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Plan Basics:
The plan is set up to pay the remainder balance due on the account after charges and financial aid or any other payments are applied to the account. Any time you have new charges, your plan installment amounts will go up. Any time you have payments or other credits, your installment amounts will go down.
Plan Details:
- 4 month semester payment plan with optional down payment at time of signup.
- Fall term payment due dates: Aug 10, Sep 10, Oct 10, Nov 10
- Spring term payment due dates: Jan 10, Feb 10, Mar 10, Apr 10
- $30 enrollment fee per semester
- $5 late enrollment fee if plan begins after 8/9 in the fall or 1/9 in the spring.
- $20 fee for returned check due to insufficient funds and $5 fee for payment reversal if incorrect account number is provided.
- If enrolling late, all missed installments are required at the time of signup.
- Late fees of 1.25% accrue on the student account for any unpaid portion of the monthly installment due if not paid by the due date. Plans will terminate after 2 unpaid installments. This financing option is extended as a courtesy by Smith College to our families. This courtesy may not be extended to a student in a future semester should a current plan terminate for non-payment.
- Plan is available by semester only. Tuition, fees and any applicable aid are applied per semester so a plan must be set up each semester.
One Payment Plan per Student per Semester:
- A student can only have one payment plan per semester.
- This can either be set up by the student or by an authorized user.
- Any authorized user can make payment/s on a plan that the student has set up.
- A student cannot make payments on a plan set up by an authorized user due to confidentiality.
- If a student has 2 parents who would each like to pay separately on a plan, it is suggested that the student sign up for the plan herself and then give access to each parent as an authorized user.
- Each parent will pay his or her agreed upon portion of the plan each month.
- Each authorized user’s banking information is confidential and only he or she will be able to see and access this information when making payment.
Automatic Recalculation of Installment Payments:
- TouchNet is directly linked into our Banner system and reflects real-time activity on a student account.
- Payment plan monthly installments will automatically recalculate to reflect any changes in comprehensive fees, financial aid or other miscellaneous fees or payments.
- Recalculation is set to occur each night.
- It is suggested that you set up a Payment Plan as the last step in your plan to resolve the semester balance due.
- First, ensure that all requirements for financial aid, including grant aid and loans, have been met and are reflected on the student account as paid or pending.
- If a plan is set up before all aid is reflected on the student account, the first installment may be much larger than the remainder installments which will be recalculated when the aid is credited.
- If a change occurs within 8 days of an upcoming installment due date, recalculation locks in the upcoming installment amount and will only spread the change over any remaining payments.
- A notification of the change in monthly installments will be sent to the plan holder when recalculation occurs.
- A recalculation due to a change in both the comprehensive fee and a student’s financial aid package will require 5-7 business days to process the change. During this time, the student’s payment plan will be set to NOT recalculate until the process is complete.
529 Plans and a Smith College Payment Plan
- To take full advantage of the Smith College Payment Plan as offered, a student and/or holder of the 529 Plan must request one 529 Plan payment per semester.
- To prevent late fees from assessing to the account, this payment should be received by Smith early enough to allow for a student, or an authorized user to sign up for a Smith Payment Plan for any remainder balance by the due date listed on the bill.
- Direct monthly payments from the 529 Plan are treated as outside aid and reduce all remaining Smith College payment plan installments equally instead of paying off the next installment in full. Late fees may be incurred in this scenario.
How to set up a Payment Plan:
- Please visit the Student Financial Services page on the Smith website and review the instructional videos on how to make a payment, enroll in a payment plan, etc, or:
- Log in to TouchNet, click on Payment Plans on the menu bar.
- Click on Enroll Now
- Select the appropriate term and click "GO"
- Select a plan and click "Select"
- Review Payment Plan enrollment information and if ok, click "Continue"
- Review Eligible Charges and Credits, enter a down payment amount if you would like.
- Click "Display Payment Schedule" and review displayed schedule. Go back and add in or change the down payment if you would like and click on "Recalculate Payment Schedule" again.
- Choose whether you would like to Set up Automatic Payments and click Continue.
- Choose a payment method and click "Select"
- Review the Payment Plan Agreement. If you agree, Click "I Agree" and then Click Continue.
- Review the Terms and Conditions of the Payment and if you agree, Click "I agree to the above terms and conditions" and the Click "Continue"
- A payment receipt will be displayed for you.
A Plan Can Be Canceled:
You must contact Student Financial Services to cancel your plan. You are responsible for any balance due after the plan has been canceled.
Many families use parent loans to help finance
the cost of a Smith Education. We encourage you to do your own research into finding
the best loan for your family. Please read the information on our PLUS Loan page
by clicking on the link below.
PLUS
(Federal Parent Loan to Undergraduates)
Alternative
Student Loans are non-federal educational loans in the student's name, offered through
private lenders. Smith College recommends that students first explore all federal loan options before considering non-federal alternative loans. Please note also that we highly recommend that you speak with a financial aid counselor before taking out an alternative student loan. Please contact our office to make an appointment, or come in during our published drop-in hours.
You are able to apply for a loan from any lender that offers private education loans. Private lenders do check your credit history to see if you qualify for a loan. In many cases a co-borrower may be required to qualify for a loan and may help lower your cost of borrowing. Interest rates, fees, and qualifications vary, so be sure to review the details of information provided by the lender.
Smith College does not maintain a recommended lender list. However, we do provide a comprehensive list of lenders that Smith College students have used for the past three years. Smith College has not reviewed the terms and conditions of the loans offered by these lenders and does not endorse any one of them.
The Prepaid Stabilization Plan (PSP) allows you to prepay a student's remaining semesters of tuition or tuition and room and board at the current rates, saving you the annual rate increases. The student must have a minimum of four semesters remaining at Smith to take advantage of the PSP. Financial aid recipients are not eligible for the PSP.
Smith College is a participating member of the Private College 529 Plan. This program allows you to prepay tuition today and use it for future tuition charges. Please refer to the Private College 529 Plan website for a full plan overview.
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Plan Basics:
The plan is set up to pay the remainder balance due on the account after charges and financial aid or any other payments are applied to the account. Any time you have new charges, your plan installment amounts will go up. Any time you have payments or other credits, your installment amounts will go down.
Plan Details:
- 4 month semester payment plan with optional down payment at time of signup.
- Fall term payment due dates: Aug 10, Sep 10, Oct 10, Nov 10
Spring term payment due dates: Jan 10, Feb 10, Mar 10, Apr 10
- $30 enrollment fee per semester
- $5 late enrollment fee if plan begins after 8/9 in the fall or 1/9 in the spring.
- $20 fee for returned check due to insufficient funds and $5 fee for payment reversal if incorrect account number is provided.
- If enrolling late, all missed installments are required at the time of signup.
- Late fees of 1.25% accrue on the student account for any unpaid portion of the monthly installment due if not paid by the due date. Plans will terminate after 2 unpaid installments. This financing option is extended as a courtesy by Smith College to our families. This courtesy may not be extended to a student in a future semester should a current plan terminate for non-payment.
- Plan is available by semester only. Tuition, fees and any applicable aid are applied per semester so a plan must be set up each semester.
One Payment Plan per Student per Semester:
- A student can only have one payment plan per semester.
- This can either be set up by the student or by an authorized user.
- Any authorized user can make payment/s on a plan that the student has set up.
- A student cannot make payments on a plan set up by an authorized user due to confidentiality.
- If a student has 2 parents who would each like to pay separately on a plan, it is suggested that the student sign up for the plan herself and then give access to each parent as an authorized user.
- Each parent will pay his or her agreed upon portion of the plan each month.
- Each authorized user’s banking information is confidential and only he or she will be able to see and access this information when making payment.
Automatic Recalculation of Installment Payments:
- TouchNet is directly linked into our Banner system and reflects real-time activity on a student account.
- Payment plan monthly installments will automatically recalculate to reflect any changes in comprehensive fees, financial aid or other miscellaneous fees or payments.
- Recalculation is set to occur each night.
- It is suggested that you set up a Payment Plan as the last step in your plan to resolve the semester balance due.
- First, ensure that all requirements for financial aid, including grant aid and loans, have been met and are reflected on the student account as paid or pending.
- If a plan is set up before all aid is reflected on the student account, the first installment may be much larger than the remainder installments which will be recalculated when the aid is credited.
- If a change occurs within 8 days of an upcoming installment due date, recalculation locks in the upcoming installment amount and will only spread the change over any remaining payments.
- A notification of the change in monthly installments will be sent to the plan holder when recalculation occurs.
- A recalculation due to a change in both the comprehensive fee and a student’s financial aid package will require 5-7 business days to process the change. During this time, the student’s payment plan will be set to NOT recalculate until the process is complete.
529 Plans and a Smith College Payment Plan
- To take full advantage of the Smith College Payment Plan as offered, a student and/or holder of the 529 Plan must request one 529 Plan payment per semester.
- To prevent late fees from assessing to the account, this payment should be received by Smith early enough to allow for a student, or an authorized user to sign up for a Smith Payment Plan for any remainder balance by the due date listed on the bill.
- Direct monthly payments from the 529 Plan are treated as outside aid and reduce all remaining Smith College payment plan installments equally instead of paying off the next installment in full. Late fees may be incurred in this scenario.
How to set up a Payment Plan:
- Please visit the Student Financial Services page on the Smith website http://www.smith.edu/finaid/ and review the instructional videos on how to make a payment, enroll in a payment plan, etc, or:
- Log in to TouchNet, click on Payment Plans on the menu bar.
- Click on Enroll Now
- Select the appropriate term and click "GO"
- Select a plan and click "Select"
- Review Payment Plan enrollment information and if ok, click "Continue"
- Review Eligible Charges and Credits, enter a down payment amount if you would like.
- Click "Display Payment Schedule" and review displayed schedule. Go back and add in or change the down payment if you would like and click on "Recalculate Payment Schedule" again.
- Choose whether you would like to Set up Automatic Payments and click Continue.
- Choose a payment method and click "Select"
- Review the Payment Plan Agreement. If you agree, Click "I Agree" and then Click Continue.
- Review the Terms and Conditions of the Payment and if you agree, Click "I agree to the above terms and conditions" and the Click "Continue"
- A payment receipt will be displayed for you.
A Plan Can Be Canceled:
You must contact Student Financial Services to cancel your plan. You are responsible for any balance due after the plan has been canceled.
Independent students are eligible to borrow
additional Federal Unsubsidized Loans to cover qualified educational expenses. The
maximum amount of Federal Unsubsidized Loan per year is $6,000 for first and second
year students, and $7,000 for third and fourth year students. (Your year is determined
by the number of credits you have remaining to graduate.) This maximum amount includes
any amount you may have been already awarded.
Complete this Ada
Budget Sheet and submit to SFS to apply.
Alternative
Student Loans are non-federal educational loans in the student's name, offered through
private lenders. Smith College recommends that students first explore all federal loan options before exploring non-federal alternative loans. Please note also that we highly recommend that you speak with a financial aid counselor before taking out an alternative student loan. Please contact our office to make an appointment, or come in during our published drop-in hours.
You are able to apply for a loan from any lender that offers private education loans. Private lenders do check your credit history to see if you qualify for a loan. In many cases a co-borrower may be required to qualify for a loan and may help lower your cost of borrowing. Interest rates, fees, and qualifications vary, so be sure to review the details of information provided by the lender.
Smith College does not maintain a recommended lender list. However, we do provide a comprehensive list of lenders that Smith College students have used for the past three years. Smith College has not reviewed the terms and conditions of the loans offered by these lenders and does not endorse any one of them.
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