Students can sign up online for new payment plan, financial flexibility

(NOTE: This article originally appeared in the August 18, 2009 edition of Central Michigan Life.)

Students are favoring Central Michigan University’s new payment plan more than last year’s, which most did not acknowledge.

Amber Loomis, manager of the Student Service Court, estimated 750 students enrolled in the plan for the fall semester.

The number is significantly more than with the last plan, she said. About 200 used the old plan.

“Not many students took advantage of the last payment plan,” Loomis said. “We have a lot of freshmen using the new system. (But) we’ve got a good mix on all classes.”

Caledonia junior Katie Jonkhoff is using the new payment plan and said she wishes she knew about it sooner.

“Signing up was easy. (It) was all online,” she said. “The whole thing’s been helpful. It’s easy to check.”

The “CMU Payment Plan” is headed by the Office of Student Account Services and University Billing, formerly known as the Office of Receivable Accounting, and requires a non-refundable, $25 per semester fee.

Loomis said none of the money will go to the university. It will go directly to the new vendor, Nelnet Business Solutions.

The previous vendor, Sallie Mae Corporation, charged a $60 fee for the entire academic year, Loomis said.

Moving toward efficiency
While the university always offered a payment plan option, Loomis said she feels this plan is more efficient.

“(Nelnet) offers more flexibility for paying tuition and other semester charges,” she said.

The new payment is useful for most students. The earlier they sign up determines the amount and how many payments will be made.

Any fees incurred from CMU, such as tuition, bookstore charges, parking passes and anything charged to a university student account is eligible for the plan, with the exception of the first payment for fall residence hall fees, according to Student Account Services and University Billing’s Web site.

The plan offers automatic payment dates, which bills the student on the fifth of every month and offers account adjustment to student accounts any time changes occur to the account, such as bookstore refunds, dropping or adding a course or financial aid payments.

With the system, amounts charged to the account will be updated on a regular basis.

While enrollment for the fall semester ended July 31, students who wish to use it for spring can sign up Oct. 1 through Dec. 31.

Is it for you?
The plan, however, is not recommended for everyone, especially students on financial aid, said Diane Fleming, associate director of the Office of Scholarships and Financial Aid.

She said the plan is not beneficial for students utilizing financial aid that covers the full cost of tuition.

Enrollment instructions can be found in the “Finances” tab of the Central Michigan Student Portal.

If students have more questions about the new payment plan, contact the Student Account Services and University Billing at 774-3618.