Tuition Payment Plans

For those of us who do not have large sums of money sitting around, a tuition payment plan is a welcome and much desired option when figuring out how to pay for the high cost of college. A tuition payment plan is a smart way to manage your tuition bill because it breaks it up into lower, monthly payments and in most cases, with no interest.

How Does a Tuition Payment Plan Work?

With a tuition payment plan you can make smaller, and therefore more manageable monthly payments towards your overall tuition bill.  It is a short-term arrangement, usually with anywhere from 3 – 24 months to make the full payment.

What Will a Tuition Payment Plan Cost Me?

Most tuition payment plans do not charge interest but may charge a one-time non-refundable annual enrollment fee. Before committing to a tuition payment plan, you should know this information. Some families can receive a custom payment plan based on their specific needs.

How Do I Enroll in a Tuition Payment Plan?

Contact your school’s financial aid office to find out information on a tuition payment plan. Some plans offer online applications, making the process all the more quick and convenient. Before enrolling with a private tuition management company, confirm that your school participates in their program, in case that is a requirement.

What are My Payment Options?

Your payment options for a tuition payment plan include:

  • Automatic deduction directly from your bank account
  • Online payments
  • Mail payments

Take advantage of the opportunity to make paying for college more simple and manageable by enrolling in a tuition payment plan. Head to your school’s financial aid office and be sure to ask lots of questions, learning as much as you can, before signing up.

For information on tuition management companies check out: Student Aid on the Web