Student Debt Collection
Administrators at any educational institution will likely face outstanding payments owed to their school. Whether you are a private school district, university, or prep school, you are expecting tuition and fee payments from students and their families. You have two choices when payments are later than 30 days from the due date: start the debt collection process or consider handing this debt off to an agency for debt recovery. Read about the recovery option here.
The best way to resolve accounts receivable in a timely manner is to contract a debt collection agency for consultation. Midstate Collection Solutions is a local company in central Illinois that helps businesses and organizations operate efficiently.
We offer training & consultations for financial staff that speak to students and families on a regular basis (known as debt collection), but we also provide a 7-step process when contracted to handle all of your collection needs (called debt recovery).
Below we outline your options when you want to improve the efficiency and professionalism of your staff’s collection methods. When it seems like your process just isn’t working effectively, it’s worth hearing another perspective on the matter.
How we Help School Administration Staff
Debt collection is a skill that professionals must develop along with the rest of their job responsibilities. No financial officer or accounts manager can completely avoid outstanding or unpaid bills from students and their families.
As soon as someone’s account has gone past their 30-day period to pay off a late bill, you have a choice to make. Some institutions have procedures in place to receive an outstanding account balance, but this can be a tricky process. Here at Midstate Collections Solutions, student debt collection doesn’t have to be a messy affair.
We consult with clients in various industries about the best practices when it comes to contacting individuals that owe you money. We advise school administrators and financial personnel to address these individuals with care and clear communication.
To find out more about what we can do for you, look for some questions you may have. Otherwise, take a look at Our Philosophy and see what knowledge and perspective we bring to schools around central Illinois.
Avoiding Debt Transfers & Third Party Contracting
Before resigning to debt recovery, we offer the following methods of consultation and training.
Upfront Collections is a professional development training centered around the policies and procedures for account receivables. If you would like to learn more about giving managers or account supervisors a clear plan of action, start here.
“I quite honestly have to say, if your company is not using Mary's "Words that Work" positive method for communications, then you're probably not doing as well as you could be.”
We also offer a few staff trainings that more broadly focus on effective communication with students, family, and people in the community you may find at your school. The Communication Code is an integral approach to our staff’s service and has helped us maintain a positive reputation for customer service.
Leadership Essentials is great for someone that supervises and oversees a school’s finances, like a principal, superintendent, or board of education. As you report the financial status of your school(s), you need to have a plan ready to communicate to your superiors or employees.
When It’s Time to Change the Course of Action
If you find that several of your accounts are not being paid up to date and are chronically late, you may consider it time to hire a debt collection agency. Our 7-step process makes it simple for you to transfer your accounts (including the debts attached to them) while we take every legal measure to ensure the best chance of you resolving these payments.
Our success rate is proven to be twice as effective as the industry average. Get in touch with us today.