Costs, Billing, and Payment Plans
College costs are typically broken down into two categories - direct costs and indirect costs.
Direct costs are those for which students will be billed directly by the Accounting Office. These include tuition, fees, room and board. The Beloit College health insurance plan is also a direct cost for those students who are required (i.e. - international students), or choose, to purchase the plan.
Indirect costs refer to those expenses that students incur by attending college, but which are not billed directly to their account. Indirect costs include travel, books, supplies and other miscellaneous personal expenses which can vary considerably from individual to individual.
When calculating the cost of attendance and determining a family's financial need, the College takes into consideration both direct costs and and an estimate of indirect costs.
Costs for the 2015-16 Academic Year
|Student Activity Fee||$ 280|
|Meals (full meal plan-required the first year)||$3,400|
Total Direct Costs
|Health Insurance-domestic students (estimate)*||$1,502|
|Books and Supplies (estimate)||$1,000|
|Personal Expenses (estimate)||$1,300|
|Total Indirect Costs
* all international students must purchase the College's health insurance plan; domestic students may opt out with proof of comparable coverage
Direct costs of tuition, fees, room and board are billed by semester. The Accounting Office will send billing statements home at least one month prior to the beginning of each semester to provide adequate time for families to make payment arrangements. With written permission from the student and custodial parent, the College will provide duplicate billing statements to non-custodial parents, trusts, or other interested third-parties.
Semester Billing Date Payment Due Date
Fall 2015 June 26, 2015 August 14, 2015
Spring 2016 November 20, 2015 January 4, 2016
The statement will include charges for tuition, fees, room, and board; as well as credits for any financial aid, including grants, scholarships, student loans, and/or parent(s) loans. Please note, there will be a $160.00 late payment fee for accounts paid after the due date.
If you have questions about the account statement or wish to discuss payment arrangements, please direct your inquiries to Sharon or Jenny in the Accounting Office.
For students and parents wishing to pay on a monthly basis, the College endorses the use of Tuition Management Systems (T.M.S.) as our third-party payment plan option. If you wish to make monthly payments you can do so through the T.M.S. website, or by phone at (888)572-8985. The payment plan runs up to twelve months, from May through April.
Additionally, the College now offers “one time” payment options through T.M.S. The “one-time” pay-in-full option allows you to make your education payment using a credit card (MasterCard, Visa, Discover or American Express) or automatic bank account deduction. Please be aware that a convenience fee between 2% and 3.5% of the amount charged will be added to each credit card transaction, while a $5.00 flat fee will be added to each automatic bank account deduction payment. If you would like to make an online payment for your balance due, simply go to the T.M.S. website, www.afford.com/beloit, and click on the “pay-in-full” link to complete the transaction.