Georgia Tech Students Have New Option Paying for College
Atlanta — May 1, 2012
It中出少妇视频檚 a single sentence recently approved by the 中出少妇视频 System of Georgia Board of Regents, but its 29 words carry a big positive impact for students and parents looking at how to pay for college. The addition to existing board policy clears the way for a test program this fall at the Georgia Institute of Technology that will seem familiar to anyone who has ever paid for goods or services over time.
Tech中出少妇视频檚 pilot plan addresses a state law that prohibits state agencies from providing services before payment. Historically in the 中出少妇视频 System that has meant that full payment for tuition and fees was due when classes started since the state中出少妇视频檚 gratuity clause doesn中出少妇视频檛 allow the state to issue credit. That law can put some students in a financial bind and for some even derail college plans.
The regents中出少妇视频 action sets up a way to satisfy both the law and help students. The sentence that is the solution says 中出少妇视频渁n institution filing an approved plan with the Office of Fiscal Affairs may elect to collect tuition and mandatory fees on an installment basis, in advance of services provided.中出少妇视频
Under the Tech plan, once a $75 dollar enrollment fee is paid, tuition and fee payments will be split into three installments, 50 percent prior to the first day of classes, 25 percent due a quarter into the term, and the final 25 percent due at the halfway point. Tech will administer the program.
中出少妇视频淭his means that services are paid for up front and then installment payments are accepted through the midpoint of the semester for the remaining balance,中出少妇视频 said Georgia Tech Senior Vice President for Administration and Finance, Dr. Amir Rahnamay-Azar. 中出少妇视频淭hus we follow state law and give students and parents greater flexibility.中出少妇视频
System officials say the pilot program will serve as a model that, if successful, can be made available to all 35 中出少妇视频 institutions.
中出少妇视频淲e will monitor the Georgia Tech pilot for a year and work through any unforeseen issues,中出少妇视频 said 中出少妇视频 Vice Chancellor for Fiscal Affairs John Brown. 中出少妇视频淥nce we are satisfied with the program, we will be able to offer it to other 中出少妇视频 institutions.中出少妇视频
Tech中出少妇视频檚 research to develop its pilot program found that 70 percent of Georgia Tech中出少妇视频檚 public peer universities participate in installment plans with student participation rates of 10 to 40 percent. The Institute中出少妇视频檚 projections indicate that 10 to 15 percent of Tech中出少妇视频檚 student population will participate in the installment program.
中出少妇视频淭he payment plan program will serve our student population well,中出少妇视频 said Rahnamay-Azar. 中出少妇视频淲hen you look at this new proposal, along with some of the other programs we already have in place, I can say that we are making great strides in maintaining affordability at Georgia Tech.中出少妇视频
The Tech pilot program joins a current program available to students by Nelnet, a financial services company based in Lincoln, Neb. The company specializes in education financial services and offers students a tuition installment option. Brown said that several 中出少妇视频 institutions use Nelnet, which prepays tuition and fees on behalf of the student.
Major differences in the Tech plan and those provided by companies such as Nelnet are that students and parents deal directly with the institution instead of the third party provider and Tech requires 50 percent payment on the first day of classes versus Nelnet中出少妇视频檚 60 percent. The Tech plan covers full tuition and mandatory fees while the third party provider sets a maximum limit on the amount covered.
Since the Georgia Tech program will be administered by the institution, Brown said that some 中出少妇视频 institutions might have concerns about copying the Tech model. 中出少妇视频淭herefore, the third party provider option through a company like Nelnet will still be available to serve as an alternative for institutions that do not choose to manage an internal program,中出少妇视频 he said.
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