Presentation on theme: "1 PAYMENT PLANS A Source of Revenue Or A Source of Aggravation."— Presentation transcript:
1 PAYMENT PLANS A Source of Revenue Or A Source of Aggravation
2 Lehigh University General Info Undergraduate Students # of Undergraduate Students –4,619 Full-time – 60 Part-time Cost of Attendance = $42,190 per year (or $21,095 per semester) 51% receive University-funded aid 69% receive aid from some source 68% live on-campus
3 UG Payment Plan Features Must re-apply each semester 4 Payments per semester –1 st of July, Aug, Sept, & Oct for fall –1 st of Dec, Jan, Feb, & March for spring $45 Fee per semester Allowable expenses: Tuition, academic fees, room & board (including greek charges), and debit card Must be netted against any financial aid
4 Payment Plan Cycle Application mailed 1 st week of June (Nov) Application & 1 st payment due July 1 st (Dec 1 st ) Semester bill mailed by July 10 th (Dec 10 th ) –Includes advance credit for 3 installments and charge for 2 nd installment 3 rd installment billed Aug due Sept (billed Jan due Feb) 4 th installment billed Sept due Oct (billed Feb due March)
5 Correspondence Letter Instructions FAQs Application Form: 2 part carbonless Meal Plan Changes Form Form to add Debit Card dollars Return envelope (different color) Enclosed in 9 x 12 envelope Mailed using presort 1 st Class (Indicia)
9 Outcome 24 % UG students participate Generates over $100,000 per year in fees Gives another payment option –Alternative for parents to manage cash flow –Another tool for problem situations Get 50% payments before classes start Written plan for financing semester costs
15 TSAISTC – Installment Plan Code Control Form Create code for semester (for example: E1) –Plan Detail Code = advance credit –Principal Detail Code = installment charge –Service Charge Detail Code = fee –Amount = default amount of fee per plan –Term = default semester plan will post to –First Due = date 1 st installment is effective –Payments = # of payments in the plan –Pay Period = # days between effective dates for installments
20 Special Challenges Turnaround time between receipt of application and generation of semester bill Late applications –Havent received Financial Aid Package Increased volume of checks to process Extra phone calls: –Is this a bill? –Youre charging me twice!
21 Lehigh University General Info Graduate Students # of Graduate Students – 971 Full-time – 1,098 Part-time Cost of Tuition = $510 to $970 per credit 65% Grad Tuition paid via Awards/Grants 7% Grad Tuition paid by Employer/Govt 9% Grad Tuition paid by Payment Plans Permitted to pay via Credit Card
22 2 Options 3 Payment Plan –$20 fee –40% due before classes start, 30% by Oct 1 st (Mar 1 st ), 30% by Nov 1 st (Apr 1 st ) Deferment Payment Plan –$50 fee –100% of Current Semester –Must have employer reimbursement benefit plan
26 Outcome 5% of Full-time students participate in Payment Plan (3 Payments) 11% of Part-time students participate in Deferred Payment Plan Generates over $30,000 per year Puts part-time students in the classroom that might not otherwise attend
27 Special Challenges Student withdrawal during 1 st Semester Student not obtaining necessary grade to be reimbursed by employer Deferment due after start of following semester (or graduation)
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