Payment Plan FAQs
If you don't find the answer you're looking for, just call one of our TuitionPay consultants at (800) 635-0120.What is the TuitionPay Plan?
The TuitionPay Plan is an interest-free installment option. It works well for families who can't afford the entire tuition bill at one time, or those who want to hold onto their interest-earning savings a little longer.
Here's how it works. Most schools send out tuition bills that cover the entire term and are due in full. The TuitionPay Plan enables you to take your bill and split it into smaller amounts, payable over a number of months. You still owe the same amount, but you now have more time to pay and your payments are smaller and more manageable.
How does it make tuition more affordable?
First, it's interest free and gives you longer to pay. Once your bill is stretched into interest-free installments, the need to borrow is minimized. Borrowing less means you pay less interest, which can add up to great savings.
Second, the extended payment term lets you hold on to your interest-earning savings longer. Instead of handing over all your savings at one time, you can pay monthly and continue to earn interest on what's left in the bank.
How much do I have to pay each month?
That's up to you. Payments can be stretched over 3-12 months, depending on which plan(s) your school offers.
Here's an example. Let's say you owe $12,000 in tuition, and your school offers the 10-month plan. Dividing the total bill by the number of months you have to pay gives you 10 monthly installments of $1,200 each.
Can't afford to pay that much each month? Keep in mind that you don't have to pay the entire bill using the TuitionPay Plan. If needed, loans are available to cover any amount that your current income and savings can't cover.
Our TuitionPay Consultants are experts at helping families figure out how much they can afford to pay. For free, one-on-one guidance, just call
(800) 635-0120.
What methods of payment are accepted?
For your convenience, we accept the following:
- Electronic checks
- Paper checks
- Automatic withdrawal (ACH); the following accounts are eligible:
- Personal checking
- Statement savings
- Fidelity Investments
- Wells Fargo Money Market
- Dean Witter
- Other various money market checking accounts
(The following accounts are not eligible for ACH withdrawal: passbook savings; home equity checking; line of credit checking; money market savings; Dreyfus Liquid Asset Fund checking; brokerage checking account) - Money orders
- Credit cards (if permitted by school)
- Western Union payments
During online enrollment, you can choose the method of payment you prefer.
Can the Plan be combined with financial aid and loans?
Absolutely! Although the TuitionPay Plan was designed to help prevent over-borrowing, many families can't afford to pay the entire tuition bill out-of-pocket - even when it's broken down into interest-free portions. So financial aid and loans can be used to fill that gap.
If you think you might need a loan, call (800) 635-0120 to have one of our TuitionPay Consultants help you create a personalized tuition payment strategy.
What is Tuition Protection Coverage?
Tuition Protection Coverage (TPC) is a life insurance option that is included automatically in many TuitionPay Plans at no extra cost to you. If your school's plan includes TPC, any remaining balance up to $40,000 will be covered in the event of the bill payer's death.
Subject to the terms and conditions of the prevailing group contract, life insurance becomes effective on the first payment due date or, in the case of a late entry, when your account is established. Life insurance is in effect only if the bill payer is under 66 years of age and Plan payments are made on time.
Except as provided by applicable state law, pre-existing conditions are excluded from coverage. Other terms and conditions may apply. Insurance certificates are available for view/print online or can be mailed upon request.
Details and coverage criteria are listed on the first statement package and on the back of subsequent monthly statements.