Monthly Payment Plan FAQ
Q. When do I need to submit the Monthly Payment Plan Participation form?
Participation Plan forms need to be submitted online to the Student Financial Services office by July 14th to be processed for the first billing cycle on the 15th of July. A $50 administrative fee is charged to your first billing to be part of the budget plan. The payments are due on the first of the month from August to May.
Q. How do I know how much to pay each month?
An e-billing notification is sent every month. The bills are available approximately the 15th of each month and are due the first of the subsequent month.
Q. How is the billing calculated?
The Participation Plan form information is used as the basis for the anticipated charges for the academic year. The total of those charges, less any anticipated financial aid awards, is divided by ten months to determine the Scheduled Monthly Payment amount.
Q. How are financial aid awards applied to the plan?
RIT will automatically apply all anticipated financial aid as reflected on the award letter with the exception of Federal Work Study. Any additions or deletions to the financial aid package will result in the monthly payment amount to be decreased or increased on the subsequent billing statement.
Q. How are the loans applied to the calculations?
Anticipated proceeds from the Perkins loan, Federal Direct Subsidized and Federal Direct Unsubsidized loans, are reflected in the initial calculations if included in the aid package from the Office of Financial Aid and Scholarships.
Q. What about the Federal Plus Loan or alternative loans?
Anticipated proceeds from the Federal Plus (Parent Loan) are included if reflected in the Financial Aid award letter. If the Plus Loan is not part of the original award letter, the amount will not be deducted initially, but will be applied to the remaining monthly payments once the loan approval has been received by RIT.
Q. Are the Federal Work- Study earnings also deducted?
No, Federal Work-Study earnings are not applied against annual charges when calculating the Scheduled Monthly Payment due. If the student works on campus, he/she receives a paycheck. The student may apply the paycheck to their student account to pay toward tuition at the Student Financial Services Office or he/she may use the paycheck for their own expenses.
Q. How can I complete the participation plan form when I don't have my financial aid award letter yet?
You don't need to know the financial aid award amount to complete the participation plan form. When the first billing is processed, any financial aid that has been offered by the Office of Financial Aid and Scholarships will be applied to the Monthly Payment Plan calculations. If you are awarded financial aid at a later date the aid will be applied to the remaining balance and future monthly payments reduced by that amount.
Q. What happens if other anticipated charges change, i.e., quarters of attendance, room rent , or board plans?
The Scheduled Monthly Payment plan amount may be adjusted up or down to reflect changes from the originally anticipated annual charges which were used in determining the monthly amount due.
Q. What happens if the payment is not received by the 1st of the month?
There is a five day grace period after the 1st of the month. A late fee of $25 is assessed if the FULL payment is not received by the 6th of the month. The Institute may cancel the Monthly Payment Plan for those students whose payments are past due for more than sixty days. The student will be liable for all unpaid charges through the end of the quarter in which the plan was cancelled. The student may also be subject to RIT collection procedures.
Q. Are there any penalties if I want to discontinue the Monthly Payment Plan?
No, if you opt for the quarterly billing cycle after beginning the Monthly Payment Plan, you need to notify the Student Financial Services office of your intention in writing. There are no cancellation fees.
Q. How do I know what my housing option will be for the upcoming year?
You can refer to your housing contract to see the type of dorm room or the name of the apartment complex and apartment type to which you have been assigned.
Q. Am I choosing my housing and meal plan by completing this application?
No, you will still need to sign the housing contract (which includes your choice for a meal plan) and return it to RIT. By completing this application you are indicting to our office your plans for the academic year. If there are any changes to your plans please contact the Student Financial Services Office so that the adjustments are made timely and reflected on your billing statement.
Q. My student is not coming until winter quarter. Can I start the payment plan at that time?
No, the payments are budgeted for the ten months of August 1st through May 1st, regardless of the quarters the student is attending. If you sign up for the Monthly Payment Plan you will be putting money in the account in August to pay toward winter costs.
Q. My student is here fall quarter but will be on co-op for winter. Will I have to make payments while the student is not attending classes?
Yes, the payment plan is based on whichever quarters are itemized on the Monthly Payment Plan Participation form. The cost is then divided by the ten months of the plan.
