Payment plans let your students pay off their invoiced charges in installments. Here's how they work:
- You create a payment plan, specifying items such as cost, late fees, and payment schedule.
- You then add the payment plan...
- To a student account—this covers all of a student's invoices
- To individual invoices—this covers eligible charges on a particular invoice
- Their amount due (on their financial dashboard) reflects the next installment of the payment schedule
- If the plan has a separate fee, or if the student accrues any late fees, you invoice those separately
Creating a Payment Plan
Go to Billing > Settings > Payment Plans. Click Add Payment Plan. First you'll fill out the plan's basic Info...
- Give the Plan a name.
- Optional: Does going on a Payment Plan impose an additional Cost on the student? Select a Flat Fee or Percent of Amount Due; this will be added on top of the student's other invoiced charges.
- Optional: Do you want to charge an optional late fee when the student misses a payment deadline? Late fees must also be invoiced separately.
- Optional: Enter a minimum amount for this Plan; invoices under this amount won't qualify for this Plan.
- Do you wish to exclude financial aid from this Payment Plan's calculations?
- If checked, the Payment Plan will ignore the student's financial aid (either pending or disbursed) when it breaks out the invoice into payments.
- If unchecked, the Plan will factor in the student's financial aid (either pending or disbursed) when it breaks out the invoice into payments.
- To be very clear: Days refers to Calendar Days, NOT business days!
Next, set up the Payment Schedule.
- Choose whether to break out the payments by charge type. If you don't, all eligible charges will be lumped together in each installment. If you do, each charge type can have a different schedule.
- Next, fill in the information for each individual Payment:
- Enter the days or dates (depending on what schedule type you chose in Step 7, above) for the installment due dates
- Then enter the amount required for each payment.
- Continue to add payments until you're finished.
- Finally, enter a due date in the Balance Due field.
Applying payment plans
You can add payment plans to individual students
Just go to their Financial By Term screen. This method automatically calculates a Plan's optional items (cost, late fee, min. amount) and subjects all the student's eligible invoiced charges to the Plan's terms.
When one of the Plan's costs or late fees is triggered, it lists as a pending charge (so you can edit it, if necessary, before invoicing the student for it).
You can also add them to individual invoices
Find the invoice; it might be in a table or on a student's financial view. This method leaves out a Plan's optional items—since the charges are already invoiced, the optional items would have to be included in a separate invoice.
On the invoice's page, click Apply Payment Plan, select from the available Plans, and save.