Finance and Business policies and procedures
Policy 04:07:00
Consequences of Unpaid College Balances
Purpose:
At Platt College, each student is responsible for understanding their charges and meeting financial obligations associated with his/her education. While we understand that many students receive financial assistance from third parties, such as veteran's tuition assistance, federal financial aid, and outside loan, the ultimate financial responsibility belongs to the student.
Revision Responsibility: Chief Financial Officer
Responsible Executive Office: Chief Financial Officer
Created: March 18, 2018, put into formal policy and procedures manual on April 4, 2019, effective April 4, 2019 for the September 16, 2019 start date, April 18, 2022 revision to include when payments are considered late and to eliminate week 10 and 11 from policy, payments for new students is defined, and requirements for payment while on warning.
payment policy
Students are expected to pay tuition and fees each academic year in accordance with their signed enrollment agreement, signed prior to beginning the nursing program. Payment is due the first of each month. Payments are considered past due after the 15th of each month. Balances may be viewed by students via their online ledger. Students are responsible for making payments and/or entering into an approved payment arrangement prior to the start of each academic year (defined as every 9 months) regardless of whether billing notification is received regarding an unpaid balance. Students are financially responsible for all unpaid balances including those that result from payments not received from third parties. Notifications regarding outstanding account balances are sent monthly to the student's Platt College email address.
Prior to quarter one, new students who have signed an installment payment plan are required to make one payment prior to starting the program. This payment is collected prior to or at in-person orientation.
outstanding accounts and collections policy
Student accounts are considered to be in good standing if:
- the student's tuition and fees are paid in full;
- the student has an approved installment payment plan (approved by the Financial Aid and Financial Services Departments) that is current in its monthly payments; and/or
- the student has approved tuition assistance through a third party or federal financial aid and pays any remaining account balances not covered by third party funds
Student accounts are NOT in good standing if:
- there is an outstanding balance that is past due two consecutive payments and will not be paid through an approved payment plan, third party, or federal student aid.
If a student is not in good standing, the following steps will occur:
- the student will be placed on "financial warning" status for the quarter in which they are attending or about to attend. This allows the student to get their account in good standing by the end of the quarter.
- if the student does not go into good standing during the "financial warning" quarter, then the student will be placed on a financial hold, and will not be allowed to attend Platt College for a minimum of one quarter until the account goes into good standing. Students who do not get their accounts in good standing will not able to return. In order to get off warning, a full payment from the installment payment plan will be due.
Example of financial warning
| Reasons for Financial Warning-Outstanding Balance | Action Taken By College |
| Reason 1: Student Misses Two Consecutive Monthly Payments (Example: Student does not make April 1 and May 1 payments in accordance with installment payment plan) | Student goes on financial warning during the quarter the second payment is missed. If the student does not make payments and become in good standing during the financial warning quarter, then s/he will be suspended from the program until the account balance is in good standing. Students will not be allowed to begin a quarter if payment is not received prior to his/her first class of week one. |
| Reason 2: Student does not review, confirm, and sign an installment payment plan. | If a student does not complete an installment payment plan in accordance with the financial aid office, then s/he will not be allowed to attend until either payment is received in full or until an installment payment plan is signed. Students will not be allowed to begin a quarter prior to his/her first class of week one until either payment is received in full or a signed agreement is received. |
| Reason 3: Student has an outstanding balance not covered by federal funds and does not set up either an installment payment plan or does not have an alternative source fund in place. | If federal funds does not cover all of a student's tuition and fees, s/he will need to either submit payment through an alternative loan (one of the student's choosing) or the student will need to review, confirm, and sign an installment payment plan that s/he adheres to the terms of on time payments. |