Tuesday, October 11, 2011

Create your own payment plan

Planning ahead financially can save you time, stress, and money, and leave you with more energy and time to focus on your coursework!

If you are like many students, you may not be able to pay tuition in one lump sum and therefore choose to enroll in NOVA's Deferred Tuition Payment Plan, Nelnet. The Nelnet payment plan allows students to pay their tuition in increments - payments can be deducted from a bank account or charged to a credit card once a month. If you have made the last payment on your Nelnet payment plan, and know you plan to take classes next semester, now is a great time to plan for next semester’s tuition expenses.

To do this, you can work with your bank or credit union to set up a separate account for next semester’s tuition and books. Many banks and credit unions offer special savings accounts for educational purposes with higher interest rates, so you may earn even more money for your tuition as you save! By automatically transferring funds from your main account into this “special” savings account, you can easily save for next semester. Because you are already used to making a payment on the 21st of each month, why not keep it simple – setup the automatic transfer on this same day moving forward.

To calculate an optimal monthly payment, estimate your tuition and book costs for next semester. If you are planning to take 12 credits, for instance, estimate your tuition cost by using the current tuition rate, and then add about $100 per class for books and supplies. Then subtract any amount you expect will be covered by Financial Aid. Divide that amount by the number of months between now and when the payment for your classes is due. The payment deadline for Spring 2012 classes is December 17th and open enrollment for Spring will begin November 14th.

Planning ahead can give you a feeling of greater control over your finances—a priceless feeling in these current times!


  1. Getting into college is a daunting one because you'll have to deal with student debt—well, for the most part of the college student population. What you said earlier was true—planning ahead can save a lifetime of worrying about other stuff especially money. Anyway, thanks for this informative post.

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