RE: 3rd party monthly payment plans

Abilene Christian University contracts our tuition payment plan to SallieMae. They
provide daily updates to our system regarding student payments. They also remit the
funds to us daily. There is no float.

Gary D. West
Director of Student Financial Services
Abilene Christian University
 
Phone 800.460.6228
Fax 325.674.2963
 
-----Original Message-----
From: bursar-l-bounces@list.mail.Virginia.EDU
[mailto:bursar-l-bounces@list.mail.Virginia.EDU] On Behalf Of Karla Talavera
Sent: Thursday, October 20, 2005 1:37 PM
To: 'Linda Anderson'; bursar-l@virginia.edu
Subject: RE: 3rd party monthly payment plans

Please respond to the list.

Also, I assume that payment to the institution is made as the money is
collected?? I am being told by my financial aid staff that there are
companies out there that front the money?? Does anyone know a company that
will do that?

Thanks

Karla Talavera
Controller
California Institute of the Arts

-----Original Message-----
From: bursar-l-bounces@list.mail.Virginia.EDU
[mailto:bursar-l-bounces@list.mail.Virginia.EDU] On Behalf Of Linda Anderson
Sent: 10/20/2005 9:15 AM
To: bursar-l@virginia.edu
Subject: 3rd party monthly payment plans

All

For those of you who have contracted with a third party to provide your
students with monthly payment plans, how long does the 3rd party retain the
funds before sending them to your institution? Typically I have seen 28
days as the normal float. Please respond if you have these types of
arrangements with external companies. Thanks very much

Linda Anderson
Director of Enrollment Services
Carnegie Mellon University
Received on Thu Oct 20 16:00:50 2005