Monthly Payment Plan
The Monthly Payment Plan (MPP) allows students to pay their annual education expenses monthly, without interest, over the course of an academic year

Eligibility
To be eligible for the Monthly Payment Plan, students must be registered for at least six credits per semester and be in good standing financially.

Enrollment
To enroll in the MPP, students must complete and sign a Monthly Payment Plan Application and Agreement. The application must be submitted to the Office of Student Financial Services with the application fee no later than July 31. The number of monthly payments will vary based on when the application is received.

The application includes a worksheet to determine the student's annual (two-semester) education costs and the amount needed to budget in equal monthly payments. Only annual charges billed by RMU (tuition, room, board and fees) may be budgeted. Budgeting is not permitted on a semester basis.

To enroll on the RMU website, simply log in to Sentry Secured Services, click on eServices and go to the Financial Summary page. There will be a link to the Monthly Payment Plan.

Payment Schedule
Upon receipt of the application and application fee, the University will establish the student's account and invoice monthly for the payments. Depending on the date the application was received, the total amount budgeted is payable in ten, nine or eight equal installments. Payments will be due by the date listed on each invoice, beginning in June, July or August prior to the academic year for which costs are budgeted.

Renewal
The MPP does not automatically renew from one school year to the next. Students must submit a new MPP application and application fee for each academic school year.

Charges and Fees
There are no interest fees or finance charges assessed with the MPP. The only cost associated with the plan is a nonrefundable $50 annual application fee to cover administrative expenses.

A $10 late fee will be charged for any monthly payment received after the due date. A $25 fee will be assessed for checks returned for any reason.

Failure to Pay
In the event that a plan participant fails to pay any installment within 15 days of the due date, enrollment in the plan will be terminated. If any default in making the payment exists, the University reserves the right to assess collection costs, employ a collection agency, list the account with a credit reporting agency and/or use any other legal means to collect the debt and assess against the student all expenses incurred, including without limitation, reasonable attorney's fees.

Example
A student receives an invoice for the fall semester with charges totaling $10,000 and has been awarded a Pell Grant of $800, a Perkins Loan of $1,000, a PHEAA Grant of $1,650 and a Federal Subsidized Loan for $1,272. This leaves a balance due of $5,278. This amount is doubled to reflect the charges for the academic year (fall and spring), or $10,556. This annual balance is payable in 10 monthly payments of $1,055.60 each.

The student elects to participate in the Monthly Payment Plan, and submits an MPP application with the $50 application fee by May 31. The student then pays equal monthly installments of $1,055.60 due by the 15th of each month.