Frequently Asked Questions
Why should I use Tuition Options?
Tuition Options' experienced management team leads the industry with customized credit underwriting, an easy and federally compliant online application process and tailored collection strategies and data analytics that no other institutional loan servicer can provide.
What other additional services does Tuition Options provide?
Our online servicing platform offers instant credit decisions, multiple disbursements, e-signature capability and full transparency into the status of your receivables. In addition, all applicable federal HEOA disclosures are seamlessly integrated into the application process.
Tuition Options is a servicer and collector - are any of your services provided by a 3rd party?
No. Our credit and risk assessment, data management, servicing and collections for schools are provided by internal personnel with specific expertise in these key areas. No services are outsourced.
What is the value of the Tuition Options' 10-day reporting cycle?
Cash remittances, data management reports and cycle reports are managed every 10 days - 3 times per month. Delinquency and account detail is updated daily. Our 24/7 system access and daily updates serve as an effective tool for schools to manage their outstanding balances.
How does the Tuition Options' platform allow schools to effectively manage their student loan receivables?
Our web-based system allows schools easily create loan documents online, with all applicable Federal disclosures, and provides schools with new reports daily and each 10-day cycle to assist in tracking each student's payment experience.
How many calls does Tuition Options make to students each month regarding their account?
Tuition Options' 10-day reporting cycle is linked to our servicing and collection frequency. Students who are over 5 days delinquent will receive a call and the necessary prompting at least once every 10 days.
What is Tuition Options' track record in the collection of student receivables?
Our company has a long history of success in collecting student receivables. Our objective is to reduce delinquency rates and increase cash collections using a strategy tailored toward specific delinquency groups. The utilization of experienced collection specialists, customized call campaigns, portfolio analytics, reporting and school communication provides for optimum collection performance.