A college education is a vital step toward a fulfilling and lucrative career. As an inevitable part of that path, institutions of higher education need to be paid tuition. For students who struggle to meet today’s high tuition costs, costs of textbooks and living costs, remaining in good financial standing can pose a problem. Debts can stack up when the burden becomes too great, threatening to undermine the institution.
Our team of debt recovery specialists at Summit A•R is here to ensure that debt doesn’t get in the way of our country’s best and brightest students and ensure that their schools stand ready to guide them towards a brighter future. That’s because we work with students facing financial problems to find ways to help them return the debts they owe, which are acceptable to both parties involved.
Today’s collection agency services are aimed at problem-solving rather than harassment or coercion. Students who cannot afford to pay their tuition are almost always eager to gain help resolving the matter because they want to return to class and graduate as soon as possible.
The first step in education debt recovery is establishing a dialogue with the person who holds the delinquent account. At this point, the opportunity to establish a working relationship based on respect arises.
Once the student realizes that they are not being chased down by an unethical company but rather one that is willing to support them with options aimed at resolving the matter, the process tends to build up speed exponentially.
Avoiding a Double Loss
In matters involving education and tuition collections, academic institutions stand to lose out more than the original debt. Students who leave one school due to financial hardships tend to apply elsewhere after earning more money.
In such cases, the academic institution that loses out on the initial debt from a year or two of tuition also loses out on the remainder that the student would have paid had they continued pursuing their degree at that location.
When you work with a debt collection agency to help the student overcome their financial problems, not only will the initial income return to your school, but much more is gained as well.
The Difference from Regular Commercial Debt Resolution
Education debt differs from the kind of contract commonly taken up by a consumer collection agency in that the persons involved are not business partners but often young adults who do not possess a great deal of experience with financial planning. This being the case, poor financial planning is often at the heart of the cause of the issue.
Consequently, the entire experience can result in a powerful learning opportunity for the student, which provides them with better tools for future financial planning. When a student facing money problems today sees that their experience working with a debt resolution expert will help them to avoid other types of debt problems in the future, they become much more cooperative.
Relating to Business Debt
The strategies for debt collection that our team employs for students who face education debt problems offer a helpful template for understanding how we also treat business partnerships. One of the best side-effects that come along with espousing ethical strategies in every kind of case that we encounter at Summit A•R is that maintaining business partnerships is easy.
When any delinquent client or business partner realizes the benefit of cooperating with our team to resolve their debt issues, they also appreciate the business that decided to find an ethical collection agency to help with the problem. There are no hard feelings in such cases, and business partners find it easy to pick up where they left off before.
The 360-Degree Approach: Helping Students Return to Class
Likewise, students who overcome their debt problems can often maintain better finances in the future. Since students often receive financial support, such as student loans or bursaries, it usually doesn’t take much time to find a solution to the matter. Soon enough, those same delinquents are back in the classroom and on their way to graduation.
Once a student graduates, they are free to pursue a lucrative career without the burden of compiling interest or worse financial problems associated with having bad credit.
From beginning to end, at Summit A•R, we take a 360-degree approach when it comes to resolving education debts. Not only are academic institutions able to retrieve their lost income quickly and amicably, but students can get back on their feet financially and back on track to graduation.
The Changing Nature of Debt Resolution
The process of collecting debt might have once seemed like a world to try to avoid, but the more people with debt problems discover ethical collections agencies, the more they realize that the entire industry has changed.
Today’s collection agency doesn’t revel in situations where people are struggling to pay their debts or struggling to track down their lost income. Instead, they are deeply invested in working with both parties to resolve the matter with straightforward communication, financial advice, and respectful conduct.
Using these tools, we are able to put both parties on better financial footing, allowing them to continue to profit together through a working partnership for many years to come.
The reality of education is that students continually face financial hardships. Whether or not you’re already struggling with students who cannot pay their tuition fees, you’ll likely be in a situation where you’ll want to get help soon. If you’re working in the accounts receivable department of an academic institution, there’s no time like the present to start partnering with our team at Summit A•R. To get started on a fruitful partnership designed to prevent your school from losing money, get in touch with one of our educational debt resolution specialists to start working out a plan.