Instead of working with an outside lender or payment management system, the college itself sets up a payment plan suited to each student's needs. In most cases, payments are due quarterly or monthly, in even amounts. A set percentage of the tuition is due upfront to guarantee a student's place in registered classes. Payments can be paid by the student, drafted from a bank account or billed to a credit card.
Many schools offer payment systems through FACTS from Nelnet Business Solutions. This system manages all aspects of sending payment notices and receiving payments without involving the school. Parents and students can choose from different billing and payment options, including flexible payment dates to meet the needs of the school, parents and students. Parents and students can make payments online.
Sallie Mae and Tuition Management Systems both offer parents and students a way to pay tuition through even monthly payments, interest free. Both charge a yearly fee, less than $100. The services are not available at all colleges. You must consult your college to see if you can use either service.
Student loans can be used to cover the cost of college tuition. Students can either make monthly payments immediately or wait until they graduate. Most loans are interest free until graduation, at which point interest begins to accumulate.
If you want to pay your tuition upfront, but do not have the cash, use a credit card. You can choose how much to pay each month, as long as you meet the monthly minimum payment. Interest rates vary based on provider and card holder's credit.