Tuition Payments Delayed: Tips to Keep in Mind

by Shelley Honeycutt

Most colleges are delaying tuition payments until August 15, 2020, in an unusual fashion. Not what the industry expected due to many college starting classes early, but it will give parents and students some needed time to get their college funding plan together. Here are a few tips to keep in mind as you structure your individualized plan.

Tip 1: Call the Bursar's Office at your college to ensure they have extended the deadline at your campus. If they haven't extended the deadline, ask for an extension; otherwise, you might be assessed a late fee ranging from $500-700.

Tip 2: Review your bill. This year you could see REFUNDS from the spring semester (due to Cares Act). Also, check to ensure you are NOT being charged for a healthcare plan through the school if you do not need it.

Tip 3: Decide how much is left to fund for the full academic year (remember to accept all of your financial aid before considering loans). Then explore your loan options! Each year different lenders can offer varying rates, borrower benefits, and other interest rate discounts. It is not unusual for students to switch private student loan lenders from year to year to secure better terms. 

Tip 4: If you are just now applying for your loans to cover costs, call the Bursars Office and let them know about your loan application. If you are using a private student loan, you can give them the loan ID. 

Remember to be a savvy consumer and explore your options each year when it comes to private student loans. Students will have an option to consolidate these private student loans upon graduation if they qualify with their good credit, income, and other criteria stipulated by each lender. 

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