Administrators to decide on tuition payment plan by Oct. 15
Working hard to alleviate the financial burden tuition incurs upon students, Associated Students of Utah State University have worked closely with Vice President for Administrative Services Fred Hunsaker to provide additional financial support through an alternative tuition payment plan.
“This is the perfect example of ASUSU working with the administrators to develop something that will really benefit everyone,” Hunsaker said.
ASUSU requested administration look into creating an extended tuition payment plan for several legitimate reasons, including the “real need to recruit and retain students who find that the lump sum is overly burdensome,” Hunsaker said.
“This is a tremendous deal for students to get a loan to go to school interest free,” President Kermit L. Hall said.
“The intent of this plan is to provide an additional source of support to students. This plan closely parallels [student’s] income with payment for tuition,” Hunsaker said.
Noting many students were finding it necessary to drop out of school for a semester to earn and save money to make tuition payments, the extended payment plan is designed in such a way students can pay tuition in either five or 10 equal monthly installments.
The plan is revenue neutral to the university so USU will continue to earn interest for student scholarships.
“This will be operated by Utah State University for Utah State University students,” said Vice President for Student Services Pat Terrell. “USU will be following up on all collection issues.”
Terrell said the fact the plan is operated in-house is a very important component to the plan.
“By handling it internally, we can keep it revenue-neutral,” Hunsaker said.
He said this could not be done if a third party were involved with the payment plans.
Students on the plan will be required to sign a promissory note guaranteeing repayment to the university. The university will ensure all classes will be held for students on the plan.
Participating students will also be required to pay a $50 fee to cover costs of operating the program, including debt write-offs.
The final payment will come due when course work is finished. Students who fail to meet payments will not receive a grade.
The extended payment plan will become available “just as fast as we can get it up and running,” Hunsaker said.
Hunsaker hopes to have the plan in effect for Spring Semester 2002, but recognizes due to paper work and other compounding factors, the extended payment plan might not be implemented until Fall Semester 2002.
President of ASUSU Steve Palmer agreed the only roadblock he foresees to the implementation of the extended payment program is all the paperwork involved.
“That’s a process we don’t want to cut corners on,” Palmer said.
“We need to get out and get it marketed in a hurry here,” Hunsaker said when announcing the extended payment plan.
“The key is going to be getting some activity going to get this thing started. The secret is to get the word out and get some understanding.”
Palmer said he is looking forward to implementing the payment program.
“I’m hopeful that it will take place next semester. I know administration is hopeful it will be in place for next semester. We’ll be doing everything in our power to ensure this takes place [soon],” Palmer said. “I know administration is committed and they’re working their hardest to get this thing done.”
Administrators will know on Oct. 15 whether or not the extended tuition payment plan will be implemented spring of 2002 or if it will have to wait until fall.