• What is Tuition Pay?
Tuition Pay is part of the larger Sallie Mae Services organization, and is a monthly payment plan available to families. Students and their parents contract by each semester. They also determine the number of payments they would like and the amount of their contract. Most families take their year’s charges, subtract aid and use ½ the balance as the amount of the semester’s contract. There is no handling fee to use Tuition Pay, but participants pay a $55 fee (currently) that covers life insurance. The amount of the semester’s contract is put on the account.
• What will we see on the student account?
Only Tuition Pay contract changes and new contracts will be entered on the student’s account. (Individual monthly payments will no longer reflect on the student account. Refer to TuitionPay.com for payment details.) The full amount of the student’s semester contract will be applied to the account at the start of each semester (the monthly amount Tuition Pay sends us will replenish the account we took this money from). Be careful when promising cash advances, as we will only consider money that we have actually received.
