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Tuition Payment Plans
Tuition payment plans, also known as billing plans, allow families to
spread the tuition payments over several months. In effect, these
payment plans offer cash-flow assistance.
See also education loans for private K-12 schools.
The most common types of tuition payment plans are academic year plans, which split the tuition bill into 9 or 10 equal monthly payments. Although these plans do not charge interest, they usually charge a flat fee, which is effectively a form of prepaid interest. For example, a $100 fee on $10,000 in tuition paid over a period of 9 months is the equivalent of 1.4% interest. If paid over a four month period, it is the equivalent of 3.3% interest. The following table illustrates the equivalent interest rates on $10,000 in tuition for a variety of fee amounts.
FinAid's Upfront Fee Equivalent Interest calculator can be used to determine the equivalent interest rates for other tuition and fee amounts and repayment terms.
Some schools may require the family to pay for tuition refund insurance, which will increase the balance by 1% to 5%.
Tuition Installment Plans
FACTS Tuition Management
Sallie Mae TuitionPay
Tuition Management Systems
"Let us not think of education only in terms of its costs, but rather in terms of the infinite potential of the human mind that can be realized through education. Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope and dream which, fulfilled, can be translated into benefit for everyone and greater strength for our nation."
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