Installment Prepayment Plan

What is the MTU Installment Prepayment Plan and how can it help me?
Michigan Tech offers an installment prepayment plan that divides many expenses of an Michigan Tech education into eight monthly payments. The plan lets you prepay each semester’s expenses in four monthly payments. You may use the plan to pay for tuition, University fees, and, if applicable, room and board in a residence hall. If you choose not to participate in the plan, the full semester’s charges must be paid by each due date: August 29 and January 9.

Who is eligible?
Full-time Michigan Tech students may participate in the Installment Prepayment Plan.

Is there an interest charge? What if I want to pay in advance?
You will pay no interest or finance charges, and prepayments may be made at any time.

How will I be billed?
When you enroll in the plan, you will receive six budget-plan coupons to submit with the first three prepayments for each academic semester. Be sure to
include the appropriate coupon with your payment so that your account is properly credited. You may pay with a check or money order. Please do not send cash through the mail.

In place of payment coupons four and eight, you will receive a student billing notice via email for the fourth and eighth payments—the final payments for each academic semester. The total amount due must be received by 4:00 pm on August 29, 2007, and January 9, 2008. Any charges incurred after the final January billing will be billed separately.

How do I find out what my payments will be?
Using the online form at www.admin.mtu.edu/acct/pdf/installment_payment_plan.pdf, add up the estimated year’s tuition, fees, and, if applicable, room and board in a residence hall. Subtract anticipated financial aid (scholarships, grants, and loans but not work-study income), and then divide by eight. To make sure payments cover expenses, we recommend you estimate the charges high and the financial aid low. Required fees are noted at Undergraduate Annual Expenses.

What happens if I fall behind in my payments?
If full payment for the semester is not received by the due date, your class schedule will be dropped. A reinstatement fee will be charged, and you must reschedule your courses. If prepayments are not made, the contract will be terminated. A fee of $25 will be charged on all returned checks.

What if I want to cancel the plan or withdraw from Michigan Tech?
You can cancel the plan anytime, and all payments will be applied to your student’s account. The usual University refund policy applies if you withdraw. If you do cancel the plan, be sure to notify us, so we do not continue to expect payments from you.

Questions: Contact the Cashier’s Office, 1400 Townsend Drive, Houghton, MI 49931-1295; 906-487-2247 or 800-576-6484 or fax 906-487-1816.