Paying the Bill

Most families do not pay for their homes, cars, or other important acquisitions from their current income and savings. They spread the payments out over a period of time to make it a manageable undertaking. A college education is often financed this way too. An illustration of options one family has in paying for a year of college follows.

Family owes $10,000 after aid is deducted:

  • Option 1: Pay bill in full each semester

    • Family pays $5,000 in August for fall semester.
    • Family pays the other $5,000 in December for the spring semester.
    • No finance charges or interest have been incurred.
  • Option 2: Four payments per year

    • Family pays half of fall semester charges in August: $2,500.
    • Balance remaining is $2,500.
    • One percent interest is assessed on the unpaid balance: $2,500 x 1% - $25.
    • Family pays balance of $2,525 ($2,500 + $25) in September.
    • Same procedure is repeated in December and January for the spring semester.
  • Option 3: UE's Monthly Payment Plan

    • Family uses UE's 12-month, interest-free payment plan.
    • $833 is paid per month starting in May and ending in April.
    • A payment plan fee is charged to participate.
    • UE also offers a 10-month plan (begins in July), a 9-month plan (begins in August), and one-semester payment plan options
    • Detailed information about our payment plan can be obtained from the Office of Student Accounts.
  • Option 4: Federal Parent Loan for Undergraduate Students (PLUS Loan)

    • This option is available for credit-worthy parents of dependent students
    • Family borrows the entire $10,000 on the Federal PLUS Loan.
    • Monthly payments are about $120 a month.
    • Interest rate is fixed at 7.9 percent.
  • Option 5: Private Loan in Student's Name

Office Phone:
812-488-2364
800-424-8634

Office E-mail:
financialaid@evansville.edu

Office Location:
Room 116, Olmsted Administration Hall