<p>I’m sure there is some discussion somewhere already about this?
I was wondering if anyone has experience with the BAMA monthly payment plan and can give details. I notice that the deadline to sign up for this is June 5th, which seems ridiculously early and NO info has been sent my way as a parent about this program, which surprises me. There is a $55 annual fee for this, and it is all admin by Sallie Mae. (You can ‘join’ the plan later than June 5, but pay more up-front money, to make up for monthly payments missed.) </p>
<p>I guess what I am looking for are some details from those parents who have used this payment plan (i.e, those who are not NMF families). </p>
<p>I found it originally by going into mybama, Student Tab, Student Receivables Section, Student Receivables Home Page, then poked around there for payment info.</p>
<p>I think the early sign up is so that families can spread payments over 12 months, instead of 10? And, the timing is such that the last payment senior year won’t be months after graduation - which might be more difficult to collect?</p>
<p>I’ve known many people to use this Sallie Mae option since it’s offered at virtually every school. </p>
<p>Another option that is available for (I think) $30 a semester, is to pay in installments directly to Bama. I’m not sure if you have to pay every month. I think there’s an option where you pay some in August, and then pay the rest by November (for that semester).</p>
<p>The above seems like a viable option for those with scholarships who can pay half of what’s owed in August and the balance a couple of months later.</p>