Tuition payment plans offered by nearly 450 institutions allow college students to break up their tuition into interest-free installments, but may be risky, the Consumer Financial Protection Bureau (CFPB) said in a recent report.
Tuition repayment plans may seem like a good way to spread out the cost of a college education, but they may come with big risks for students, a new Consumer Financial Protection Bureau report warned. Tuition payment plans offered by nearly 450 institutions allow college students to break up their tuition into interest-free installments, but they may put students at increased risk of accumulating debt, the CFPB said in the report.
The extra fees colleges and universities charge for using the monthly installment plans can cause students to rack up a significant amount of debt. Some students face annual percentage rates as high as 237% when the borrowed amount is low and the enrollment fee is high, the CFPB said.
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