If you would like to pay the amount due on your student account in installments, you can enroll in the payment plan. The payment plan is available when all the following are true:
- It is fall or spring semester (there is no payment plan in summer term)
- You are a degree-seeking student (non-degree seeking students must pay in full by the first due date)
- Your amount due is $300 or greater
A $20 charge per semester will be added to your balance when you enroll. Note that only you can enroll in a payment plan for your account, even if someone else is making the payments.
The payment plan is campus- and semester-specific. That means you will need to enroll in the payment plan each semester you would like to use it. If you are enrolled in courses on more than one University of Minnesota campus and wish to have the payment plan for both bills, you’ll need to enroll in the payment plan separately for each campus.
How to enroll in a payment plan
You can enroll in the payment plan through the My Finances tab on MyU.
- 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.
- Review the agreement. If you agree, toggle the button to “Yes,” and then click the Submit button.
- View the confirmation that you have enrolled in the payment plan for the semester and campus selected.
- Note that if you have charges due on another U of M campus, you may have the option to enroll in a payment plan for those charges.
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How installments are calculated
The payment plan covers the first three due dates of each of the fall and spring semesters. The installment amount is a percentage of your term account balance as of each billing date. Generally, the payment plan is three equal installments:
- The first installment is 33% of the total due on the first billing statement.
- The second installment is 50% of the total due on the second billing statement.
- The third installment is 100% percent of the total due on the third billing statement.
Credits or charges after the billing date
If your total amount due changes after you enroll in the payment plan (due to enrollment changes or bookstore charges, for example), it will affect your installment amount.
If your account is credited after the billing date (e.g., financial aid received, partial payment), that amount will be paid toward the current installment amount and your amount due will be reduced.
If your account is charged after the billing date (e.g., bookstore purchase to your student account), your current installment will remain the same. The new charges will be added to your total amount due and factored into the remaining installments.
Balances from previous terms
Balances or transactions from previous terms are due in full and are ineligible for the payment plan. This amount will be paid at the same time as your first installment of the payment plan for the current term
How much to pay
The best way to determine how much you need to pay is by going to the My Finances tab on MyU. The balance due must be received by the due date to keep your account current. If you do not pay the full amount due by the due date, you will be charged a late payment fee and a hold will be placed on your record.