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Finance and business Policies and Procedures
Collection of Accounts Receivables
To define Platt College collection procedures, define circumstances under which student records may be encumbered, and define procedures for withholding amounts owed by employees from paychecks.
Revision Responsibility: Chief Financial Officer
Responsible Executive Office: President
Policy Appendix: Attestation for Payment
Created: August 3, 2009, Revised: January 17, 2011 to reflect revised organizational chart, January 14, 2015 to include Section I
I. Encumbrance of Current Student Records for Non-Payment of Obligations
Collection efforts are undertaken by the College in cases where students do not comply with College payment policies or terms of a specified agreement between the student and the College. The Financial Services Office generates student Promissory Notes once per academic year for those students who owe money to the college. A student who leaves the College, for any reason, with an outstanding balance must contact the Chief Financial Officer. Students who fail to contact the Financial Services office will receive one reminder notice mailed to their last billing address. Failure to respond will necessitate the forwarding of the account to a collection agency.
The Promissory Note doubles as a ''bill'' or ''invoice'' for those students who do not pay the full cost of their tuition and fees at the time of registration. Student bills are a reflection of tuition and fees as well as any other charges associated with each student, i.e. IT Technology fees, etc. Student bills also reflect payments made on the student account through financial aid or payments made by or on behalf of the student. If you have any questions regarding your student bill or statement, please contact the Financial Services office for assistance.
Transcripts can only be released for future employment or transfer to other colleges if: a) the account is paid in full; b) 20% of the balance due stated on the promissory note has been paid for 5 consecutive months prior to graduation; or c) 5 months of consecutive payments have been made according to the promissory note after graduation.
One official transcript to apply for nursing licensure will be released to the student upon graduation and is not subject to encumbrance.
II. Encumbrance of Former Student Records for Non-Payment of Obligations
1. In-House: Letter outlining the outstanding debt with request for payment or payment arrangements.
2. Independent Vendor: Letter from a third party vendor reiterating debt notification with request for payment.
3. Decision to initiate debt collection through the court system.
Any fees associated with debt collection is the financial responsibility of the student, former student, and/or graduate.