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PAYMENT PLANS

Lehigh University offers diverse payment plans for undergraduate and graduate students, aimed at easing tuition and fee payments. These plans include four payments per semester for undergraduates and options for graduate students, catering to different financial needs. The undergraduate plan generates over $100,000 annually, benefiting 24% of students, while 11% of part-time students utilize the deferred option, contributing over $30,000 per year. However, challenges like late applications and financial aid processing times raise concerns about their efficiency.

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PAYMENT PLANS

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  1. PAYMENT PLANS A Source of Revenue Or A Source of Aggravation

  2. Lehigh University General InfoUndergraduate 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 • 1st of July, Aug, Sept, & Oct for fall • 1st 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 1st week of June (Nov) • Application & 1st payment due July 1st (Dec 1st) • Semester bill mailed by July 10th (Dec 10th) • Includes advance credit for 3 installments and charge for 2nd installment • 3rd installment billed Aug due Sept (billed Jan due Feb) • 4th installment billed Sept due Oct (billed Feb due March)

  5. Correspondence • Letter • Instructions • FAQ’s • 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 1st Class (Indicia)

  6. 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

  7. TTVDCAT – Detail Category Code Validation • Create category “INS” for installment related detail codes

  8. TSADETC – set up Detail codes • E1CR – advanced credit • Debit “Temporary/Future” Receivable • Credit Accts Receivable Unapplied Pymt • E1IN – installment charge • Debit Accts Receivable • Credit “Temporary/Future” Receivable • E1AF – application fee • Debit Accts Receivable • Credit Revenue

  9. 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 1st installment is “effective” • Payments = # of payments in the plan • Pay Period = # days between “effective” dates for installments

  10. Raymond applies • Expenses for semester = $19,330 • Scholarships = $5,000 • Payment Plan Amount = $14,330 • 4 Monthly Payments = $3,582.50

  11. Special Challenges • Turnaround time between receipt of application and generation of semester bill • Late applications • Haven’t received Financial Aid Package • Increased volume of checks to process • Extra phone calls: • “Is this a bill?” • “You’re charging me twice!”

  12. Lehigh University General InfoGraduate 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

  13. 2 Options • “3” Payment Plan • $20 fee • 40% due before classes start, 30% by Oct 1st (Mar 1st), 30% by Nov 1st (Apr 1st) • Deferment Payment Plan • $50 fee • 100% of Current Semester • Must have employer reimbursement benefit plan

  14. 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

  15. Special Challenges • Student withdrawal during 1st Semester • Student not obtaining necessary grade to be reimbursed by employer • Deferment due after start of following semester (or graduation)

  16. A Source of Revenue or Aggravation ? BOTH !

  17. Reasons for an In-House Program • Ultimately a payment problem is ours to resolve • Tool to attempt to “standardize” solution • Positive relations with the more affluent • Earn a little revenue

  18. Future Enhancements? • Installment # designated in description • Customized preprinted application form for each student (or on-demand) • On-line, interactive application form

  19. Questions • Michael King mjk4@lehigh.edu • Bruce Charles bdc5@lehigh.edu Lehigh University Office of the Bursar 27 Memorial Drive West Bethlehem, PA 18015 (610) 758-3160

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