Down Payment Policy
Effective for the fall 2020 academic year
The following changes will take effect with regard to the down payment amount, due date, and payment plan amounts.
- A down payment equal to 25% of the outstanding student account balance will be due August 1 for the fall semester and January 1 for the spring semester. The amount due will be calculated using the balance due after all financial aid has been applied multiplied by 25%.
- The initial 25% due must be paid by the census date of each term or the student will be dropped from the term.
- The remaining balance due as of the census date will be divided into 3 equal payments due the first day of each subsequent month. (Sept, Oct, Nov) or (Feb, Mar, Apr) A $60 payment plan fee will also be added at this time.
For the Fall 2020 term, room and board credits caused by COVID-19 will be considered as part of the 25% down payment.
Examples:
Student A. This student has $15,000 in charges for the fall semester and their financial aid package totals $11,000. The balance due for this student is $4,000. On August 1, the student will have a down payment due of $1,000. The remaining $3,000 balance will be due in three equal payments of $1,000 on the first day of the month in September, October, and November.
Student B. This student has $12,000 in charges for the spring semester and their financial aid package totals $9,500. The balance due for this student is $2,500. On January 1, the student will have a down payment due of $625. The student then arrives to campus and adds $225 in textbook charges to their account. Their new balance due is $2,100. This balance will be due in three equal payments of $700 on the first day of the month in February, March, and April.
Student C. This student has $15,000 in charges for the fall semester and their financial aid package totals $9,000. The balance due for this student is $6,000. On August 1, the student will have a down payment due of $1,500. The student is unable to make the $1,500 down payment and works with financial aid to receive a $3,000 alternative loan. Their new balance due is $3,000 and the down payment due is now $750. The remaining balance of $2,250 is due in three equal payments of $750 on the first day of the month in September, October, and November.