A student has two main options when getting their education and that is to take out a loan or to enter into a Tuition Contract. The Tuition Contract is a contract which takes effect as soon as the first course is taken, this is the only time where you are legally bound by the tuition company.
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The student will have to sign the Tuition Contract when they complete their course and they agree to pay for the full term of the course. It can be a matter of days or even months. If they wish to stop paying then they have to get permission from the company themselves, usually, this is done through a student representative.
It is a good idea to start looking for a tuition company well before the first day of the full term. This is because when you do your research ahead of time you are assured of knowing what it is you are paying for and this could be very helpful. You should never go with the first company you come across because they could easily push you into a contract you cannot afford.
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Several companies advertise Tuition Contracts. These usually consist of several courses with fixed prices, each course will come with a fixed amount of money and the tuition fees vary between providers. There is usually a one-off payment and once this has been paid there is no further repayment, so they will essentially be a free deposit for the whole of the course.
Other companies only provide Tuition Contracts and they might have many courses to choose from. In these cases, you can choose between paying the first few months in advance and then completing your payment in order and paying a smaller lump sum once the course has finished.
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Some companies will charge extra for late-payments and it is possible that if you miss a single payment then they could end up charging you for the next and final month. The main advantage of the Tuition Contract is that it eliminates the need for students to worry about finding money every month.
However, there are some disadvantages to using a Tuition Contract. There may be extra fees imposed if there is no course or if the course comes at a later date. This could be for course fees, equipment or even for a certain number of credit hours that you can use on a course.
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It is also possible that the tuition contract may not be valid if the course you were originally going to take gets moved forward. In this case, you could have a date fixed for your graduation and could pay your tuition later. It is best to take your time to get a full understanding of the rules and regulations surrounding Tuition Contracts before signing up.
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