Iowa State’s new 12-month payment plan will make footing the bill a little easier next fall.

“We’re trying to make paying for college expenses more affordable,” said Joan Thompson, university treasurer.

Because of this new plan, students are allowed to make 12 monthly payments to the university between May 15 and April 15 of the following year. The plan will also include an optional pre-payment for textbooks at the University Book Store.

All students are eligible for the plan. Applicants must fill out an application and a planned budget, along with a $30 application fee.

“Students will be receiving fliers in the mail,” Thompson said. If students are interested in the plan, they will be asked to fill out the information, which includes their estimated tuition costs for the 1998-99 fall and spring semesters.

The application, first monthly payment and $30 fee will be due on May 15.

The only form of payment available for the 12-month payment plan is by automatic deduction from a designated bank account.

“This means that if your budget says you need $2,400 out of your pocket [for university charges] after loans and scholarships, you would divide that amount by twelve,” Thompson said. “Then, $200 a month would automatically go from your checking to the university.”

For many students paying all their college costs the 12-month payment plan is a blessing.

“I think this is a great idea for students paying their own way,” said Stephanie Inns, sophomore in fashion design. “As an out-of-state student I’m paying twice as much for tuition. It’s nice to have another option.”

Items that students would budget into the payment plan would include university charges such as tuition, room and board and other charges billed by the receivables office.

The application includes an estimated academic cost for Iowa residents and out-of-state students to help students get an idea of projected expenses. These estimated costs are $7,460 for Iowa residents and $13,738 for out-of-state students, and they include tuition, fees, room and board, textbooks and supplies.

Students may also budget in textbooks and other educational supplies at the University Book Store with the 12-month plan.

At the time of purchase, Thompson said, students will tell the cashier they have the 12-month plan. The cashier will then access the students’ budgeted funds and give them credit.

If students go over budget, they must find another means to cover the charges. Thompson said only students with the 12-month plan will be able to use the textbook service.

“Since this is the first year [for the plan], we’re trying to find the things we didn’t anticipate would happen,” Thompson said.

Students will be allowed to cancel the plan at anytime, and if the plan is canceled, semester charges must be paid by the due date. Students will also have to re-apply for the plan each year in order to re-budget finances.