When financial aid is all used up, students can still get help from UTM. College tuition is expensive and, luckily, students have the option of getting financial aid and loans from the university.
However, when there’s money still to be owed, what can students do if they can’t pay it all immediately? Bursar of Business Affairs Vickie Pflueger said that the fees can be deferred.
“After financial aid is posted to the student’s account, the fees that are still owed can be paid at a later date. We do, however, require some type of down payment, no matter which plan we’re offering up front,” Pflueger said.
One option of deferred payment is the two-part plan. It has always been offered at UTM, and this option is where the student pays half before the confirmation date and the other half later.
“The balance after [factoring in] financial aid awards and other payments is what we expect the student to pay out of pocket,” Pflueger said.
Pflueger also explained that the later date in the past has been about 45 days at first unless it’s on a weekend or holiday, and the school will adjust according to that.
There is also a new payment plan that may be offered, and Pflueger explains how the new deferment plan will work.
“Last semester, the university was wanting to do a four-part payment plan. Of course after all the fees, awards, etc. the student would only have to pay a fourth of the balance and have three more payments throughout the semesters. It’s much easier,” Pflueger said.
Some students are on this plan right now, and the university is going to try and offer it in the spring.
“We’ve had a lot of students to try the “Four Part” and they seem to like it,” Pflueger said.
At the moment, it is not offered on Banner for the spring because of some technical issues.
“We’re working with our actual software vendor for the perfect fix and testing, because we don’t want to cause the students anymore confusion,” Pflueger said.
“We’re going to see how it works in the spring so we’ll know what to do about next year.”
The four-part deferment plan is a little bit more work for the university, but Pflueger thinks that the purpose is to serve the students.
“Our goal is not to make it easier for us, but to make it easier for the students,” Pflueger said.
For more information about the deferment plans, go by Business Affairs at 116 Hall-Moody Administration.
