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Tuition payment plans are short-term (12 months or less) installment
plans which split your college bills into equal monthly payments. Many
such plans are essentially interest-free, but some have fees or
finance charges. In most cases the fees are less than $100. Ask about
the costs to you before using a tuition installment plan.
Tuition installment plans can be a reasonable alternative to education
loans if you can afford to pay tuition, just not in a lump sum at the
start of the semester. Most tuition installment plans allow you to set
up an automatic direct debit from your bank account to pay the monthly
bills.
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For information about prepaid tuition plans and college savings plans, see the
Section 529 Plans section of FinAid.
For more information about longer term education loans, see the
Student Loans section of FinAid.
Information about tuition payment plans for private K-12 schools
is available on the
Private Schools web site.
FACTS Tuition Management
FACTS Tuition Management offers tuition management and budgeting
services for educational institutions at all levels, from pre-school
through post-graduate institutions.
FACTS Tuition Management
121 S. 13th Street, Suite 201
Lincoln, NE 686508
Phone: 1-800-624-7092
Fax: 1-402-466-1136
Email: info@factsmgt.com
Sallie Mae TuitionPay
Sallie Mae's TuitionPay lets you pay your tuition bill in small, monthly
installments at more than 2,500 schools nationwide. The service is
interest-free. There is a low annual enrollment fee around
$50. (Acquired by Sallie Mae in 2003.)
TuitionPay / Sallie Mae Corporation
PO Box 816
Swansea, MA 02777
Phone: 1-800-635-0120 or 1-508-235-2800
Email: info@tuitionpay.com
Tuition Management Systems
Tuition Management Systems provides tuition payment programs for more
than 250,000 students and families annually at more than 1,000 schools,
kindergarten through college. Their interest-free monthly
payment option allows students and families to spread educational costs over a
several months, without interest and without
borrowing. (There is an enrollment fee that ranges from $30 to
$60, depending on the school.)
Their BorrowSmart counseling optimizes the combination of tuition
payment plans and PLUS loan debt to minimize loan interest payments
for a given monthly payment. (Acquired by Keybank Education Resources in 2007. Acquired by First Marblehead in 2010.)
Tuition Management Systems
171 Service Avenue, Second Floor
Warwick, RI 02886
Phone: 1-800-722-4867
Fax: 1-401-736-5050
Email: info@afford.com
