Panic — the feeling many students get when they receive a letter from financial services requesting payment on outstanding balances.
But panic is not what the University wants from students. The University wants a plan.
Harry Guy, head cashier and work study coordinator, said notification letters were sent out last week to current and former students with outstanding balances explaining that they must make a payment plan by March 31. Guy said without this plan students cannot register for classes, get transcripts and, for graduating students, receive their diplomas.
Guy added the cashier’s office must approve payment plans to ensure their practicality.
Sandy Mooney, vice president for financial operations, said the collections plan is not to discourage students, but to make sure students keep up with their finances and to help the University meet its financial obligations. She added students will not be dropped from their classes and are not obligated to pay their full balances at the end of the semester.
Mooney said one of the main goals is to make sure students pay balances from previous terms.
“We’re doing a disservice to students if we are allowing them to accrue more debt,” Mooney said. “It doesn’t help a student’s education.”
James Steen, vice president for enroll¬ment management, agreed and said that the more debt a student accrues the more they struggle to pay back loans after graduation.
“It impacts a student’s credit,” Steen said. “If students have outstanding balances from us, then it doesn’t help them when they want to buy a house, a car or get a mortgage.”
Guy and Mooney agreed that the policy will make it easier for students keep track of their finances. Guy said students are often confused and unsure about how much they owe until they receive a bill from financial services. He said the University has plans to add a new vendor that will keep up-to-date account information for students on Banner.
Mooney said this policy will continue through the fall semester and incoming and current students will be able to make a more comprehensive plan for their expenses for the year.
Additionally, the cashier’s office moved under finance and operations. Hugh McClung, assistant vice president for treasury operations, will oversee student accounts along with the cashier’s office.
McClung said this plan will regulate the cash flow of the University. He added that it will also allow better communication be¬tween the students and the cashier’s office.
Students can find the payment plan form at www.hbu.edu/payments.
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