I am not a parent but this is the best category for this forum. Also I am a first American gen student so my parents have no idea on how this works either.
I am going to Stevens Institute of Tech, and I have to pay around 24k (everything: tuition room and board. costs are around 70k and I got 46k help). On the set of deadlines on the message updates it says:
August 8
□ Fall Semester Tuition, Housing & Fees Due
So we have to pay around 10k all at once (that is insane), or how does this work? The billing will be given a month before, but can I know beforehand what to except, and to tell my parents?
Check directly with the school. Many schools have payment plans you can enroll in and spread the payments out over time a bit (but may charge a fee for this). You can also apply for student loan (up to $5500 first year, $6500 2nd year and $7500 last 2 years). Parents can apply for parent plus loans for the remainder if needed and/or co-sign private loans with you. Students have a hard time getting private loans without a cosigner.
I am not suggesting you take loans or commenting on them one way or another. Just explaining the options that may be available.
Best of luck.
Check to see if they have a payment plan. This is what we used for our eldest. Payments start in June and are evenly split over 10 months. If you start the plan in August, you will need to pay June and July at that time too. You can pay all of what you own this way or you can mix it with loans if need be.
If your balance is $24k, that’s $12k/semester or $2400/month for 10 months if you do a payment plan. Can your parents pay that on their $85k/year income?
Oops nvm, looks like Stevens does 5 payment plan per semester.