Paying the Bill
Most families do not pay for their homes, cars, or other important acquisitions from their current income and savings. They spread the payments out over a period of time to make it a manageable undertaking. A college education is often financed this way too. An illustration of options one family has in paying for a year of college follows.
Family owes $10,000 after aid is deducted:
Option 1: Pay bill in full each semester
- Family pays $5,000 in August for fall semester.
- Family pays the other $5,000 in December for the spring semester.
- No finance charges or interest have been incurred.
Option 2: Four payments per year
- Family pays half of fall semester charges in August: $2,500.
- Balance remaining is $2,500.
- One percent interest is assessed on the unpaid balance: $2,500 x 1% - $25.
- Family pays balance of $2,525 ($2,500 + $25) in September.
- Same procedure is repeated in December and January for the spring semester.
Option 3: UE's Monthly Payment Plan
- Family uses UE's 12-month, interest-free payment plan.
- $833 is paid per month starting in May and ending in April.
- A payment plan fee is charged to participate.
- UE also offers a 10-month plan (begins in July), a 9-month plan (begins in August), and one-semester payment plan options
- Detailed information about our payment plan can be obtained from the Office of Student Accounts.
Option 4: Federal Parent Loan for Undergraduate Students (PLUS Loan)
- This option is available for credit-worthy parents of dependent students
- Family borrows the entire $10,000 on the Federal PLUS Loan.
- Monthly payments are about $120 a month.
- Interest rate is fixed at 7.9 percent.
Option 5: Private Loan in Student's Name