Tuition now payable in installments
Students at Central Michigan University will soon have the option to pay their tuition in monthly installments rather than one lump sum.
Seeking to broaden payment options for tuition, the university receivable accounting office is offering an interest-free installment plan starting with the 2009 summer session.
"I think the main goal is just to offer more payment options to our students and parents, especially with the way the economy is looking," said Amber Loomis, manager of receivable accounting at the Student Services Court.
Students who sign up for the plan can have installments automatically deducted from their checking or savings account on the 5th of each month.
Payments can also be charged to a MasterCard, Discover, or American Express card only. However, a convenience fee of 2.75 percent will still be charged for all payments made by credit card.
The plan is currently available to all off-campus students to begin payments for the summer semester. It will be made available to on-campus students starting May 1, in time for fall semester.
In order to be eligible, students must be enrolled for the semester covered by the plan, have no unpaid balances, and have not defaulted on a prior payment plan.
Loomis said the receivable accounting office implemented the plan on April 1 and 24 students have already signed up. A frequently asked questions page is linked off the CMU Portal.
"So far, we're getting quite a positive response from it," said Cherie Kunkel, a student service adviser.
The plan comes with a $25 non-refundable enrollment fee to be assessed each semester. Loomis said the old payment plan is still an option, but it is no longer mandatory.
The questions page on the portal suggests that spreading tuition over the course of several months can minimize student loans, resulting in a decrease of interest payment, and a decrease in student debt.
The plan is available to study abroad and international students. Students can sign up online through the portal.
The plan is adjustable, as a student's balance shifts to monitor changes to account charges, including the dropping or adding of a course, bookstore purchases, or financial aid.
"There aren't any complications that we can anticipate," said Kunkel. "We anticipate it to be a pretty positive process."
university@cm-life.com
