If you are one of the lucky institutions with a bursting waiting list, full classrooms, and a large endowment, then the approach of the angry man on the right will likely serve you just fine. However, if you are enrollment focused, tuition dependent, or in general student-focused then your approach to managing delinquent accounts needs to be much more of a dialogue than a monologue.
Consider the following:
- At many schools, more than 20% of students have unpaid balances1
- Account receivables are often more than 5% of the total annual amount invoiced1
- Business office staffing levels are flat
- New regulatory requirements and institution initiatives result in “unfunded mandates”
- Nearly half of all institutions reported lower enrollments for Fall 20122
- More Americans feel making higher education affordable was the best method to help Americans with financial woes ahead of social security, cutting taxes, and lowering the national debt3
- Tuition discounting rates continue to rise4
It is no wonder that delinquency management is at the forefront of the minds of many school administrators. In fact, when we at TMS recently polled an audience of business officers where they would like more resources, delinquent account management ranked highest. So we decided to leverage our institutional experience and expertise along with that of our client schools to develop a set of practical best practices to help institutions manage delinquency.
Free eBook - A Guide to Managing Delinquency at Your School
Learn how to effectively minimize your delinquent accounts in a respectful and thoughtful manner with the same or less resources than you currently devote to the function by downloading TMS’s new eBook, A Guide to Managing Delinquency at your School.
12012 NACUBO Benchmark Study
2National Student Clearinghouse Study
3Public Agenda Slip Sliding Away
42012 NACUBO Tuition Discounting Study