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Tuition Payment Plan - An Option for Paying for Online College

December 06, 2013 by Kelly Paul |
Kelly Paul
Eat Elephant One Bite at a TimeYou've estimated the cost of online classes or you've received your tuition bill. How do you plan for the costs of the semester in light of your other financial responsibilities? There is still the mortgage, utility bills, car payment, and your child's daycare expenses.

Rather than trying to eat the elephant whole, you should consider eating him or her in smaller bites. Elephants and tuition...let me explain the connection. You may not have to pay for the semester in one lump sum. Instead, you could break the total due into monthly payments through a tuition payment plan. The University of North Carolina at Greensboro and other universities use a tuition pay plan administered by Sallie Mae. Other tuition management systems include FACTS Tuition Management and Tuition Management Systems.

Using a tuition payment plan could help you:

  • Look holistically at your finances to help you better determine monies that can be directed towards continuing your education.

  • Budget more effectively to reduce any student loans needed.

  • Accurately calculate the total monies needed from different sources to finance your education.

    Example: If you determine you need $3,000 for the semester, at UNCG, you can utilize the tuition payment plan to divide the $3,000 into 5 equal payments of $600.

As different plans are available, you should consult with your prospective university for enrollment deadlines and specific policies. Although many tuition payment plans are interest-free, you may encounter an enrollment fee or other charges. To be sure you understand all the details related to your institution of choice, ask questions and review all documentation.

By: Trina Gabriel

 

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