Senate Cents: A Financial Wellness Blog

Getting ready to head off to college is an exciting time – so exciting that you may be focused more on furnishing your dorm room than on paying your first tuition bill. Most colleges send bills for fall semester in June or July, and payments typically are due in August, so now is the time to be on the lookout for payment information.

Like most financial institutions, most schools now maintain electronic communication, which means you won’t see a paper bill in your mailbox. Here’s how to make sure you don’t miss any important information that could jeopardize your enrollment:

Check your school email account

Tuition bills are usually sent to the student, not their parents or guardians. As a college student, you’ll need to get used to regularly checking your school email account and also any student portals for scheduling classes, paying bills, and other important information. You should receive a notification when your bill is available, but you can also check the school’s financial aid office website for payment information.

If you want your parents to be able to access this information, you may be able to add them as an authorized user, or they may have the option to set up their own login information via a parent portal.

Carefully review the charges on your bill

No one wants to pay more than they have to for college! Here’s a breakdown of what you may see on your bill:

• Tuition/Course Instruction Fees. Make sure your enrollment status is correct (full-time or part-time, and number of credits if you have already chosen classes), and that any fees such as lab fees are displayed accurately.
• Room and Board/Meal Plans. While tuition is a pretty standard charge, room and board can vary based on the type of housing (single dorm room versus a quad, for instance) and meal plan selected. Many students find they can drop to a cheaper meal plan with fewer meals due to dining out or preparing food in their room/apartment. If adjustments are needed, contact the financial aid office.
• Health Insurance and Legal Fees. Some states and colleges automatically add a health insurance policy or student legal fees. Most college students are still covered under their parents’ health insurance policies, so if you wish to decline any optional coverage, be sure to follow the instructions to do so.
• Parking/Transportation. If you are parking a car on campus, make sure any parking fees are as you expected; conversely, if you are not bringing a vehicle, make sure you aren’t paying a parking fee!

Make sure to pay before the deadline

Each school’s payment deadline is different, but it should be clearly stated on your bill and on the financial aid office’s website. Don’t wait until the last minute – most schools require payment before the semester starts. If you do not pay your tuition bill on time, you could be prevented from registering for classes, selecting housing, or ultimately be dismissed from enrollment. If there are circumstances preventing you from paying on time, contact your financial aid office to discuss your options.

How can you pay your tuition bill?

First, make sure any credits have been applied, including scholarships, grants, tuition deposits, or other funds you’re expecting to see reflected. Next, make sure any federal student aid has been applied. If you have taken out private student loans, these funds can sometimes take longer to be disbursed to the school. Check with your loan servicer and/or financial aid office if you have questions about private student loan funds.

Payment Plans

Many colleges have tuition payment plans that allow you to break payments up into monthly payments, by semester, or give you the option to pay the full bill for the academic year up front. Regardless of the frequency of your payments, you will likely have the option to pay electronically via electronic check (ACH) or credit/debit card, or you can mail or hand-deliver a paper check. Like most businesses these days, electronic payments are the most common and likely preferred method.

What if you need more money to pay for college?

Paying for college can certainly cause sticker shock. If you aren’t sure how to cover the balance of your bill after using other means of financial aid and savings, you might want to consider a private student loan to fund the balance. Borrowing from a credit union often comes with lower interest rates and other advantages. If you need to find funding to cover your college tuition, we have options that can help.

Funding  Counselor  Resources

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Article content is provided for information purposes only.