Payment plans of several different types are available from many universities and colleges. Check with your university’s cashiers’ office to find out what is available to you. Some universities will let you make monthly payments during each semester, while another option may be to work out a plan that is stretched out over 12 months. When you get your billing notification it should reflect any gifts, grants, scholarships, or loans in the balance due. But don’t forget about the ancillary costs that are not included in your college bill. These include your costs of living, books, fees, and don’t forget about the pizza! This is the amount you will have to plan your payment options around.
While your college may offer a payment plan to you, they will likely still charge interest or a fee. This will be fully disclosed in any agreement drawn between you and your college. Inquire about a deferred payment plan if it looks like the payment amounts are not realistic for you. Compare the college payment plan with a personal loan if necessary.
Whatever you decide, do not wait until the last minute to make an appointment at your university’s financial aid office. The representatives there will help you make the best of your financial opportunities for your college career. If you feel like you are not getting the help or advice you need, ask for another financial aid counselor.
Be sure you fully understand any contracts you are signing and do not be afraid to ask mom or dad for some advice!
