<p>CMU works with Tuition Management Services to offer students the ability to pay their tuition monthly over the school year rather than in one lump sum at the beginning of each semester. Sounds good. </p>
<p>We got a letter from them last week and signed up. What we didn't understand is that they would bill us based the estimated tuition, fees, etc., starting July 1st, that is this next Friday. Since we don't really know what we owe yet and aren't interested in making payments until the money's due, I tried to find out if it was possible to put the payment schedule on a more reasonable basis. The answer was no, the only thing I could do was drop out of the program and forfeit the $55 fee I had already paid. I did.</p>
<p>I'm sure TMS offers a good service and that we'll use them now that we understand how they work (which not explained anywhere). I thought others interested in the service might want to consider waiting to sign up for the service until a little later in the year. Oh, and that they expect the first payment immediately.</p>
<p>I'm just using a 3rd party for my loans and whatnot.</p>
<p>you can adjust the budget as you go along.. since your bill from cmu doesn't come til august. i'm using TMS and i just used their estimated tuition budget.. it's safe.. really.</p>
<p>"you can adjust the budget as you go along.. since your bill from cmu doesn't come til august."</p>
<p>Wanted to do that, but they wouldn't let us adjust it to zero or anything reasonable until the payment was due in August. They wanted it Friday with a fee if it was late. We've got the money, and I'm sure they're safe, but see no point in paying them this early.</p>
<p>I used TMS and before that AMS (I think that was the name) for 5 years to CMU. It was for me a great way to go, as I am a self employed business owner in a cash flow type of business. True you begin payments July 1 which I believe is standard...my brother used a different lender for payments to Dartmouth for his son and July 1 was the start date there too.</p>
<p>On the up side, May and June were sweet---no payment due. You can adjust the payments, within reason, if you over or under estimated but I never did that. True you're paying early which isn't prudent but for me the convenience of 10 monthly payments overshadowed that.</p>
<p>I believe that if you start later, say in august, they want the july and august payment on the august deadline.</p>
<p>We used TMS for a few months to manage cashflow for kid's freshman year (now senior) and to insure that the tuition was paid. When the Stafford and PLUS loans kicked in, we then stopped TMS. Now that the loans' forms and procedure is known, we have not used TMS since. We are 100% EFC. </p>
<p>The interest rate situation has dramatically changed this month. What we did may not apply to your specific situation.</p>
<p>An update. A couple of days ago I went back to re-enroll in TMS and when I got to the screen that showed my estimated payments, I noticed for the first time that is also showed when the payments were due. I wasn't expecting it to say that and it was in really small print and...</p>
<p>Oh, heck. I screwed up, they did try to tell me. Mea cuppa. My most sincere apologies. :( :)</p>