It lets you spread out your tuition and room charges over 3-4 months instead of giving it all away once, but im wondering do you have to pay interest or something on it??
We used a monthly payment plan recommended by our kids’ colleges. There was an annual fee to use it…maybe $50. But that was it. It wasn’t a loan…it was a payment plan arrangement with the college…hosing this service.
Is that what afford.com is?
We used Afford.com (aka Tuition Management Systems) for high school costs and they were reliable, easy, and professional. Our plan was ten payments, but there may be other options.
If we had wanted a service like this for college, I would have used them. Our experience with them ended in 2010, so you may want to check there’ve been no major changes. I believe many colleges do recommend them.
Adding: In our experience, it was just the school costs (any balance after deposits) divided by ten. No idea how they make their profit, but the enrollment fee is small. Maybe, as with credit cards, they keep a cut of the total.
I use it right now for one of my daughters. It allows me to spread this year’s tuition over 8, 10, or 12 payments. There’s no interest, which is nice. There’s a fee to enroll in the plan, I think it was $35, which is nothing compared to the tuition. This fee may vary school-to-school.
It’s been perfectly reliable and I’ve never had any issues at all.
Didn’t know that Tuition Management Systems was renamed afford.com.
That’s one of the companies we used too. It was great…no problem at all. We paid for 10 months of the year. It was very manageable.