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Navigating accounts receivables in higher ed: 4 areas coming under more regulatory scrutiny

 

Higher Ed Dive – Latest News

Regulatory scrutiny on higher education tuition payments and overdue fees is increasing, challenging accounts receivables teams. Schools are now seen as lenders, introducing new compliance standards. Payment plans, while beneficial to students, put institutions in a lender’s position. ECSI and Higher Ed Dive surveyed over 150 representatives from public and private institutions, highlighting areas of focus for receivables administrators. Transcript holds, previously used to recover past-due fees, are now banned in most situations. Data privacy and communication and consent are also crucial. Only 40% of respondents had their delinquent account outreach process reviewed by general counsels. Institutions need to communicate financial responsibilities clearly and transparently to students. Compliance with dynamic regulations is vital for institutions’ financial stability

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