Many Schools Offer Deferred Payment Plans for Working Adults
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- Learn what a deferred payment plan is, and how to qualify
Many schools provide deferred payment programs to accommodate those students that have corporate reimbursement. What this means is that the school will defer the amount of tuition covered under your Company's tuition assistance program until the end of the term (plus a period of time to allow you to submit your documentation for reimbursement).
You should ask the schools that you are considering attending whether or not they offer this type of program.
Generally speaking, a deferred payment program covers the portion of your tuition that is corporate-sponsored. For example, if your company covers 50% of your educational expenses, then a university's deferred payment program will allow you to defer paying 50% of your tuition until two weeks after the end of the term. Most companies require transcripts in order to reimburse for your tuition, and most schools will grant you a two week "grace period" from the release of your grades until payment is due on the corporate sponsored portion of your tuition.
In order to qualify for this benefit, you need proof of reimbursement from your corporation, which usually comes in the form of a written letter from the human resources department. Check with your HR department to see if the company has a standard letter regarding corporate reimbursement.