College Payment Plans
Spread Out Your Family's Payments
After your child has selected a college, she will receive a student bill that lists her costs. Gift and self-help aid will be subtracted from the total, leaving an amount for your family to pay.
The College Will Have Various Payment Options
Choose the plan that best fits your needs. For example, find out whether the college offers a deferred payment plan. You can use this option if you feel you'll have trouble meeting the cost of an entire semester.
Some schools offer creative financing plans, such as prepayment of four years' tuition or paying on a monthly basis. Monthly plans usually give you the most time to pay. If the college charges a fee for its extended payment plan, weigh the extra cost against what you will earn by holding onto your money for a longer period of time.
If the College Does Not Offer a Monthly Option
If such a monthly option not available, ask for a recommendation about a commercial plan. For example, Academic Management Services offers a monthly payment plan at a reasonable cost.
Be Prepared for Non-Billable Costs
Non-billable costs are college expenses on top of the amount your child is billed. Your child should be prepared to pay directly for books and supplies, personal items, and travel. Plus, if your child doesn't live and eat on-campus, those costs will be handled separately.
