I am confused about the Vanderbilt payment plan process. First, is the 10 pay plan only for the total year tuition? Also why, when the installments are calculated does it show that I owe three months of accumulated sum starting from May when I only just received the bill days ago? At the moment my family cannot afford direct payment nor can we afford the three almost four month accumulation that the 5 pay plan comes with. 10 pay plan is more manageable but if it has to include spring semester as well then that would be impossible to institute considering I dont have my exact spring bill besides estimates.
I really do need help and although it seems silly to be on here for this matter I dont even really know who to contact regarding this and what options I have.
Input and help would be much appreciated!
Definitely call the office of financial aid, they’re going to be much more useful on this issue!
I agree with Pancaked, however if the main struggle is determining costs for spring semester, they should be almost identical to fall. Tuition, room and board, meal plan, and student activities fees are all determined on an annual basis, so the cost you pay this semester will be the exact same cost you pay next semester. The only real change you should see in your bill is if you chose to add Commodore Cash or Meal Money, or if you have lab breakage or room damage fees at the end of the spring. Your financial aid should also be the exact same for next semester, the only difference being if you have a work study job in the fall then stop working in the spring.
The Office of Student Accounts is listed on both the bill and payment plan, so I believe they actually handle these questions. I agree that you should call them first thing Monday morning for clarification (615-322-6693). As far as the how the 10 month plan works, I needed to call them as well, and the person I spoke to said that the 10 month plan covers the entire year only and that you cannot use the 10 month plan for one semester. She also said that if I enroll in the 5 month plan for Spring semester, the first payment is due in October.
Colleges want to charge 3 month ahead. With 10 payment plan, your last bill will be in February. It’s a common practice for many colleges.
10 payment plan is the way to go if your family does not have money up front.
Use your financial award letter to estimate for the 10 month plan. Subtract the amounts for grant and loan from the total amount for tuition and housing (if you live on campus) for the entire year then divide by 10 to get what you need to pay each month. Don’t include the amounts for personal expense, books, foods (if you don’t use campus meal plan) in your estimate. Include only the amounts you have to pay for the college. You can underestimate a little bit and the college will bill you the difference at the beginning of each semester.
Thank you everyone for your help!