It would be beneficial to provide students with a self-service payment plan calculator within the student portal. This tool would allow students to enter their current account balance and automatically generate projected payment plan options based on available plan terms.
Similar to the ADP Paycheck Calculator, which helps users estimate their earnings by accounting for factors such as hours worked, tax withholdings, and deductions, this tool would provide students with a clear understanding of their expected payment obligations. Instead of using payroll information, the calculator would use the student's account balance and selected payment plan parameters to estimate installment amounts and payment schedules.
Providing this resource would increase transparency, help students make informed financial decisions, reduce confusion regarding payment plan options, and potentially decrease the volume of payment-related inquiries received by Student Accounts staff.