Tuition and Aid

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