Tuition costs are on the rise, but students need a fulfilling education without daunting tuition fees holding them back. Students want accessible and affordable ways to pay for their education, no matter their situation.

So, how can your institution give them the confidence to keep learning? According to the Consumer Financial Protection Bureau, nearly 4 million students have a tuition payment arrangement with their school each term. Creating a payment plan process with flexible options can make a substantial difference in reshaping how students manage tuition, keeping them enrolled from orientation through graduation.

Offer Different Payment Plan Options for Students

Different students have different needs. Ensure your institution is offering payment options that reflect their needs, wants, and priorities without adding to their already full plates, such as:

• Standard payment plans that ensure your students have ample time to make their tuition payments throughout the semester
• Past-due payment plans that retain students, giving them peace of mind as they continue their education
• International payment plans that allow students from around the world to schedule their payments conveniently and in their home currency

Simplify Communications Between Your Students and Your Institution

Keeping your students on top of their payments can be a more significant help than you think. According to Investopedia, the percentage of students who were 90 days delinquent or more rose from 7.4 percent to 8.3 percent in February of this year, and some of that can be attributed to students not feeling adequately notified.

For many students, knowing when payments are due is half the battle, and it can help keep them on track with budgeting and prevent default. Make it easier to stay in contact with your students about their payments with:

• Automated reminders to ensure students are always aware of when their payments are due or confirmation of receipt by the institution
• Recurring payments that allow students to "set it and forget it," ensuring they make their payments even if payments aren't at the top of their minds
• More accessible staff for students as they save time from tedious administrative work and have more availability to answer student questions

Don’t Forget About Your Staff

While it is important to ensure your students have everything they need to stay on top of their payments and prevent them from falling past due, you can't forget about your staff. Your team, from faculty to administrative staff and everyone in between, is the backbone of your institution's commitment to your students.

Give your staff the right tools to manage payments, including accepting and requesting payments, more automated processes, and more efficiently managed payment data. While using fewer resources, they can spend more time on more important matters and experience smoother, more efficient days.

Support Your Community with Payment Plans

With the right payment plan solution, you can create an environment where your students feel supported, prepared to make their tuition payments, and have peace of mind, allowing them to focus more on their studies and less on how they’ll pay for them.

Choosing the right partner  for payments on your campus is key. By keeping these points in mind, you can work with a payment plan provider that fits your needs and streamlines the payment process on your campus.