Mention the word “Combo” and visions of some sort of fast food , depending on who you are either the earliest incarnation of burgers, fries and a soft drink, or the more recent evolution of build your own Healthy Combo, come to mind.
Instead of the salads, apple slices and bottled water that are now options in the Fast Food World let’s take a look at another Healthy Combo Plan that has persisted for over 25 years, one that can provide significant savings and debt reduction that you should consider offering to your students and families and can be as simple as combining a Monthly Payment Plan with aid and/or other payment options.
So how can you help your students and families order up a Healthy Combo for Tuition Payment?
Awareness of all the options is key. Many families operate under the impression that the use of a single solution like a payment plan or loan is an all or nothing approach, in which they either have to use a payment plan to pay the entire amount they owe or use a loan and borrow the full amount to satisfy their outstanding balance. The combination strategy helps students and families understand that they can use grants, scholarships as well as payment plans and a loan together to create an affordable payment solution.
What comes next is providing the family a simple framework to fill in the blanks.
Build from the bottom up and deliver the lowest cost Combo for their unique situation!
Counsel students and families that wish to avoid unnecessary loan debt to use any primary resources available. Using cash flow to maximize utilization of a Monthly Payment Plan can reap substantial savings over the course of an academic career. This approach should help students and families create a plan that is personalized, sustainable, and affordable.
Now that is a Healthy Combo that will add weight to your budget, not your scale!