This plan divides each semesters' balance into 4 installments. Payment is determined by taking semester charges, subtracting semester financial assistance (not including work study), and dividing the balance by 4. The first payment is required before the start of the semester. A finance charge of 4% will be applied to the unpaid balance. Remaining Fall payments are due in October, November, and December; Spring payments in March, April, and May. There is no application required.