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MONTHLY PAYMENT PLAN
Monthly Payment Plan
The Monthly Payment Plan (MPP) allows students to pay their annual education expenses monthly, without interest, over the course of an academic year.
To be eligible for the Monthly Payment Plan, students must be in good standing financially.
To enroll in the MPP, students must be registered for the fall semester and plan to enroll in the spring semester.
The application is submitted electronically through Sentry Secured Services by clicking on the MPP button on the Financial Summary page. All applications must be submitted with the application fee no later than August 15. The number of monthly payments will vary based on when the application is received.
|Application Received By
Only annual charges billed by RMU (tuition, room, board and fees) may be budgeted. Budgeting is not permitted on a semester basis.
Upon receipt of the application and application fee, the University will establish the student's budget and invoice monthly for the payments. Depending on the date the application was received, the total amount budgeted is payable in ten, nine or eight equal installments. Payments will be due by the date listed on each invoice, beginning in July, August or September prior to the academic year for which costs are budgeted.
The MPP does not automatically renew from one school year to the next. Students must submit a new MPP application and application fee for each academic school year.
Charges and Fees
There are no interest fees or finance charges assessed with the MPP. The only cost associated with the plan is a nonrefundable $50 annual application fee to cover administrative expenses.
A $25 late fee will be charged for any monthly payment received after the due date. A $25 fee will be assessed for checks returned for any reason. Accounts not paid in full by the plan ending date will be assessed a late fee of 1.25% per month.
Failure to Pay
In the event that a plan participant fails to pay any installment within 15 days of the due date, enrollment in the plan will be terminated. If any default in making the payment exists, the University reserves the right to assess collection costs, employ a collection agency, list the account with a credit reporting agency and/or use any other legal means to collect the debt and assess against the student all expenses incurred, including without limitation, reasonable attorney's fees.
A student receives an invoice for the fall semester with charges totaling $10,000 and has been awarded a Pell Grant of $800, a Perkins Loan of $1,000, a PHEAA Grant of $1,650 and a Federal Subsidized Loan for $1,272. This leaves a balance due of $5,278. This amount is doubled to reflect the charges for the academic year (fall and spring), or $10,556. This annual balance is payable in 10 monthly payments of $1,055.60 each.
The student elects to participate in the Monthly Payment Plan, and submits an MPP application with the $50 application fee by June 15. The student then pays equal monthly installments of $1,055.60 due by the 1st of each month.