Tips for Paying the Tuition Bill

Summer is here for a few more weeks but universities have already sent their fall tuition bills and payment is due soon.

Here are some tips to get the tuition bill paid so you can get back to your summer fun:

1. Review the tuition bill thoroughly

a. Is all awarded aid on the bill? Is there a health insurance charge although you have your own health insurance? Contact the school if the bill is not correct.

2. Know your payment options:

a. Payment Plans: Most universities offer payment plans that allow you to spread the fall balance over the fall semester.

b. College Savings Plans: If you have a college savings plan, contact the provider soon. It may take a few weeks for them to send payment to your school.

c. Credit and Debit Cards: Using a credit or debit card to pay the bill? Find out what (if any) fee is charged for credit or debit card payments.

d. Educational Loans: Before signing off on a loan make sure you know the following:

1. Your interest rate

2. Who will be on the loan

3. When repayment begins

4. Is it interest-only repayment or interest and principal repayment

5. Is there an origination (processing) fee for the loan that is added/deducted from your original loan request.

College is an exciting time and with proper planning, paying your tuition bill will be a seamless process, bringing you closer to your educational aspirations.