Rohit
When do you start paying for college?
Can you pay while your learning or are all the fees due before the semester? Do you pay for college once you know you've been accepted?
#college #payingforcollege
3 answers
Dr. Kelly Desso
Dr. Kelly’s Answer
From my experience of studying at multiple universities, I've seen that tuition fee policies can vary greatly. However, there are some common practices that you might find helpful. Most universities provide an online portal for students to keep track of their financial commitments. Just a heads up, this usually doesn't include the cost of textbooks, which is typically an additional expense.
In many of the universities I attended, tuition fees needed to be paid before the start of the term. The total amount often depends on the number of credits you're taking. If you're studying online, living on campus, or taking a course that requires a lot of lab equipment, there might be some extra fees added to your tuition. You'll receive a bill for this after any financial aid, scholarships, or other funds have been deducted.
One university I attended offered a great payment plan for students who were paying out of pocket. They allowed you to divide the total bill by the number of months in the term, breaking it down into three equal payments. This was a lifesaver for me as I was working full time and it didn't empty my bank account all at once. I also had a credit card with a high cash-back reward rate. I used this to pay my tuition, which gave me some extra cash and an additional month to pay the bill.
Another common method is to have your tuition fees paid directly by a loan company. This depends on your agreement with the loan company, but typically you start repaying the loan, with interest, a certain period after graduation. This method works for some, but it's not my favorite. It assumes you'll have a steady income in the future and it can affect your ability to secure loans for things like cars or houses later on. I've seen the high interest rates cause a lot of trouble for some of my friends.
The best method, in my opinion, is to find an employer who's willing to fully fund your education. This is what I did for my two master's degrees. I simply printed a voucher from my employer and handed it to the college. The college then billed my employer up to a certain amount. This meant I didn't have to worry about reimbursements, being blocked from registration due to unpaid bills, or letting cost stand in the way of my educational goals.
Yvonne Koh
Yvonne’s Answer
Hi Rohit,
Yes, you will start paying for college after you have been accepted. How much you pay usually depends on how many classes you will be taking, whether you choose to live in the dorms, whether you select a meal plan with the college dining hall, and whether you select a health insurance within your school's health services. In most cases, students are required to pay for the semester before the classes start. However, students are usually allowed to get a full refund of the fees paid if they decide to drop a class they paid for within a week or two into the semester. If you need financial assistance to pay for college, you could speak to your school's bursar as they are trained professionals who help and work with students in paying for college.
I hope this helps!
Nicole Baillie
Nicole’s Answer
If a student has included student loans as part of their financial aid package, that student (or student representative, in my case my parents), can determine with the lender, when they can start paying. In my case, I know that my student loans were starting to get paid even before I completed my degree...but that was AFTER my parents were sure that I was serious about completing my degree :). In other words, it may take a minute, a year or a couple of semesters for a student to be clear on what they want to study and what degree they will graduate with. Some of us though, need a more precise timeline...so I think that generally, you can arrange with the lender of the loan to begin paying back by the end of your second semester.
What I can confirm is that starting the payback process early can ease the burden once you have graduated.
Hope you find this answer helpful. Best of luck to you!