Re: 3rd party monthly payment plans

Karla,

I would be careful with the ones that front the money. I have a family
from IL this year that went that route. A Dr. set-up sometime of
memorial fund for his 1st wife that he was paying student tuition with
and then they were to pay him back in monthly installments. The Dr.
passed away and the 2nd wife tied up all of the assets. We never
received the money, nor has the family been sent back the money that
they paid in. They have a mess to deal with.

Jeane Olson
Bursar
Macalester College

Karla Talavera wrote:

>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 16:02:43 2005