Navigating Funding Gaps and Cash Payment Plans for Tuition
Published on: | 3 minute read
By: Sara Chattom
Paying for college can be a challenge, especially when tuition costs vary from one trimester to another. Understanding how tuition is charged and what to do if there’s a funding gap can help students stay on track financially and academically.
Why Do Funding Gaps Happen?
Tuition is charged based on the number of units a student registers for each trimester. This means tuition costs can fluctuate, leading to situations where a student’s financial aid—such as loans, grants, or scholarships—doesn’t fully cover the cost. When tuition and fees exceed available funding sources, this is known as a funding gap.
Managing a Funding Gap with a Cash Payment Plan
If students find themselves facing a funding gap, a Cash Payment Plan can help by breaking tuition payments into manageable parts.
4-Part Payment Plan
The standard Cash Payment Plan consists of four payments spread across the trimester:
- First payment: Due the Friday before classes begin
- Subsequent payments: Due approximately once a month after the first payment
Alternative Payment Schedules
For students who need additional flexibility, the finance office may be able to arrange an alternative schedule, such as a 6-part or 8-part payment plan. However, there are important conditions to keep in mind:
- All tuition for a trimester must be paid before the trimester ends.
- A registration hold will be placed on any account with a balance due in the last week of classes for that trimester.
- Once the outstanding balance is cleared, the hold is removed, and students can register for the next trimester.
- A late fee will be added if the balance remains unpaid on the last day of classes.
Final Thoughts
Planning ahead and exploring payment options can help students avoid unexpected financial stress. Whether using financial aid or a payment plan, staying informed and proactive ensures a smooth academic experience. If you have any questions about payment plans, reach out to the finance office for guidance on the best option for your situation.
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