Students at more of Georgia’s public colleges and universities will be able to spread out their tuition and fee payments under expanded installment plans available in the fall.
The University System of Georgia began using the installment system as a pilot program at Georgia Tech three years ago. Since then, the program was expanded to Georgia State in January and about 20 other schools within the system. The University of Georgia and other state institutions will implement programs in the fall, system officials reported this week during a monthly meeting of the state Board of Regents.
Under the installment plans, students pay a set amount of expenses before a semester begins, another portion a few weeks later and a final payment usually midway through the semester. The installment plan does not affect a student’s eligibility for financial aid, and any financial aid is applied to balances first.
Installment plans have become a national trend in higher education as schools look to help make college more affordable and keep more students enrolled. For students, the installment plan offers them a way to pay for college without accruing additional debt, and allows for more time to pay rising college expenses not covered by financial aid.
The majority of the University System’s 30 institutions offer the installment plan through a private company, while the larger research institutions — Georgia Tech, Georgia State, and eventually UGA — operate their own plans. Combined, about 15,800 students participate in the programs. The average amount funded has ranged from $2,114 for smaller schools using the privately managed payment plan to $4,600 at Georgia Tech.
Over the past five years, the average published in-state tuition and fees at Georgia's four-year public colleges and universities has increased 46 percent, according to data from the College Board. This is the second-largest increase of any state, second only to Louisiana, where the increase was 54 percent, the data show.
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