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. Whether you are introducing online tuition payments for the first time, or adding a payment plan to your existing online payment options, 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. Although students may initially be attracted to loans that need no repayment until after graduation, the truth is that the accumulating interest on their debt will prove much more expensive in the long run. An interest-free payment plan can break down a tuition bill into smaller, more manageable expenses and 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 while allowing them enough time to review their choices. Consider other times when you will interact with students in a face to face or even one on one setting. These are the key times when you have the student’s attention and are 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. Whether your school administration offers several varying payment plan options or customizes plans upon request, you portray yourself as an advocate for your student – willing to work with them and their unique circumstances. Additionally, an online tuition payment plan chosen by the student to fit their needs is much more likely to be paid on-time each month.
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 also offer brief, simple “how-to” videos for students who are setting up or logging into an online tuition account for the first time. No one will sign up for a service they are not aware of or appears intimidating, so 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.
Easy and convenient online tuition plan will help your school meet the needs of your students! These tips will help you increase participation so that both your students and school office administration benefit.