<p>Sort of a strange question here, </p>
<p>But paying Tuition, do you pay on a year-by-year basis? Or do you pay all at one time?</p>
<p>What Im trying to say is, for example, If your taking out loans for Tuition, if it costs $9000 for one semester, would you take out a loan for $9000, and so on as you go through the semesters....</p>
<p>Or </p>
<p>Would you anticipate what the total cost would be, pull out one big loan, (so for the above example $18000 a year (plus $2000 for books and misc stuff) so an even 20,000 a year) and pay right there and then (80,000)?.</p>
<p>May sound strange, but Im new to this whole college experience, </p>
<p>To all Graduates, please feel free to show us an example of how you paid your tuition.</p>
<p>Along with your admissions package, you will receive your financial aid award letter , which will be broken down into your </p>
<p>Studen Contribution (EFC) since you are an independent student
Any scholarships/grants you will receive (if applicable)
Loans</p>
<p>Regarding your tution payments</p>
<p>Option 1</p>
<p>You will ususally be billed on a semester/term basis. If you have the money to make a lump sum payment, you can certainly pay the entire bill.</p>
<p>Option 2</p>
<p>Many schools will allow you to pay your tution portion not covered by financial aid over a 10 month period. There is ususally a nominal fee for this service (approx. $75). You will get the infromation on using this method with your financial aid package, as you have a deadline which to sign up for this service and begin submitting payments. </p>
<p>If student loans are part of your package, when you get your tution billed
You will be billed:</p>
<p>Cost of attendance minus the anticipated loan, then you will pay the balance (by either option 1 or 2 . The student loan checks go directly to your school, after the amount you owe for the term is deducted, any remaining moneys are given to you.</p>
<p>If tuition + fees = 20k/yr. The loans are disbursed on a semester. Thus the first disbursement is for $10,000. The loan is approved based generally on the fafsa and what you applied for, which means that you can get $20,000 but maybe really need 15,000. The extra 5000 will be refunded to you by the school. Suggest you take the 5000 and save a little bit for real emergencies and take the remainder to refund the loan amount. Remember you are or will be paying interest on the unpaid balance AND [any] ACCUMULATED interest. This applies to PLUS and Stafford Loans. Other types of loans, especially supplemental bank loans should be carefully examined on how the loan is calculated and amortised (simple interest, scheduled interest, revolving, installment, variable, fixed interest can all be quoted at the same "rate" but the payback can really kill you.) Also from my experience do not rely on just one person's answer at an institution-call back and get another response. Very, [VERY FEW] few bankers and consumers know the difference of the types of interest and payment methods. </p>
<p>The lack of understanding on what is interest and the various payment methods are ultimately why the USA is such do-do, and why Americans will not be in control of its destiny. </p>
<p>hate to say it because your future doesn't rely on it; Good Luck.</p>