Tuition Payment Plans Explained: How to Save Money With Them

[@TheScholarshipSystem]

Did you know about payment plans or have you used one? Comment below your experience!

[@dr.tiaharris7294]

I used a payment plan when I got my Masters degree at an HBCU.

[@TheScholarshipSystem]

That's awesome!

[@kenyonbissett3512]

Back in 1982 my University had a payment plan with a set up fee of semester or yearly. Yearly cost $250 and per semester was $150. We didn’t use it. I paid my first year. After that I paid half from work and my mom paid half. We paid for each semester when due. She felt the fee was to high. My dad worked really hard to financially sabotage college for my sister and I and then took credit when we graduated. 🤦‍♀️

[@MrMetaylo]

who cares?

[@kathyluebke3158]

I had no idea that universities had interest free payment plans

[@TheScholarshipSystem]

Yes! It can be a great opportunity for families.

[@kathyluebke3158]

@@TheScholarshipSystem someone asked if the fees are annually or one time? I would be interested in that information as well. I was wondering if you would know if I sold my home could I put some of the proceeds in a 529 education plan or would that be detrimental to my daughters financial aid package? Or put it into another house and take out a home equity line to pay the difference until we can work the scholarship system and debt free degrees Lab to its fullest. Hoping my daughter will finally see the value and stop arguing about applying.

[@keishawashington4372]

I’m on a pension 67k a year my sci is 17,778 my daughter’s tuition is 50k a year and get 14k from the school I’m at a lost

[@jot5445]

Don’t go to school

[@ClayDaddy5]

Is the set-up fee typically annually or just a one-time fee prior to the freshman year?

[@TheScholarshipSystem]

Typically it is a set-up fee every time you need to utilize the payment plan option (i.e. could be semester based or could be year based) - but that depends on the school itself in all honesty.

[@kaylahood1000]

I'm paying for school out of pocket. I attend a community college and I am taking my pre-reqs before applying to Nursing school. Since I'm a non-traditional student I don't qualify for financial aid. Paying for school out of pocket and setting up a payment plan works for me. Be careful with retaking classes because my college charges you extra for retaking a class for a 3rd time. Please do your best in your classes. Especially if your paying for school out of pocket.

[@TheScholarshipSystem]

Thanks for sharing....great advice!

[@michaelabebaw4307]

Can international students use this?

[@TheScholarshipSystem]

Our content is for residents living in the US attending US universities/colleges.