FACTS Tuition Management Plan
What it is: FACTS is a tuition and fee payment collection and processing company.
Cost: $41 per family per year.
Family Benefits:
- Better tuition/fees account information via the Internet with real-time data.
- Greater convenience to families. No more trying to remember how much or when payments are due.
- Families no longer have to write and mail checks.
- Continues the ability to provide flexible payment options to families.
School Benefits:
- Able to reduce the time and cost of the Business Office managing the tuition/fees accounts.
- The cost of this program is far less than providing this service in-house.
- Better tuition management reporting and data.
- Increased focus on analysis versus data processing and entry.
- Improved cash flow.
Facts about FACTS:
- In business since 1986.
- Solely dedicated to tuition management.
- Serving approximately 3,000 schools.
- Provides personal service, on-line real-time account access via the Internet for families and
administrators. Access restricted to provide privacy for each family account.
How it works:
Registration deposits each year will be made directly to Villa Madonna Academy.
Families that opt for the full payment by June 1st will not utilize the services of FACTS (and will not be charged the $41 fee). They will receive a 2% discount. The payment in full is made directly to Villa Madonna Academy. Each family that decides to make monthly or quarterly payments will be enrolled in FACTS. Payments can either be through automatic account (checking, savings, mutual funds, etc.) withdrawal or by credit card payment. (A convenience fee will be assessed by FACTS for each transaction made by credit card)
Each family signs an enrollment agreement with FACTS indicating account withdrawal or credit card information. They also indicate which payment due date is appropriate (either the 5th or 20th of each month).
Villa Madonna Academy provides FACTS with the total amount due for each family. This information will be provided to FACTS by June 1st, so it is important that all families seeking financial aid process those forms ASAP. Also, all families wishing to make payment in full must have payments at the VMA Business Office no later than June 1, 2008.
FACTS begins processing tuition/fees payments in July, 2008. Adjustments to the accounts, such as financial aid or scholarships awarded from outside Villa Madonna Academy, will be communicated to FACTS by the Villa Madonna Academy Business Office.
If FACTS encounters a non-sufficient funds situation on the date of a withdrawal, the tuition/fees account will be assessed an additional $25 fee. The family and the Villa Madonna Academy Business Office will be notified of this situation.
If a family knows that they will not have the funds available for withdrawal on the date they selected they must notify the VMA Business Office at least 4 days prior to withdrawal date so arrangements can be made to delay the withdrawal.