Monthly Payment Plans
Students and families who aren’t covered by financial aid can use the monthly payment plan to pay for educational expenses.
There are different types of Monthly Payment Plans, and general features include:
- The option to pay educational expenses over time without interest charges
- A one-time enrollment/application fee (usually $50 - $100)
- Optional insurance (in case of unemployment, disability or life for example) in case the applicant becomes unable to fulfill the terms of the payment plan
What are the benefits of a monthly tuition plan?
There are two main benefits to using a monthly payment plan:
- No interest charges - These programs provide an interest free option to manage educational expenses
- Spread out costs over a number of months - Rather than paying educational expenses in one lump sum, these plans effectively spread out payment over the student's period of enrollment
Families that have sufficient income can benefit from the "same as cash" price of education while not having to manage one or two large payments per year. Additionally, these payments may be deductible (see Tax Credits). Contact your school for more details.
Example of a monthly payment plan
|Amount Owed||Monthly Payment|
$90 for 12 months
$270 for 12 months
$515 for 12 months, or
$270 for 24 months
$1,030 for 12 months, or
$530 for 24 months, or
$365 for 36 months
$1,550 for 12 months, or
$800 for 24 months, or
$550 for 36 months, or
$420 for 48 months
The loan amount and repayment plan can be adjusted based on your financial flexibility. If possible, pay more in a shorter period of time. Otherwise, adjust the terms so that you’re able to keep up with the monthly payments. At all costs, you want to avoid missing a payment.
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