Foreign Students

From: Moy, Edward W (emoy@bu.edu)
Date: Thu Jan 02 2003 - 11:59:27 EST

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    I have been asked to gather some information on payment policies for foreign students at other colleges and universities. We are trying to find payment methods that are good for the student and also protects the financial interests of the University.

    1. What is the main method of payment by foreign students at your institution?

    2. Do you require a letter of credit from a foreign student prior to the payment deadline?

    3. Do you require foreign students to pay in U.S. dollars and if not, what do you charge those who pay in foreign currency?

    4. Do you require foreign students to sign a promissory note or a payment agreement? If so, under what circumstances do you require this to be done?

    5. What verification do you require when a third party is responsible to pay for a foreign student?

    6. Do you require foreign students to deposit a semester's or academic years' payment in an escrow account to be drawn down upon and applied to their student account by the payment deadline? What do you see as the advantages and disadvantages in doing this?

    7. Do you make institutional loans to foreign students?

    8. What countries' students cause payment problems?

    9. What is your most effective method in collecting past due foreign student accounts?

    Thank you for your help and resonses on this matter.

    Ed

    Edward Moy
    Manager, Collection Dept.
    Boston University
    881 Commonwealth Ave.
    Boston, MA 02215

    Telelphone: 617-353-4100
    Fax: 617-353-2047
    E:Mail: emoy@bu.edu

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