June 2019
5 Tips for Paying the Tuition Bill
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Welcome to June! If you are planning to attend school in the fall, you will soon be receiving your fall tuition bill. Being proactive and taking steps to understand the bill and your options will make the process more manageable. Here are five tips to get you started:
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1.
Review your bill, thoroughly.
Be sure to examine all of the charges and only pay for required expenses. Often students are automatically billed for medical insurance. If you are covered by another policy, follow the steps to waive your school’s insurance by the deadline. Is all of your aid listed on your bill? Federal loan funds can’t be released until around the start of the semester. If the loans aren’t showing up as “anticipated aid,” let your school's Business Office know the funds are coming so that you aren’t charged a late fee.
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2.
Talk to the Financial Aid Office.
If you are struggling to cover the balance or have questions about your financial aid, make an appointment to talk to a financial aid officer. This is especially important if your family’s financial situation is different from the information you entered on your FAFSA. Best case scenario, you may be eligible for additional funds or a Work-Study job. Even if more aid is not currently available, your school might be able to suggest some other resources or scholarship opportunities.
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3.
Consider enrolling in a tuition payment plan.
Most schools have tuition payment plans that allow you to pay some or all of your remaining balance over a period of months instead of in a lump-sum payment. You can use savings, family income, monetary gifts, and summer earnings to help cover the monthly payments. Tuition payment plans are not loans and no interest is charged, though there is usually a small enrollment fee. Contact the Business Office for additional information.
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Reduce costs you can control.
If you have a meal plan, review it to see if it includes more meals than you will eat. If so, switch to a cheaper plan, and then be sure to use it and avoid eating out. Do you really need a car on campus? Leaving the car at home can cut insurance costs and save you money on gas and repairs. Consider renting your textbooks online or buying them used--you could save hundreds of dollars! Take advantage of free entertainment on campus, like movie nights and campus events, instead of paying to go out. You can use those savings to help pay next semester's bill. For more ideas on reducing college costs, check out
Manage
, our guide to managing your money.
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Explore borrowing options.
If you have taken full advantage of grants, scholarships, and federal student loans and have explored all of the tips above, you may want to consider other education loan options. These loans are typically credit based and have varying terms and conditions. To learn more about these loans visit
TheLoanforME.com
where you can research and compare numerous options, most of which are Maine based.
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Join us for this month's FREE Wednesday Webinar:
Understanding the Bill and Tips to Pay
Wednesday, June 12, 2019
10:00–11:00 a.m.
Students have either received their college tuition bill or will soon. Bills can be very confusing and we want to be sure students understand the charges on the bill, are able to confirm whether or not all of their financial aid was applied, and know all of their payment options. This webinar offers tips to help you support your students and their questions, such as things to look for on a tuition bill and options for paying the bill.
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FAME's College Access and Financial Education Team:
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The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.
FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy or usability of such sites.
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