to
four years of tuition at the current rate through a cash payment or by
borrowing money from CoreStates First Pennsylvania Bank. Of these, 50 chose
the cash option, and 27 borrowed the total sum. Loans must be repaid in a
maximum of 10 years.
     According to Walker, this level of involvement is a promising
beginning for the plan, which "has attracted better-than-average students
with average SAT scores of 1,049, compared with 1,033 for all entering,
first-year students."
     Another option for students and their families is a lines of credit
program, which allows students to borrow for direct and related educational
expenses, such as books and supplies. Pre-printed checks are issued by
CoreStates First Pennsylvania Bank, and the loans go into effect as the
checks are used. Repayment is due in a maximum of 10 years. This program
was used by 131 students, Walker said.
     The installment payment option, whereby educational expenses are paid
in four equal installments per semester, is not new but now is offered as a
part of the overall Delaware Plan, Walker said. During the fall semester,
7,860 students and their families took advantage of this plan.
                                        --Sue Swyers Moncure