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The Collection Process: from the Student Account/Bursar perspective

The Collection Process: from the Student Account/Bursar perspective. Jim Garrant Associate Director Student Financial Services Wellesley College. Wellesley College . Enrollment, tuition & fees 4 year private, all women Financial Aid, Loans, Student Employment, AR Finance to Admissions.

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The Collection Process: from the Student Account/Bursar perspective

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  1. The Collection Process: from the Student Account/Bursar perspective Jim Garrant Associate Director Student Financial Services Wellesley College

  2. Wellesley College Enrollment, tuition & fees 4 year private, all women Financial Aid, Loans, Student Employment, AR Finance to Admissions PacWest Spring 2012

  3. Caveat Know the rules • Regulations • Federal, state to state • Resources PacWest Spring 2012

  4. How do you ‘collect’? We should… • Prepare • Prevent • Process PacWest Spring 2012

  5. What do ‘we’ want? • Know before you go • Bodies in seats • Manageable workload PacWest Spring 2012

  6. Options….. • Late fees • Key holds • OneCard holds (dining) • Add/Drop hold PacWest Spring 2012

  7. Final steps (internal) • Notice from Dean’s Office • Leave of absence • Vacate PacWest Spring 2012

  8. What’s left to collect? • Everyone paid! Beach time!! Thank you. Questions? PacWest Spring 2012

  9. Past due accounts • Continue ebilling (who?) • Contact and document • Document any contact PacWest Spring 2012

  10. Notification • 1st (inactive student status) • 2nd with costs • 3rd – placed • Reclassify account PacWest Spring 2012

  11. Placed Accounts • Provide contact information • How should they collect • You’ve hired them, let them work! • Disputes PacWest Spring 2012

  12. Uncollectable • Close and returns • No assets • Unknown PacWest Spring 2012

  13. Agency Check In • Site visit • Reporting • Roll the accounts PacWest Spring 2012

  14. Questions • Thank You! PacWest Spring 2012

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