Using Tuition Installment Plans to Pay for School
July 3, 2008
by Paulina Mis
A college education is an expensive purchase. It’s certainly an investment, but an expensive one nonetheless. Many students are forced to take out thousands in student loans to afford college, but some are so close to paying for school that accumulating college debt on account of minor need would be a shame.
For many such students, tuition installment plans may be a good option. Certain colleges and universities allow students to split up their semester or trimester payments into monthly installments. They pair up with one or more tuition installment plan companies which administer the services, and make the option of enrolling available to those who are interested.
Students and parents who receive steady paychecks and those awaiting college scholarship or grant awards may benefit from the tuition installment plan option. Such plans are interest free, but, unfortunately, they are not cost free. Individuals who use tuition installment plans usually have to pay administering companies annual enrollment fees or finance charges, ones that usually average between $30 and $60. Certain participating colleges may also ask that those enrolled pay a large portion of their college tuition and fees up front.
Students considering a tuition installment plan should contact their college financial aid office to find out if the plan is available and, if so, what fees are involved.