Deferred Payment Plan

Deferred Payment Plan *Update 08/12/2011*

A Deferred Payment Plan exists for those students who prefer to pay in five monthly installments. A non-refundable participation fee of $40 will be assessed to your CARS account for each semester that the Deferred Payment Plan is utilized. Please do not pay the participation fee until it is billed. Due dates for the installment payments are:

Enrollment in the Deferred Payment Plan is done through the e-billing system. To enroll, submit the amount of the first installment noted in the "Deferred Payment Amount Due" box of the e-billing statement via e-Check. The account will not be on the plan until the first payment is received; subsequent payment amounts will be included in the "Minimum Amount Due" box listed on the monthly bill.

Financial Aid and the Deferred Payment Plan

Students receiving financial aid for a portion of their fees may choose to utilize the Deferred Payment Plan as well. The student's financial aid disbursement is applied toward the payments when it disburses, usually after the first bill is generated. Consequently you are still responsible for the first installment until the funds actually disburse.

Example #1: A new student enrolled in 8 units, anticipating $10,199 in Federal Loan funds for the fall semester, and the semester bill totals $18,740.

• The Deferred Plan would result in an initial payment of $5,312 (or $3,812 since your deposit is applied toward fall) and 4 subsequent payments of $3,732.
• Since loans will not have disbursed before the bill is generated, make the first installment from other reaources.
• The $10,199 loan disbursement will be applied towards the second, third, and part of the fourth payment (leaving a partial installment owed for $997).
• The chart below underscores this example.

Example #2: A continuing student enrolled in 6 units is anticipating $10,199 in loan funds for the fall semester, and the semester bill totals $15,180.

• The Deferred Plan would result in 5 payments of $3,036 each.
• Since loans will not have disbursed before the bill is generated, make the first installment from other reaources.
• The $10,199 loan disbursement will be applied towards the second, third, fourth and part of the fifth payment (leaving a partial installment owed for $1,945).
• The chart below underscores this example.