Payment Plan Template


Payment Plan
The Payment Plan prorates costs over a 10-month or 12-month period. By using the Plan,
students and families avoid having to make large payments at the beginning of each
semester. If you have questions regarding the Plan, please contact Student Administrative
Services at 413-796-2080. We will be happy to assist you.
How does the Payment
When are payments due?
Payments are due on the first business day of each
Plan work?
month. If the payment is not received by the 10th of
The Plan is a year by year contract. After adding your
the month, your participation in the Plan may be
direct costs, and subtracting your credits, you will
terminated until payments are brought up to date, and
have your estimated budget for the year. Your
the unpaid balance will be subject to a finance charge
monthly payment is calculated by dividing this
of 1% per month. When your application has been
budget by 10 or 12 to start your monthly payments in
received, the University will establish your account
July or May respectively. If you wish to make a
and send you a confirmation worksheet. Each month,
lump-sum down payment to reduce your monthly
you will receive a reminder and return envelope for
payments, record this amount under “Payment Plan
your convenience when making your monthly
Deposit” on the Budget Worksheet.
What does it cost?
What if I decide not to attend the
There is a nonrefundable $50 application and
processing fee. This is not a loan program, so there
are no interest or finance charges. However, if the
If you decide not to attend the University before
Plan is canceled due to late payment, finance charges
classes begin, all Plan payments made by you will
will accrue.
be refunded, less the nonrefundable application fee.
How do I enroll?
Can I change the amount of my
Complete the budget worksheet on the following
page to determine how much you need to budget for
If you want to increase or reduce the amount
the full school year. Check the box for the 12-month
budgeted or if you have any other questions about the
or 10-month plan. The 12-month plan starts May 1
Payment Plan, please contact Student Administrative
and the 10-month plan starts July 1. If you are
enrolling close to the start date, send the first month’s
payment with the budget worksheet. If you are
enrolling after the start date, multiply your monthly
Why is there a deduction applied to
payment amount by the number of months due and
the Federal Direct Loans?
enclose that amount with the budget worksheet. The
Federal Direct Loans charge an origination fee
mailing address is at the bottom of the budget
upon disbursement.
Why isn’t work study listed in
Work study funds are paid bi-weekly to the student.
They are not applied to the student’s account.


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