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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. The bursar’s office collects your college payments. Ken Butler shares with us how this process works.

The bursar’s office is also known as the cashier’s office. It works in conjunction with the admissions, registrar’s, and financial aid offices to make sure that your college account is up-to-date and that payments are accurately credited. The bursar’s office collects tuition and enrollment fees as well as room and board charges and health services fees

You may become a frequent visitor at the bursar’s office, because this is where you’ll pay for student activities and your student union fees or receive your financial aid refund checks.

Tuition due dates vary from school to school. At some schools, payments may be due two business days after registration, while at others, it could be two weeks after registration. But, regardless of when the payments are due, it’s likely that your fall semester tuition bill will arrive during the month of July and your spring tuition bill will arrive in early December. Once you have your bill, your next decision will be how to pay it.

Some families may pay in full using a check, a home equity line of credit or by obtaining federal or private student loans. If the school allows it, other families may want to spread the tuition payments over a period of months by choosing a tuition-installment plan.

An attractive feature of tuition-installment plans is that they’re typically interest free. So, there’s no loan, no debt, no credit search and no finance charge on any unpaid balance. There is usually an enrollment fee each term to participate in a tuition payment plan and it’s usually non-refundable.

Some schools may require a tuition down payment with the balance paid monthly or quarterly. However, be aware that if payment conditions aren’t met, the student’s registration can be canceled and the student may not be allowed to continue with classes. If tuition and fees will be paid by a third party or outside agency, you must provide a copy of the payment authorization to the bursar’s office at the time you register.

Students who receive financial aid, such as loans, grants and scholarships, will have funds directly applied to their account through the bursar’s office. However, if you have a Federal Work-Study award, the full amount of the award will not be available when you pay your tuition and fees at the beginning of the term. Work-Study funds must be earned, and the school will pay the student based on how many hours are worked. These earnings may be credited directly to your account. After your tuition, fees and any room and board charges are paid, remaining financial aid funds will be given to you for living expenses, again, by the bursar’s office.

Another way to pay for school is with an on-campus job. Some schools will allow you to have your earnings credited to your account, like Work-Study, which can be a creative way to help pay your bill. Many students and parents pay for tuition using more than one option.

Finally, if you add or drop classes, notify the registrar in writing of all changes. Then, make sure that your student financial records reflect the correct charges or credits to your account. Remember, you only want to pay for classes you’re actually taking.

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific financial situation, consult your financial advisor or the financial aid office of your school.