According to the student loan servicer Nelnet, only one in five students uses a payment plan to help fund higher education. So, what other options are available? Consider the following:
Loans can be useful, but explore federal grants, scholarships and work-study programs first. While these might not cover everything, they can reduce the amount you have to take out in student loans, which accrue interest.
Lastly, you’ll want to evaluate your federal loan options before considering private student loans. That’s because federal student loans offer more protections and benefits than private student loans.
Overall, tuition payment plans can save you money on loan interest and they provide peace of mind in that you know you’re tackling your tuition in real time. But even with all the benefits of a monthly payment plan, you’ll still need to analyze your finances to know if this is the right move for you or if it’s even available at your school of choice.
University of Phoenix does not offer tuition payment plans, but it is committed to helping students save money with scholarships, generous transfer credit policies, alternative credit options, fixed tuition and more. Explore all the ways you can save!