Skidmore College Installment Plan: Detailed Information

The Skidmore College Installment Plan (SCIP) is designed to offer a low-cost, flexible way to pay for basic college costs in equal monthly installments. Instead of the traditional large payments due prior to each semester, SCIP allows you to budget these payments over a period of up to 10 months.  The only cost associated with the plan is an annual application fee of $65 or $90, depending upon your enrollment date.

HOW DOES SCIP WORK?

All full-time students anticipating fees for a full academic year (Fall and Spring semester) may enroll in SCIP.  There are no credit pre-qualifications; however, the Bursar’s Office reserves the right to refuse any application based on an unsatisfactory prior payment history.  You may include all or part of your anticipated payments to the College including but not limited to tuition, room, board, and fees, less deposits and financial aid (net of lender fees for loans) in monthly installments.  However, SCIP does not cover books, travel expenses, off-campus living expenses, or any other personal expenses.  Payments are due on the fifteenth of each month, with the final payment due by February 15, 2008.

HOW TO ENROLL

The worksheet that can be found at hudson2.skidmore.edu/administration/finserv/bursar/scip/calculator.php is designed to help you calculate your personal budget.  The minimum amount you may budget for an academic year is $2,000 (as low as $200 per month).  Any amount that you choose to not include in the plan must be paid to the College according to the College’s regular semester due dates (August 1 for Fall and December 15 for Spring).  The application that can be found at hudson2.skidmore.edu/administration/finserv/bursar/scip/application.pdf should be printed, completed, and signed by the person who is financially responsible for the student’s expenses.  Please mail the completed application with the application fee and initial payment (per the enrollment schedule below) to the following address:

Bursar's Office
Starbuck Center
Skidmore College
815 North Broadway
Saratoga Springs, NY  12866

The deadline for enrolling in SCIP is July 15, 2007.  Upon receipt and approval of your application, along with your application fee and initial payment, a verification letter and a coupon booklet for your remaining SCIP payments will be sent to you.  Please refer to the section titled ‘E-mail Monthly Payment Reminders’ below to learn how to easily subscribe to have payment reminders e-mailed to you each month.  Checks should be made payable to Skidmore College, and should be accompanied by a payment coupon to ensure that your account is properly credited.

PAYMENT COUPON BOOKLETS

Upon successful enrollment in SCIP you will be sent a booklet containing payment coupons beginning with a coupon for your second installment payment (due June 15 for those who enroll in SCIP by May 15). Each payment coupon in the booklet will display the student name, account #, installment payment #, payment due date, and payment amount. Each month you will be required to remit a payment coupon along with your installment payment. If your payment coupon booklet becomes misplaced you may request a new booklet by contacting the Bursar's Office at (518) 580-5830. Need a reminder each month? Please see details below regarding how to subscribe to receive automatic e-mail payment reminders each month!

AUTOMATIC CHECKING OR SAVINGS ACCOUNT PAYMENTS

Monthly payments made easy!  Skidmore College offers the ability to make SCIP monthly payments automatically through our Direct Debit option.  You may authorize Skidmore College to debit your checking or savings account for your monthly payment amount on or about the 15th of each month.  Simply complete the authorization that appears on the application found at hudson2.skidmore.edu/administration/finserv/bursar/scip/application.pdf, and attach a separate cancelled check or deposit slip (must include account number and bank routing number).  The College will automatically debit your checking or savings account beginning with your second SCIP installment.  Since payment is automatic, you will not receive a payment coupon booklet.  A record of each direct debit transaction will appear on your bank statement, which will serve as your receipt.

First Withdrawal Date:  The first direct debit payment will be withdrawn from your checking or savings account on or about the the15th of the month of your second installment (June 15 for those who enroll in SCIP by May 15).  A record of each direct debit transaction will appear on your regular bank statement.

Placing a Stop Payment:  You have the right to stop payment by notifying your bank three days before the checking or savings account is directly debited.  You may terminate this authorization by providing Skidmore College written notification.

Canceling the Direct Debit:  This authorization is to remain in effect until the 2007-08 SCIP period ends, or is canceled by the participant in writing at least five business days prior to the direct debit date.

Returned Payments:  Monthly payments returned by your bank for insufficient funds may be subject to penalties from your bank.  The College will charge a $20 insufficient funds fee (the same fee charged for returned checks) for each returned payment, to offset fees incurred by the College.

E-MAIL MONTHLY PAYMENT REMINDERS

By enrolling in SCIP, you will receive a coupon booklet if you haven’t chosen the Direct Debit option.  To also subscribe to receive e-mail payment reminders on or about the 5th day of each month, simply check the subscription box that appears on the application found at hudson2.skidmore.edu/administration/finserv/bursar/scip/application.pdf and PRINT your complete e-mail address.  To unsubscribe at any time, you may call (518) 580-5830. 

NO LIFE INSURANCE

SCIP is designed as a budget payment service only.  Life insurance benefits are not included in this plan.  We encourage you to review your life insurance needs for educational funding with your life insurance advisor.

LATE PAYMENTS AND CANCELLATIONS

Payments received late may be assessed a late payment fee of $10 or 1.5% of the overdue amount, whichever is greater.  The College reserves the right to cancel a participant's enrollment in the plan if they are two or more payments in arrears.  A participant whose enrollment is cancelled because of delinquency will be prohibited from future participation in the plan.  Participants may voluntarily withdraw from the plan as long as the student's account is current for the semester.

REFUNDS

If a student does not attend Skidmore or subsequently withdraws, transfers, or takes an approved leave of absence, all SCIP payments will be handled in accordance with the College's refund policy as published in the College Catalog. 

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