From: Boord, Peggy (pboord@ju.edu)
Date: Mon May 07 2001 - 11:22:23 EDT
At Jacksonville University (approximately 500 adult students) we have a
deferred payment option. We do require a credit card authorization, a
letter from the student's employer explaining their plan and verifying that
the student is eligible under the plan, and the student completes a tuition
payment form which serves as a promissory note stating that we will charge
their credit card if payment is not made by the due date. We also charge a
$50 per L fee (maximum of $150 per semester). If a student's credit card is
declined, we remove that payment option for them for future terms. We found
it necessary to implement these policies because we were experiencing an
unacceptable delinquency rate. We worked with our enrollment staff to
communicate these policies to students and we were very successful.
We don't have this issue with traditional undergraduates, so our policies
are directed to our adult students.
The downside to this is the manual effort that is required to track these
students and the associated paperwork. We are currently working with our IT
Department to help automate holds and tracking. We have been very
successful in eliminating our delinquency.
Our payment options and policies can be found on our website;
www.ju.edu/administration/controller/adultdegree.html
Peggy L. Boord
Controller
Jacksonville University
-----Original Message-----
From: Stephen G. Schissler [mailto:schissle@admin.xu.edu]
Sent: Friday, May 04, 2001 5:47 PM
To: bursar-l@virginia.edu
Subject: Re: Company Deferment
Cathy,
We also struggle with a very similar payment plan here at Xavier
University. Our plan does not require payment until about 30 days after a
term ends but we charge interest (1% per month) the whole semester instead
of a fee. Our reasoning is that those students deferring a larger balance
will pay a larger fee.
Short of eliminating this plan (our leading idea but our enrollment people
have a stroke at just the thought), we have tried to come up with ways to
minimize the delinquency but are still searching the bushes for a solution.
We did install an additional late fee of $50 per month once they miss the
payment due date which helped a little but we still have a significant
delinquency problem.
The idea of capturing a credit card number is intriguing but I would be
worried about going over credit limits, closed accounts, etc. I'm
interested in other answers you may get, especially if someone is using
your idea. We also considered requiring papers from employers but our two
biggest employers balked at that idea. Let me know what you find out.
Steve
At 02:06 PM 5/4/01 -0400, you wrote:
>We currently offer deferment of tuition to student's who provide us with a
>letter from their company, specifying the company's reimbursement policy.
>We also require them to complete a Deferred Tuition Agreement (prom note)
>and pay a $35.00 fee.
>
>Due to the default percentages that have occurred in the past, there is
talk
>of requiring students to supply credit card information when they complete
>the prom note. This would only be used in the event that a student
defaults
>on their payment. Currently we allow an additional 30 days after the end
of
>the semester for students to pay this deferred tuition.
>
>Can anyone please share their college's policy on company deferments, any
>problems you've had, and any solutions you've discovered that work.
>
>Thanks!
>
>Cathy J. McCue
>Bursar
>Iona College
>715 North Avenue
>New Rochelle, NY 10801
>(914) 633-2125
>
> <<McCue, Cathy.vcf>>
>
>Attachment Converted: "c:\eudora\attach\McCue, Cathy5.vcf"
>
*********************************************************
Stephen G. Schissler, Bursar Office: 513-745-4834
Xavier University Fax: 513-745-2926
3800 Victory Parkway schissle@admin.xu.edu
Cincinnati, Oh 45207-3181
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