Tuition Assistance / Financial Aid
The preferred method for capturing and presenting Tuition Assistance is on the contract. However, there are a few potential issues with this:
Tuition Assistance awarded weeks or month after the contract is issued and signed
Tuition Assistance that is awarded on a per parent basis rather than on a per Student basis, particularly within the context of split households.
Options Based on Different Processes
Tuition Assistance on a per student basis & awards are made prior to contract issuing.
If the Tuition Assistance is awarded on a per student basis prior to the contract being sent out, the easiest way to apply financial aid is to use the built in fields to display the award on the contract. The payment plans will calculate off the net balance after the award.
Tuition Assistance on a per student basis & awards are made after contract issuing.
If the Tuition Assistance is awarded after contracts are generally issued, there are several options available. Which option you choose depends on your school’s process and timeline.
Option 1: Use an intent to enroll form and issue the contract once Tuition Assistance has been awarded.
Option 2: Issue the contract, have the parent/guardian sign, and then re-issue an updated contract once the award has been made. This process works well as long as the awards are made and the contracts are due back prior to the start of any payment plans. The downside is having the parent go through the contract process twice, especially with multiple signatures. However, the contract will save previously submitted answers so generally it should be quicker to sign. It may increase the need to follow-up with parents if they don’t realize they need to resign the updated agreement.
Option 3: Manually apply the award to the parent’s billing account. The award will not be reflected on the contract.
Tuition Assistance on a Per Parent Basis
In the case of split households, if you apply awards on a per parent basis, then the award amount should not be applied to the contract. This is the scenario where multiple parents have split financial responsibility for a student and tuition assistance is granted to one parent or granted at differing levels to each parent.
The only option in this case is to manually apply the award to the parent’s billing account. The award will not be reflected on the contract.