Understanding University of Minnesota Tuition Due Dates and Payment Options

Navigating the world of tuition payments can be daunting. This article provides a comprehensive guide to understanding tuition due dates, payment options, and potential consequences of late payments at the University of Minnesota.

Key Payment Deadlines and Billing Information

Staying informed about billing and payment due dates is crucial. The Academic Calendar provides a complete list of these dates for each semester. It's essential to remember that if you are enrolled in classes on more than one University of Minnesota campus, you will have separate payments and due dates for each campus. The best and easiest way to determine how much you need to pay and when it is due is by going to the My Finances tab in MyU. There you will see the “Amount Due" and the due date.

Payment Options

The University of Minnesota offers various payment methods to accommodate different student needs:

Online Payments

eCheck: You can transfer funds electronically from your checking or savings account without incurring any additional fees from the University. You will need your bank's routing number and your account number, which can be found at the bottom of a personal check or by contacting your bank. When you have this information, select the “eCheck” option when making your payment.
Credit or Debit Card: You can pay online with a Visa, MasterCard, DISCOVER, or American Express credit or debit card. However, a non-refundable service fee will be applied to each credit or debit card payment. The fee is 2.85% for domestically issued cards and 4.25% for internationally issued cards. This fee is assessed by the vendor contracted by the University to process credit or debit card payments, and the University does not receive any part of it. If you're planning to pay with your debit card, consider using the eCheck option to avoid the service fee.
International Payment: International students can pay their bill online through MyU by choosing "International Payment." The international payment processor, Flywire, is one option offered through the University. It allows you to bypass international transfer fees and potentially access more favorable foreign exchange rates than those offered by banks.

Other Payment Methods

529 Plans: A 529 plan is a tax-advantaged savings plan designed to encourage saving and paying for college costs, including tuition. You have a few 529 payment options available to you: send it to you or the plan owner, who can then make a payment to the student account directly (this is the preferred method); send to the University from the 529 plan via wire transfer (if available through your plan); or send to the University from the 529 plan via check. If your plan requires that funds are sent directly to the University, visit 529 plans for more details.
Scholarship Checks: When submitting scholarship checks, ensure the following information is included for each check: your full legal name, your University ID number (or home address/last 4 digits of your Social Security number if unavailable), the scholarship donor's name, address, and phone number, and a letter from the donor with any scholarship stipulations. If the full scholarship is intended for a particular term, please include it on the donor's letter or the memo section of the check.
U Card: Each time you add a class, cancel a class, or make a purchase with your U Card, a charge or credit is posted to your student account.

Payment Plans

For students who prefer to pay their tuition in installments, the University of Minnesota offers a payment plan.

Eligibility

The payment plan is available during the fall and spring semesters (not in the summer term) to degree-seeking students with an amount due of $300 or greater, after their first billing statement for the term has been issued. Non-degree seeking students must pay in full by the first due date.

Enrollment

Only the student can enroll in a payment plan for their account. The payment plan is campus- and semester-specific, meaning you must enroll each semester you want to use it and separately for each campus if you are enrolled in courses on multiple campuses.

How to Enroll

Log into MyU and select the My Finances tab.
Click the "Enroll for [term]" link under the Payment Plan column.
Click on the campus associated with your charges due.
Review the payment plan details and the agreement.

A $20 charge per semester will be added to your balance upon enrollment. Note that balances or transactions from previous terms are due in full and are ineligible for the payment plan. If your account is charged after the billing date (e.g., bookstore purchase to your student account), your current installment will remain the same.

Consequences of Late Payments

Failing to pay the amount due on your student account by the due date can lead to several consequences:

Late Fee: A $40 late fee will be charged for each billing cycle that your bill is not paid.
Hold on Student Record: A hold will be placed on your student record, preventing you from registering for classes, making charges to your student account (e.g., from the bookstore), and obtaining transcripts or diplomas.
Ineligibility for Financial Aid: You may become ineligible for current or future financial aid.
Registration Cancellation: According to University policy, you must pay in full all past due balances by the fourth payment due date (or the second payment due date for May/summer term) or your future registration will be canceled. Your payment must be received, not postmarked, before the current due date to avoid cancellation of classes. If your registration is canceled for non-payment, you will not be allowed to register again until payment in full has been posted to your student account, and there is no guarantee that the same classes will be available.
Collections: If your payment in full is not received by the third billing due date (or first billing due date for May/summer term), your past-due account will be referred to collections. Seriously delinquent accounts may be referred to the Minnesota Department of Revenue and/or a collection agency, and any charges incurred from this action will be assessed to you. You are responsible for any and all fees necessary for the collection of any amount not paid when due. Past due accounts may be subject to additional charges, including collection fees and collection agency commissions, which can be as high as 40%. Collection could include court action and referral to outside collection agencies. If you pay a past due account with a personal check or e-payment, there could be a 15-business day waiting period before transcripts or diplomas will be released or further registration will be allowed.

Non-Degree Enrollment Late Payment Policy

If you are a non-degree student, you are required to pay your student account balance in full by the University’s first payment date for the current term. If you do not meet this requirement, your registration for the current term may be canceled. If your enrollment is canceled, you must contact One Stop to re-register. Please be aware that there is no guarantee that the same classes will be available.

Payment Arrangements and Avoiding Default

If you are struggling to make payments, it is crucial to contact Student Account Assistance as soon as possible. The University will work with you to set up a payment arrangement, with the timeline being the shortest possible period based on the balance due.

Read also: Affording ECU

Additional Terms

There is no penalty for prepayment. You can pay more than the monthly amount due or pay your bill in full at any time.
If you pay more than the monthly amount due without paying your bill in full, it will not lower next month's payment amount. You can pay more at any time, but will still need to pay the amount due each month.
Once you have a payment arrangement with Student Account Assistance, you must make payments as arranged.

Accounts in Default

If you make payments for less than the agreed upon amount without prior approval, you will be considered in default of your payment arrangement. Default means that you have stopped making monthly payments on time per your agreement with the University. Missing one payment could result in default. Any fees that were waived will be reinstated.

Read also: Withdrawals for College: A Guide

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