I've had three children attend college at three different institutions and the practices for collecting funds has differed greatly at each of them. A lot depends on the academic calendar of the institution you're working with, and also the payment plan you have worked out. Some schools allow you to pay in installments, which works just like any other payment plan.

The general idea is either the tuition and other charges are divided evenly by the number of academic units the student is enrolled each year. For example, if your child is attending a school on the semester system, the cost will be divided in half and billed at the beginning of each semester. If the student is on the quarter system, the bill will be divided into thirds and assessed at the beginning of each quarter. Some schools also have monthly payment plans, as mentioned above.