Payment Plans
Nichols College offers a payment plan option for those seeking to budget college costs.
Payment Plan Company
How the Payment Plan Works
Payment Plan Option
Additional Information
Payment Plan Company:
The company that we use to administer the payment plan option is Tuition Management Systems (TMS).
How the Payment Plan Works:
- The student enrolls in TMS (You may enroll online at the website listed above or you may call the toll free number and enroll over the phone).
- For a small annual fee you may budget the balance due for the entire school year into 8,10 or 12 monthly payments that are interest free. (Refer to section Payment Plan options for details and fees.)
- This is NOT a loan. This is a voluntary agreement to make monthly payements. If the payments are not made to TMS then Nichols College does not receive payment either.
- TMS notifies the college of your yearly budgeted amount and the budgeted amount per semester.
- You pay TMS by the first of each month.
- Pay by check
- Pay by automatic checking or savings account withdrawal
- Pay by credit card (Additional fees apply. Refer to section Additional Information.)
- Online payments at the TMS website (Additional fees apply. Refer to section Additional Information.)
- TMS remits the payments to Nichols electronically at the end of each month.
- The statement will reflect
- a monthly payment as it is received by Nichols
- and an Estimated Amount for the balance of the budgeted plan for the given semester.
- TMS account must be in a "current" status at TMS in order for the Estimated TMS Budget to be displayed on the statement
- "Current" status means that the enrollment fee has been paid and the monthly payments are up to date at TMS
Payment Plan Options:
Yearly Plans:
- 12 Month Plan:
- Enrollment Fee of $60
- Plan begins on May 1st of each year and last payment is made on April 1st
- This plan budgets the first 7 payments to the Fall term and the last 5 payments to the Spring term
- 10 Month Plan:
- Enrollment Fee of $60
- Plan begins on July 1st of each year and last payment is made on April 1st
- This plan budgets the first 5 payments to the Fall term and the last 5 payments to the Spring term
- 8 Month Plan:
- Enrollment Fee of $60
- Plan begins on August 1st of each year and last payment is made on March 1st
- This plan budgets the first 4 payments to the Fall term and the last 4 payments to the Spring term
Per Semester Plans:
- Fall Term:
- Enrollment Fee of $45
- Three plans are available:
- Five monthly payment beginning on July 1st
- Four monthly payments beginning on August 1st
- Three monthly payments beginning on September 1st
- Spring Term:
- Enrollment Fee of $45
- Two plans are available:
- Five monthly payment beginning on December 1st
- Four monthly payments beginning on January 1
- Summer Term:
- Enrollment Fee of $45
- Two plans are available:
- Four monthly payment beginning on May 1st
- Three monthly payments beginning on June 1st
Additional Information:
Insurance Coverage: TMS provides at no additional cost a life insurance product which offers a death benefit in the event of the untimely death of the eligible payer. Please contact TMS directly if you wish to have more details regarding this plan.
Additional Fees:
- Late payment Fee: TMS charges a late payment fee of $30 for each payment not received in full by the first of the month. TMS does use a received date and not a postmarked date for the late payment fee. This is referred to as a "Service Fee" on the TMS statement.
- Returned Check Fee: The fee for a returned check is $25.
- Online Payment Fee: A fee of $5 is charged per online payment
- Credit Card Convenience Fee: A 2% to 3.5% tiered convenience fee (based on monthly payment amount) is charged per credit card payment.
- Reinstatement Fee: If the TMS account is canceled by the enrollee or terminated by TMS for delinquent payments and the enrollee requests the account to be re-opened there is a $30 fee.
- Any questions or concerns regarding the fees should be directed to TMS.
Disclaimer:
The information listed on this page is intended as an overview of the Tuition Management Systems payment plan. All TMS policies are not listed on this site. Please contact TMS directly for a full disclosures of all fees and policies.
Link to Tuition Manangement systems term of use page: https://www.afford.com/PlanEnrollment/TermsOfUse.aspx.