August 11, 2006
For Immediate Release
For an interview:
Bernell Hofheins
(801) 863-8292
For more info:
http://uvsc.edu/collections/payment/
http://www.uvsc.edu/busoffice/payment_options.html
UVSC Helps Students Manage Tuition through Short-term Loans
Utah Valley State College offers a variety of tuition-payment options to help students manage the cost of education, including the short-term tuition payment plan for students enrolled in fall and spring semester courses. The payment plan, similar to a short-term loan, allows students extended time to pay their tuition in full, while remaining enrolled in classes beyond the tuition payment deadline.
The short-term payment plan is just one of UVSC’s tuition payment alternatives after the College recently withdrew the option to pay with Visa credit cards, a change that will save the College more than $500,000 annually. Administrators hope the change will also help students save money in the long run. In a 2004 study by Nellie Mae, a leading provider of federal loans for students, found that the average undergraduate had four credit cards and $2,169 in credit card debt, in addition to student loans. Additionally, in their June 2006 report, the American Council on Education (ACE) found that 55 percent of students who charged tuition to a credit card carried a balance from month to month, versus 38 percent of students who did not charge tuition.
The ACE report states, “This may reflect greater financial savvy among the latter group [those who did not charge tuition], as there are several lower-cost options for paying tuition, including student loans and tuition payment plans.” (www.acenet.edu)
“We want to make it as easy as possible for students to attend school,” said Bernell Hofheins, director of business affairs in the business office. “Easing the burden of debt will help make college a better experience for them.”
Eligible students must be enrolled as a regular student at UVSC without prior default on a previous short-term payment plan or outstanding debts or bad checks. If the student is under 18 they must have a credit-worthy co-signer. Applications must be submitted prior to UVSC’s tuition payment deadline.
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College Marketing Contact:
Megan Laurie
(801) 863-7149
Written by:
Kim Chapman
(801) 863-7011
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