College Tuition Payment Plans
Tuition payment plans are short-term (12 months or less) installment plans which split your tuition into equal monthly payments. It works well for families who can't afford the entire tuition bill at one time or those who may want to hold on to their interest-earning savings a little longer. Many such plans are essentially interest-free, but some have fees or finance charges. Ask about the costs to you before using a tuition installment plan.
Most schools send out tuition bills that cover the entire term and are due in full. The tuition payment plan enables you to take your bill and split it into smaller amounts, payable over a number of months. You still owe the same amount, but you now have more time to pay and your payments are smaller and more manageable.
CUNY participates in a payment program from Sallie Mae called TuitionPay. The TuitionPay Monthly Payment Plan is available for your use at any CUNY school.
The TuitionPay program permits families to budget payments for tuition each semester and lets you pay your tuition bill in monthly installments. The service is interest-free and CUNY will cover the application fee for you during the 2009-2010 academic year.