Hi!
So, I’m an international student and I want to attend Parsons. Everything would come up to about $80,000 but I notice the Monthly Payment Plan, and was a bit confused. I want to convince my mother to let me go, but I’m not sure how much it would cost per month. Can I please get some assistance?
Your best bet is to contact the financial aid office there and ask them to explain.
I think bursar’s offices usually oversee the monthly payment plans, since it is a form of financing of payment rather than financial aid.
Colleges do this differently, but typically what they do is divide your outstanding balance for the year (after subtracting any loans or other financial awards, as well as any lump-sum payments your family wishes to make) by, say, 10 equal payments due on a certain date each month. So, the full balance for that year needs to be paid within the school year. These financing plans are usually interest-free, but there is often a nominal set-up fee (typically around $50).
So, say your family had $20,000 ready to make a payment before the start of the payment plan and you were taking out a $5,000 loan. Your balance would be $55,000. Your family could then enter into a payment plan for $5,500 each month for a 10-month period.
Those are the broad strokes, but as I said, it will vary from school to school, so reach out to Parson’s to see.