Pre-Collection for Effective Tuition Management
As the gap between available financial aid and tuition grows, students and schools find themselves struggling with tuition management. Over the past five years, tuition has increased by an average of 3.8% a year while financial aid has decreased by an average of 0.3%, leaving a total funding gap 4.1%. With this growing gap, traditional tuition management and collection strategies need to be revisited. OnPlanU’s pre-collection system allows colleges and universities to engage a student early in the collection cycle. If the student has a shortfall in financial aid after the traditional tuition payment plan registration period, the OnPlanU system can enable business office staff to set up a short-term tuition payment plan for the student. The pre-collection product allows schools to place delinquent accounts into the system to actively engage the student to repay their tuition. Colleges and universities have seen a 20% reduction in collection costs with OnPlanU’s pre-collect product.
OnPlanU’s CTO, David King, along with Linda Combs from James Madison University, will be presenting at the 37th National Student Loans Receivables Collection Conference, sponsored by The Professional Development Group, December 4 – 7 in New Orleans, Louisiana.