Tuition Payment Plans

How Do Tuition Payment Plans Work?

A Tuition Payment Plan is essentially an installment plan, whereby you are allowed to spread out your college bill payments into equal payments, typically over a 10-month period (or a shorter timeframe in some plans). Plans do not typically charge interest; however, most charge a reasonable fee, typically less than $100 for an annual Tuition Payment Plan. Tuition Payment Plans are a reasonable and low cost option for paying the college bill as long as a family has enough monthly resources coming in to cover the installment amount owed. Most plans allow (and some require) a family to set up their payments as an automatic debit from a bank account. Most colleges have established relationships with Tuition Payment Plan administrators; thus, it is recommended that you check with the college first before signing up for a plan, check on any required fees, as well as to determine the actual number of installment payments that your college requires.

A tuition payment plan enables you to take your bill from the college and split it into smaller amounts, payable over a number of months. Families will still need to pay the same amount; however, they will have smaller payments to make over a longer period of time, making it a much more manageable situation for many.

These related articles should prove helpful to those seeking college financing information:

Deciphering the College Tuition Bill

Determining College Costs

Private Education Loans

Federal Student and Parent Loans

Outside Scholarships

Home Equity

For more information about paying for college, check out the newly updated financial aid publication entitled Financial Aid Sense.

"Customer Reviews for Financial Aid Sense"

Jan Marie Combs, EzineArticles Basic Author