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  • 1.  Enrollment Deposit/Fee

    Posted 10-21-2021 02:27 PM
    Hello,

    Saint Louis University is looking to make changes to our enrollment deposit for new, incoming students and I'd love to hear experiences from other schools. Currently, a student will submit a deposit and it will be released in their first semester towards their tuition costs. What the institution is interested in doing, is instead of releasing in the first semester have the deposit held until the student graduates or withdraws from the University. That way it will becomes a true deposit. The hope is this can be applied towards any small balances that remain when a student leaves and could cut down on the amount we are collecting on previous students.  We would refund whatever is left of the deposit after covering any costs.

    We are a banner school and utilize Touchnet as payment portal.  Do any schools have experience with setting this up and would be willing to provide some insight?

    Thanks so much!

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    Haley Held
    Assistant Director -Student Accounts and Cashiers
    Saint Louis University
    haley.held@slu.edu
    314-977-2382
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  • 2.  RE: Enrollment Deposit/Fee

    Posted 10-21-2021 02:44 PM

    Hello Haley,

     

    We are not a Banner/Touchnet school however, we currently hold the deposit until the end of the semester. Initially the student makes the deposit through our admissions department via Slate or Flywire(for international payments) and it then sits in a holding account. We receive a report from admissions on a regular basis regarding these payments/updates and we reconcile them with the holding account. Once the student withdraws or completes their degree we then apply them to the student's account to go towards any end balance. We then refund the remaining credit. Students that do not start also have the commit deposit returned by Admissions, to them if they decide to not attend (before the semester starts, we do not reimburse no-show students).

     

    The biggest issue I have seen is with the reconciliation part as there are so many systems and hands involved and issuing it to withdrawn or students on leave that later withdraw. I would prefer students make a payment into our system (CASHNet) and then move the funds into a holding account. However, students do not get access to CASHNet until months after being admitted and confirmed. I am also working on changing the policy to state withdrawn students will forfeit the deposit.

     

    Hope this helps in your decision making.

     

    Best,
    Jessica

     

     

    Jessica Loyd
    Student Accounts Manager

    888 Columbia Avenue
    Claremont, California 91711
    Phone: 909-621-8232
    Email: jessica.loyd@cmc.edu
    Web: www.cmc.edu



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    Jessica Loyd
    Student Accounts Manager
    Claremont McKenna College
    jessica.loyd@cmc.edu
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  • 3.  RE: Enrollment Deposit/Fee

    Posted 10-22-2021 09:49 AM

    Haley,

     

    We have a $200 deposit for on campus new students.  $100 goes to the first semester's tuition, $100 goes into a room damage deposit account on TBRDEPO.  It is released to the account after they graduate or decide to leave school.  We check with Student Life to see if there are any damage charges before releasing the deposit back to the student.  Yes, occasionally, this deposit does cover small balances the student has left behind.

     

    The off campus new students pay a $100 tuition deposit that goes toward their first semester charges.

     

    Problems come when an admissions staff member "waives" the deposit as we have to put the $100 room damage deposit charge on their account.  The waiving only delays paying the on campus deposit.

     

    We are a Banner, SLATE, Cashnet school.

     

    Herb Albertson| Bursar
    MidAmerica Nazarene University  | 2030 East College Way, Olathe, KS  66062 | office (913) 971-3291 | email: hhalbertson@mnu.edu
    Pioneering Spirit  |  Passion To Serve  |  Purposeful Lives  |  www.mnu.edu

     

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    Righteousness (right-ness) with God comes by faith in Christ. Rom 3:22

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    http://www.MNU.edu/finalize-faq

     






  • 4.  RE: Enrollment Deposit/Fee

    Posted 10-22-2021 10:01 AM
    We hold our deposit until they graduate or leave. 

    Pam Corman
    Bursar
    SFA Box 13053
    Nacogdoches, Texas 75962
    936-468-3992





  • 5.  RE: Enrollment Deposit/Fee

    Posted 10-25-2021 09:30 AM

    Hi Haley,

    We are a Colleague/Touchnet school but are considering moving to hold the admissions deposit for four years for Fall 2022. We are planning to receipt the deposit (we have to do this by hand as the student does not have access to Touchnet yet) and put it in a separate AR type. That way if we have to charge any dorm damages or any other unpaid balances toward the deposit, we will have an easy tracking system. We can just run a statement for that AR type. This is similar to what we did with the HEERF grant funds, we created a separate AR type.

    My recommendation is going to be that we apply any unused funds to the student's last semester so that we have fewer refunds to process. We could get burned on some unpaid bills, but hoping this will be minimal. If a student withdraws from the school, they will forfeit this deposit.

    Hope this helps!

    Maureen



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    Maureen Whitney
    Director, Student Accounts
    Champlain College
    mwhitney@champlain.edu
    802-865-5718
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