Payment Plan Type Setup

Before assigning Payment Plans to students, it is necessary to set those plans up and define their parameters. This should be done once initially, and then plans may be modified or added as needed in the future. These are general parameters that will be applied to any student who is assigned a particular payment plan.

Once Payment Plan Types have been defined, you can then add a TransDoc to the plan in the TransDoc tab. Selecting a TransDoc will limit the list of transactions available for use in calculating the original amount (Payment Plan Maintenance detail form, Amount field). If no TransDocs are specifically defined, all TransDocs will be included in this calculation.

If your institution charges handling fees for setting up payment plans, you may set these up in the Fees Tab.

To add or modify a payment plan type:

From the CAMS Enterprise Home page, click Billing >Payment Plans >Setup >Payment Plan Type Setup. The Payment Plan Types window displays.
Right click in the data grid or click the Add button to open a blank Payment Plan Setup form, or double click an existing payment plan to modify.
Enter the Payment Plan Type, required (maximum 100 alphanumeric characters). This will be used to identify the payment plan in a selection list when applying payment plans to students.
Enter the Maximum Allowed, required. This is the maximum dollar amount that is allowed to be deferred on this particular plan. Maximum dollar amounts may vary from plan to plan.
Enter information into the following fields as required by your institution:

Approval Required - If approval is required for this payment plan, select this checkbox. When selected, this will cause a prompt to display when the payment plan is applied asking whether the student is approved for the payment plan. The definition of "Approval" is open to interpretation by each institution, but an example of this could mean the student obtained a certain score during a credit check.
Active - This field defaults to Yes, but may be set to No when a payment plan becomes inactive, which will prevent an inactive payment plan from displaying in the selection list when applying payment plans to students.
Down Payment Required - If a down payment is required for this payment plan, select this checkbox. When selected, the Amount (Dollar amount) and Percentage (whole number) fields become available. Enter either the Amount or the Percentage of the down payment required. Any down payment required will be added to the first payment when the payment plan is applied to a student.
Payment Frequency - Select the Frequency at which payments will be required. Valid frequencies are: Daily, Weekly, Quarterly, Monthly, and Yearly. This list is static and may not be changed.
Number of Payments - The number of payments values available corresponds to the Frequency Required value chosen. For example, if Quarterly is selected for Frequency Required, then 1, 2, 2 , or 4 payments may be selected. Select the appropriate number of payments.
Interest Required - If your institution charges interest fees on the payment plan, select this checkbox. When selected, the Interest Percentage (whole number) may be entered. The interest is calculated based on the Amount due (Payment Plan Maintenance detail form, Amount field).
Grace Period - Select the number of days the student may be late with payment. Valid days are 1 through 15. This list is static and may not be changed.
Allow Prior Balance Rollover - If you wish to allow a student's prior ledger balance to be included in payment plan calculations, select this checkbox. The prior balance would then be evenly distributed over the number of payments selected.

When all parameters have been defined for this payment plan type, click Add to add a new payment plan type, Update to save modifications, or Cancel to exit without saving. The Payment Plan Types data grid displays. Click Save to save data to the database and refresh the window.

To Delete a Payment Plan Type:

If you have made an error in the Payment Plan Type Setup and you wish to remove it all together, you may delete it by highlighting the Payment Plan Type you wish to eliminate and then clicking Delete.

Note: A Payment Plan Type may only be deleted if it has not been associated with a student's record in Payment Plan Maintenance.