Does your school offer online payment plans? College tuition is a significant expense for many students and families. Fortunately, offering a tuition plan can make this financial obligation more manageable. Encouraging adoption of an online tuition payment plan can bring both peace of mind to your students and also reduce the number of delinquent payments your school office deals with each year. You may be introducing online tuition payments for the first time, or adding payment plans to your existing online payment options. Either way, consider these tips to increase your participation rates:
Facilitate Financial Literacy – Provide your students with a cost comparison of student loans vs. a payment plan. Students may initially gravitate towards loans that need no repayment until after graduation. Unfortunately, the reality is that the accumulating interest on student loans will prove much more expensive in the long run. An interest-free payment plan has the power to break down a tuition bill into smaller, more manageable expenses. Thus, payment plans will save students money in the long run.
Communicate to Students Early – and to their Families – Don’t wait until the tuition statement is in the mail to introduce the concept of your school’s online payment plan. Providing this information at orientation – when the student’s parents are often present – is a way to bring families into the decision making process. It also allows them time to review their choices. Consider other times when you will interact with students in a face-to-face or one-on-one setting. These are the key times when you have the student’s attention. This is a stellar opportunity to make yourself available to answer questions and receive feedback.
Offer Customization – Plans with increased flexibility and customization are by far the most widely adopted by students. A plan tailored to a student’s specific situation allows that individual to feel more “in control” of their financial situation. Your school administration should offer several varying payment plan options or offer to customize plans upon request. This allows you to present yourself as an advocate for your student. Show that you willing to work with them and their unique circumstances. Additionally, when a student chooses an online tuition payment plan that fit their needs, they are much more likely to make on-time payments.
Use Ready-Made Promotional Materials – CompuWerx offers ready-made informational and promotional materials that can be printed, emailed, or posted online by your school. Instead of putting your staff to work promoting your online payment system, let us do the work for you! We offer brief, simple “how-to” videos for students to set up or log into an online tuition account for the first time. No one will sign up for a service they are not aware of, or one that appears intimidating. Thus, be sure to promote your easy-to-use online payment plans to increase awareness and ultimately enrollment.
Embrace Technology – Ease of access 24/7 from any device is a powerful selling point, particularly for this generation of students. A modern online tuition plan is crucial in today’s technological environment. Offering automatic withdrawals or recurring credit/debit card payments is just one easy way to simplify the payment experience for your students while reaping the benefit of on-time payments.
