Let students spread their tuition amount across predictable installments.
A TIP allows students to defer upfront tuition and spread payments into fixed installments. Students can begin learning without having to pay the full tuition upfront, with payments completed over a fixed number of months.
Let's use an example student journey to illustrate how Tuition Installment Plans work in practice.
Abby is a prospective student who is able to pay for school, but needs some flexibility to do so given she is also making monthly car payments.
She signs up for a Tuition Installment Plan, which her school offers through Leif.
Under her TIP, Abby is able to spread her tuition amount over the duration of her program.
Abby's program costs $9,000 and runs for 3 months. Instead of having to pay the full $9,000 upfront, she is able to split her tuition payments across 12 monthly installments of $750.
3 months later, Abby has completed her program (with 3 monthly installments paid).
Abby still has 9 more months to pay off her remaining TIP balance and she continues to make payments after program completion.
12 months after Abby's program began, she has paid off her tuition amount and her TIP obligation is fulfilled!
Students know how much they owe from the beginning. No fees for missed payments or prepayment.
Tuition flexibility allows students to learn and pay in a manner that works for their financial situation, whatever that may be.
Know how much to expect from student payments and see these returns in real-time. Unlike outcomes-aligned products, schools don't have to wait until program completion to receive student payments.
Expand program reach and help set students up for success by removing upfront, financial barriers.