THE CHALLENGE
College is expensive
Cost increase
Families spent an average of $30,837 on college in 2024-25, a 9% increase from the prior year and a 3x increase over the last three decades.1
Borrowed
41% of families borrowed to help pay for college in 2023-24, a sign that tuition outpaces what income and savings alone can cover.1
Average debt
In 2024, the average bachelor's degree graduate left school owing $29,560 in student loan debt.2
1. https://www.salliemae.com/about/leading-research/how-america-pays-for-college/
2. https://www.lendingtree.com/student/student-loan-debt-statistics/
WHY IT MATTERS
Payment Plans support financial stability, improve access to education and increase student retention rates.
Offering payment plans is beneficial to both universities and student/payers.
COMPREHENSIVE PLANS
Help students manage the cost of higher education
Available in both full-service and software-only options, our comprehensive payment plans help you:
✔ Provide clear instructions and support for first-time payers
✔ Offer multiple payment options to suit different needs
✔ Align well with your billing cycles
✔ Ensure transparent and frequent communication
Choose your fit — Full-service or software-only
FULL-SERVICE PAYMENT PLANS
More than software — a partner for your team
Full-Service Payment Plans enhance the My Payment Plan software application with robust student-facing customer support and comprehensive marketing services. Schools that opt for these plans benefit from:
Dedicated support
Specialized assistance for students and staff, enhancing payment experience.
Complimentary marketing
Boosts engagement through tailored marketing services.
Streamlined enrollment
Simplified process reduces errors and administrative workload.
Seamless integration
Integrates smoothly with Student Information Systems (SIS) for accurate record-keeping and operational efficiency.
THE TOOLKIT
Three ways to meet students where they are
My Payment Plan
is a versatile software application from Transact, allows that enables students and authorized payers to enroll in one or more payment plans simultaneously. This empowers schools to tailor and manages their payment plans according to specific administrative requirements, offering the flexibility and control over the financial engagement process.
Past Due Payment Plans
is a seamless solution for managing outstanding tuition balances. This feature ensures that both the campus, current students, and former students benefit. Students can manage their finances and stay enrolled — all without the stress of collections, while your campus efficiently keeps enrollment numbers at the highest level and recovers tuition revenue, all through one trusted platform.
Promise to Pay
is designed to bridge a gap for students waiting for their secured financial aid to be deposited in their accounts. By enrolling students in this program, you can enable them to register for classes while also increasing retention and providing more ways to pay.
Get in touch with our experts for more information.
Phone: (866) 259-6296 | Email: info@illumiatech.com| illumiatech.com
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