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Setting Up a Payment Plan in IBOD

if a student is not able or does not wish to pay the account balance in full by the payment deadline for the term, s/he may set up a payment plan. A payment plan divides the balance due on the student account into monthly installments. A payment plan may be set up by either the student, or an authorized user. A payment plan may be set up only for the current term, and cannot be set up after the payment deadline. No interest is charged, but a $30 setup fee is charged at the time the payment plan is set up. In addition, there is a late charge of $25 for each installment not paid by the due date.

Students and authorized users may set up a payment plan in IBOD. There is only one payment plan available for each term, including the summer term. The payment plan automatically covers the entire balance due for the term. If the student account balance changes because one or more classes are added or dropped, or if other charges are incurred, then the payment plan balance will adjust accordingly.

Students and authorized users have the option of scheduling payments to permit installments to be paid directly from a credit card or bank account on each due date. In order to use this option, a payment method must be created and saved in IBOD.

At the time a payment plan is set up, the student or authorized user has the ability to print a copy of the installment contract. This contract includes the estimated amount of each installment. However, it is important to note that the amount of the installments given in the contract is based on the student account balance at the time the payment plan is set up. If the student adds or drops classes, or incurs other charges, the balance of the payment plan will change accordingly and the amount of the installments will change. E-mail notification will be sent whenever there is a change in the installment amounts due to a change in the payment plan balance.

Payments received on a student account are applied to the earliest installments remaining unpaid in the payment plan. If financial aid is received after the payment plan is set up, the first installment(s) may be completely paid. It is important not to forget the remaining installment(s)!