A smart way to pay for college
If you have a child going to college next year, you're likely still finalizing your plan to cover college costs. And if you're similar to most families, you may not have the resources to pay the college bill in one payment. Colleges and universities understand that, and many provide an alternative for bill payment: the monthly payment plan.
Monthly payment plans provide families the opportunity to pay for college costs over the course of several months (generally 10 -12 months). There's no interest charged (unlike loans) or credit check required, and signing up only requires a small enrollment fee (usually in the range of $50-$75). Additionally, many families that use a payment plan find that they are able to borrow less to meet college costs.
Setting up a payment plan is easy. The timeline can begin as early as May, so you'll want to find out the details of how the plan works at your son or daughter's selected college now. The Financial Aid or Student Accounting Office can provide further information. And if you need assistance calculating what you'll owe for college costs, use MEFA's My College Cost Calculator. You can type in any financial aid received and other resources you plan to use, and then determine the remaining cost to your family.
For general questions about monthly payment plans, or paying the college bill, contact us. You can reach us at (800) 449-MEFA (6332) or firstname.lastname@example.org.
Meredith Barnhart serves as Director of Integrated Communications at MEFA and works to provide a comprehensive curriculum of education and guidance on the college enrollment and financing process to families and colleagues across Massachusetts. Before joining MEFA in 2012, she worked in finance and undergraduate financial aid for 10 years at Boston University.