Payment Plans

Summary

Payment Plans are used to help students manage their school finances over time with scheduled installments, instead of paying their full balance owed all at once.

Menu Location

For Creating Payment Plan Template: 

For Applying Payment Plan to Student Account:

Features

1. Create multiple Payment Plan Templates for each Cohort.
2. Add Payment Plan to Student Account,
3. Adjust installment dates and payment amounts for individual students.
4. Log notes for each change to Payment Plans on a Student Account

Important things to note: 

• The current amount a student owes (for a specific fee) at the time a payment plan is applied, will be included in the overall payment plan amount. The payment plan amount at the time of creation remains the same throughout the life of the plan. 
• Discounts added after a payment plan has been applied will be subtracted from the last installment of the plan.
• When editing a payment plan, you can use the 'Calculations' dropdown to see the original plan amount, and the adjusted plan details. 

How To

First, create a Payment Plan Template: 

1

Go to  Payment Plans Page: Staff Menu > Finances > Payment Plans

2

Click  'Create New', then name your plan and add installment dates and allocate payment percentages. (You can update these details on each student's finance page later if needed.) 

*Note: You can create multiple payment plan templates. (Example: 2 installments of 50%, and 4 installments of 25%)

Then apply a Payment Plan to a Student:

1

From the Student Finance Page click 'Finance Actions '  >  'Add Payment Plan'

2

Select which Payment Plan Template you want to apply.

3

Optional: After applying, you can make any adjustments to installment dates and payment amounts.

4

Add a note and save.