Starting with fall term, the University will offer a nine-month payment plan to graduate students, parents/guardians of undergraduate students and all students enrolled in professional schools.
Under the plan, explains Alex Makarewich, manager of student financial operations, payment of the balance of assessments, less any scholarships, fellowships, grants and loans, can be spread over a nine-month period.
For 1994–95, the first payment will be due July 1, with the last payment due March 1, 1995. One-half of the annual budget will be credited to the account in fall term and the other in winter term.
Single terms also are available, July 1–Nov. 1 for fall term, and Nov. 1–March 1 for winter term installments.
The University’s normal payment schedule requires fall term assessments to be paid in full by Oct. 31 and winter term assessments by Feb. 28.
Makarewich says it’s important for students to realize that what they budget won’t necessarily equal the actual expenses reflected on their U-M account statement.
“It is important for students to budget for projected expenditures as accurately as possible,” Markarewich explains. “All items such as room and board, tuition, fees and Entree Plus charges must be included in estimates. Students will be responsible for any amount due that is the net of their budgeted amount and the actual charges.
“In addition,” Makarewich notes, “it is imperative that students review their statements monthly to avoid hold credits and penalties. Any amount over the budgeted amount is still subject to a financial hold credit and a late payment penalty.”
The program will be administered by the University Accounting Service (UAS) and the University. UAS will send statements approximately two weeks before each payment due date.
Applications are available from Student Financial Operations, Room 3336, Student Activities Building. There is a $35 non-refundable application fee to defray processing and administrative costs.
For information, call 764-7447, or FAX questions to 747-0061.
