The Monthly Payment Plan Option
Many students and their families are looking for ways to budget their educational costs. Under the Tuition Management Systems (TMS) plan, you can plan for your annual educational expenses in one of the following ways, eliminating the need to make a single large payment prior to each semester:
- Twelve (12) monthly payments beginning March 1st
- Ten (10) monthly payments beginning May 1st
- Eight (8) monthly payments beginning July 1st
And for those families whose students will only by enrolled at the College for one semester, we are able to offer the following plans:
- Four (4) monthly payments beginning July 1st (for first semester charges only)
- Four (4) monthly payments beginning October 1st (for second semester charges only)
This plan will allow you and your family to budget your annual tuition, room, board, and mandatory fees for the upcoming academic year. You may increase or decrease the amount of your payments to reflect changes in the financial aid you are receiving.
A $65.00 annual TMS application fee includes monthly billing statements and automatic life insurance coverage for the borrower. (This insurance names the College of the Holy Cross as the beneficiary and allows the College to be paid the remaining balance on the TMS contract if the borrower dies.)
While paying interest free is the best way to pay your tuition bill, your monthly payment may be too high and you may be considering borrowing. BorrowSmart, a service offered by TMS, can assist you in combining a monthly payment plan with a loan. At the same time, it will allow you to pay your bill with minimal loan debt. To access BorrowSmart, please use the following link: BorrowSmart website.
It’s easy to enroll in the monthly payment plan. You can telephone Tuition Management Systems at 1-888-216-4258 and a representative will assist you. Or, log onto the TMS website at www.afford.com to enroll online.