<p>What do you think about "tuition payment plans"...are they advisable? what are the pros/cons to doing it?</p>
<p>here's a website for more information about it:
<a href="http://www.finaid.org/otheraid/tuition.phtml%5B/url%5D">http://www.finaid.org/otheraid/tuition.phtml</a></p>
<p>I use the AMS Tuition pay plan. In order to spread the payments out and have the smallest payment you pay June through April for a year's tuition. There is a one time sixty dollar per year fee.
For me, the pro is that the money used to pay tuition can earn interest as I am not paying it all out at once. I'm not paying interest on the tuition pay plan (it's a pay plan, not a loan) so I am pocketing the interest for the months prior to each payment.
If you are not taking out a lot of loans and are using savings to pay for tuition, it is a good way to go. Additionally, you can budget the payment rather than paying a big lump sum.
You cannot use a credit card without getting hit with a lot of fees so if your college takes credit cards and doesn't tack on a big surcharge that might be a better way to go. (Mileage points, cash back on some cards, etc.) My son's school doesn't take credit cards without hitting me with a fee.<br>
You really have to compare your financial situation, the credit card option, your financial aid package if any, and then crunch some numbers.</p>
<p>Don't know about the others but we use TMS and it is great. We pay the enrollment fee upfront and then no interest. They bill monthly. You can choose the amount of payments - we use 12 so the pmt is lowest possible.
You can adjust the budget once per semester if you need to.<br>
And the school bills you for the difference. But put as much as possible on the TMS account because it is interest free.</p>
<p>I agree with rlm919. If you are going to school this September, you'd want to start paying, I believe, May 1. If you don't and you are doing the 12 month plan, you will need to catch up on the payments. I guess you make 4 payments (on a 12 payment plan) before your child is on campus, if I remember correctly.</p>