Your College Bill
If you're going to college, you would have received a bill requesting payments for the first Semester and have an idea of how much you need to pay based on your financial aid package. ( for more details on federal scholarships and financial aid forms, read here). To understand the general college payment system, here's a starting guide for you.
Steps of Payment
On recieveing the bill
Before paying the tuition bill, review the invoice carefully. These bills have gotten confusing over the past few years with the creation of a’ la carte pricing based on major selections and housing/meal plan options.
Accessing the College Tuition Bill
Colleges use a “paperless” billing system. You will receive an email notification at the start of every Semester regarding the college bill that is due. Payments are made at the start of every Semester unless you are on a monthly payment plan. It is important to be aware of the student’s web portal through which you can login using a student ID and access the bill. Most colleges allow you to set up a parent's portal for them to view financial aid and billing statements.
Items to Review
Before paying, on your student portal, check whether the selections impact the final bill.
Meal plan – Colleges offer different plans for meal swipes and on-campus money points that can be used for purchases at the cafe. If you think the meal plan is too much, check if it can be downsized.
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Dorm size – Although not common, prices could vary depending on room selection ( single rooms being the most expensive). Make sure the room selection is as you desire. As a Freshman you are likely required to stay on campus but keep in mind options to stay off campus in the following years.
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Health Insurance – This is a fee listed on the bill that can usually be waived once proof of Health insurance is produced. Follow the process to get that waived if you fulfill health insurance requirements through external organizations. Some colleges have added a COVID protocol fee now, which is an additional charge if the student gets COVID on campus.
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Payment Plans
Payment Options – Check for payment options, specifically about the tuition installment plans and any fees associated. The first payment is typically due in August, so there is time to develop your plan.
For more on payment plans, access this article:
Forbes - College Payment Plans: An Alternative To Student Loans
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Financial Aid – During the verification process, most colleges will send a list of items that were the same or very similar to the financial award letter. Double-check these numbers.
For more details on paying the remainder after your aid, access here.
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Federal Loans – The bill will indicate what federal loans you are eligible for. It is important to understand the type of loans you will be accepting.
Payment Method
Colleges usually accept various forms of payment, including electronic bank transfers, credit/debit cards, and checks. They may have specific guidelines or preferences regarding the payment method and you can inquire about the acceptable payment methods to the financial aid office or view their website. If you write to the registrar about specific questions, they can redirect you to the right person.
Electronic bank transfer: If the college accepts electronic bank transfers, you will need to obtain their bank account information - account number, routing number, and account holder's name - to initiate a transfer directly from your bank account to theirs using online banking or by visiting your bank in person.
Credit/debit card payment: If the college accepts credit/debit card payments, they may have an online portal or payment gateway where you can enter your card details and make the payment.
Check payment: If you prefer to pay by check, inquire about the process for mailing the check to the college. They will provide you with the appropriate mailing address and any necessary instructions. Make sure to write the check for the correct amount and include any required information, such as your student ID or invoice number.
After making the payment, remember to keep a record of the transaction details, such as the payment confirmation number, bank transfer reference, or check number.
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Payment Portal
Every college has its own payment portal which is accessible through the student portal or the email notification sent out regarding the bill. ( accessed previously to view the bill ). For a detailed guide through the payment process, go here.
Payment Portal
For International Students
The payment portal is likely to levy a surcharge for paying with an international currency. If your parents are paying the college directly, the simplest approach is probably to accept this fee and proceed to make the payment from their bank account. Another option is for them to transfer the money to your US account. This makes sense if the currency exchange fees your bank offers is far lower than the portal fees. You could write to the financial aid office requesting an extension to pay the tuition, open a bank account in the US on arrival, receive the wire transfer from your parents, and pay directly on the portal without fees from the US bank account.
