Payment Plans Overview
SchoolAdmin supports an extremely flexible payment plan system that can be customized to suit your school's needs.
Payment plans include the following options:
Multiple plan options, from 1 to 12 payments
Payment schedule with variable % due on each payment.
Fees associate with payment plan selection
Customized descriptions and confirmation checkbox
Payment plan availability based on business rules
Payment Plan Fees
The associated fees can be calculated as a flat fee, a percentage, or combination of both.
The percentage can be based on any combination of fees & deposit.
Payment plan fees can be included in the deposit amount due itemization. An example is collecting a TRP fee at the same time as the deposit.
The payment plan can also be assessed either on the pre-deposit or post-deposit amount.
1.5% payment plan fee for monthly payment option.
1.5% payment plan fee for monthly payments + $200 Tuition Refund Plan Option.
International students only have pay in full option, domestic students have multiple payment plan options.
Payment Plan Schedules
The payment schedule allows you to display the due date and the amount due for each payment. The due date can be entered in any format. For example, it could be mm/dd/yyyy like 9/1/2019 or could be full text like September 1st, 2019. The amount due is expressed in a form of a percentage. Each payment can be a different percentage due. This allows schools to configure a larger balloon payment prior to the school year with the remainder spread over the future payments. The percentage can be can calculated from the Net Tuition or pre-deposit Gross Tuition. For schools using our Billing Module, payment plans are always calculated from the Net Tuition.
IMPORTANT: Payment Plan Schedules vary depending on your schools setup. Some schools handle billing through a third party such as FACTS, whereas some schools use the SchoolAdmin Billing Module. Please refer to the links below that match your current setup.
Payment Plan Business Rules
Each payment plan can be shown or hidden based on business rules that are driven by data on the student's contact record. For example, if international students are not eligible for payment plans, a business rule can be created so international student's contracts do not show payment plan options, as shown below.
Managing Payment Plans and Schedules
Click here to learn how to setup payment plans and schedules if you are not setup with SchoolAdmin Billing.
Click here to learn how to setup payment plans and schedules if you are using SchoolAdmin Billing.