Tuition Payment Plan
________________________________________
Document Number: SFS--105
Revision #: 2.0
Document Owner: VP of Enrollment Management
Date Last Updated: 05/25/2018
Primary Author: Executive Director of Enrollment Services
Status: Approved
Date Originally Created: 11/30/2011
________________________________________
General Description
Description:
Information about the tuition payment plan relative to Student Financial Services.
Purpose:
Delineation of policy.
Scope:
Students
Responsibility:
Student Financial Services
VP of Business and Finance
________________________________________
Requirements
Relevant Knowledge:
Current University policy
Federal statutes
Standard company policies
Standards of good practice
Terms and Definitions:
Additional training
Corrective Action
Loss of privilege, general
________________________________________
Policy Provisions
1. Tuition Payment Plan
Cumberland University offers payment plans to accommodate the students. Students may choose one of the following three options in order to pay all of their charges in a timely manner. Students with a balance at the end of a semester will not be allowed to continue their education at Cumberland without special permission from the Vice President for Finance. In the event the account remains unpaid and is referred to a collection agency, the student will be responsible for all collection agency fees and/or attorney fees associated with collection of the student's account.
1.1 Option 1 – Payment by Check, Credit Card, Debit Card or Online
Students must pay or make arrangements for payment of all tuition, fees, or other charges, in full, prior to the published date to become official each semester. Cumberland University accepts personal checks, MasterCard, American Express, Discover, and Visa credit cards from students, parents, or guardians for the payment of all institutional charges. The University reserves the right to disallow payment in these forms if the individual develops a pattern of returned checks or rejected credit card payments. All checks should be made payable to Cumberland University and be in US funds. Checks from international banks are not accepted.
1.2 Option 2 – NBS Payment Plan
The NBS Plan allows students/parents to make monthly installment payments with no interest. All payments are by electronic transfer from your checking or savings account or credit card/debit card. The enrollment fee for this plan is $35.00 for each semester or $50.00 for the Fall/Spring terms combined. This plan will be disallowed if funds are not available for transfer. Students interested in this option may obtain more information from the University Business Office, or students may apply online at www.cumberland.edu/financial_aid/e-cashier.html.
1.3 Option 3 – Third Party Promissory Note
Cumberland University also offers a deferred payment plant to those students whose employer/responsible party has agreed to pay for their classes. Students must sign a "Third Party Promissory Note“ stating the employer/responsible party will pay the balance on completion of classes at the end of the semester. The student must also submit a signed statement from their employer on company letterhead.
1.4 Note
NOTE: Should any pending credits to a student's account fail to materialize or for any other reason a balance is incurred, the student is responsible for the balance due. In the event the account remains unpaid and is referred to a collection agency, the student will be responsible for all collection agency fees and/or attorney fees associated with collections.
________________________________________
Performance Evaluation
Performance Metrics:
Compliance with standard policy and procedure
Compliance with federal mandate
Consequences:
Further training
Loss of privileges
________________________________________
Subject Experts
The following may be consulted for additional information.
Executive Director of Enrollment Services
VP of Enrollment Management
VP of Business and Finance