Installment Payment Plan - Terms and Conditions

eligibility | cost | participation | deadlines

Description

The objective of this plan is to assist students in meeting the cost of their higher education by offering a convenient payment option. The university administered installment payment plan is offered only during the fall and spring semesters. The plan distributes the cost of the tuition, fees, housing, dining, and communications fee charges for a semester into four equal installments.

Eligibility

All students attending the university with current charges of $100 or greater are eligible to participate. All prior semester balances must be paid in full to be eligible to participate.

Students who receive financial aid are also eligible for participation in the Installment Payment Plan. Students who are receiving financial aid may deduct their financial aid to determine the net total due. If the net total due is $100 or greater, the remaining amount may be paid by installments.

Cost of Plan

There is a $25 nonrefundable application fee payable with the first installment of each semester. Interest is not assessed on the outstanding balance.

Participation

Students who have registered in advance will be mailed an invoice. The invoice coupon will have an application form on the back as well as a Payment Instructions section on the front to be completed for electing the installment plan option. Return the completed coupon along with the first installment payment of one-fourth (1/4) of the balance due plus the $25 application fee.

Students may remit credit card and check payments online through the myVCU portal on eServices. Students may also designate authorized payers through this site. The university will generate monthly invoices for the remaining three installments. Automatic payments for the remaining installment payments may also be scheduled through the online payment site. The scheduling of automatic payments is strictly optional.

After making the initial payment, students may enroll in the payment plan through eServices:

• Select the "Personal Information" tab in eServices.
• Select the "Answer a Survey " option.
• Select the "Installment Payment Plan " option.
• Answer "yes" and click "Survey Complete. "

After making the initial payment, authorized payers may enroll in the payment plan by email to ipp@vcu.edu. The following information must be included in the email:

• the student's name
• the student number (the V number which is included on the invoice)
• a request stating: "I wish to enroll this student in the Installment Payment Plan."
• the authorized payer's name.

Enrollment for the fall semester begins August 1st and enrollment for the spring semester begins December 15th. Enrollment is available during the first four weeks of classes in the fall and spring semesters only.

Students receiving additional funds can expect to have these funds applied in full to their account, thereby reducing subsequent installment payment amounts.

The Installment Payment Plan option must be selected each semester regardless of whether the student participated during a previous semester.

Installment Payment Plan forms also are available by contacting the Student Accounting Department.

Payment deadlines

Fall 2008

• First installment: August 21, 2008
• Second installment: October 20, 2008
• Third installment: November 12, 2008
• Fourth installment: December 8, 2008

Spring 2009

• First installment: January 12, 2009
• Second installment: March 5, 2009
• Third installment: April 1, 2009
• Fourth installment: April 27, 2009

Students whose payments are received after the payment deadline will be assessed the late fee. The date the payment is received will be used for assessing the late fee.