Daytona Beach — Tuition Assurance (TA), a new member-driven platform to help students and their families better manage higher education costs while reducing defaults for college, previewed its new “Tuition from Payroll” platform at the recent Council of Business Affairs Conference, hosted by Daytona State College.
Tuition Assurance is an innovative solution that works with a proven SaaS (software as a service) payroll platform to enable more students to afford college costs with a user-friendly alternative to interest bearing loans that can quickly mount to long term, crippling debt.
Developed at the Volusia County–University of Central Florida Business Incubator in Daytona Beach, Tuition Assurance gives students a “pay as you study” solution that enables seamless payments through automatic payroll deposits directly from a student’s or parent’s employer. The unique “Tuition from Payroll” platform allows multiple family members to contribute in a hassle-free manner to a student’s tuition obligation when enrolled at a school offering TA.
“In looking to solve a huge problem with rising tuition costs and defaults that keep students from receiving their diplomas, we identified areas of opportunity to innovate and transform how installments work into a new paradigm in tuition payments that can make college more affordable to cash strapped students and their families,” noted James Beckmann, President of Tuition Assurance and a leader in consumer affinity programs.
According to the Huffington Post, the average student loan has an outstanding balance of over $25,000.00, totaling over $1 trillion in debt nationally. “With over 20 percent in delinquency and more struggling, it negatively effects the future of young people when making life decisions,” says Beckmann.
For colleges and universities, Tuition Assurance can help increase enrollment and retention while reducing delinquencies and defaults, providing a competitive advantage, he explained.
Tuition from Payroll helps colleges know that tuition installments will be prioritized through employer deposits on a pay period basis for all parties contributing to a student’s education costs. The added security can help any college’s balance sheet through reduced collection efforts to those paying through installments.
To further assist students, Tuition Assurance will also deliver more exclusive user benefits ranging from its Tuition Rewards program providing discounts at thousands of retailers across the country, to its Credit Climber program that can help young people begin to establish good credit.
“We view the relationship with students and colleges as a partnership. Tuition Assurance aims to make a positive impact to both,” Beckmann added.
Tuition Assurance is a client company of the Volusia County–UCF Business Incubation Program.
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About Tuition Assurance
Tuition Assurance is a membership program and a division of Campus Scientific, Inc. based in Daytona Beach, Florida. The company is introducing the program to business affairs and other senior level management of the Florida College System (FCS), which encompasses the 28 state colleges educating over 800,000 students annually.
Tuition Assurance will operate in partnership with Neighborhood Pay Services, LLC (NPS), leaders in payroll direct deposit programs. In 2016, NPS was recognized by NACHA, The Electronic Payment Association® with the Kevin O’Brien ACH Network Award for Excellence in the Advancement of Electronic Payments, and by PYMTS.com as an ACH Innovator finalist at their annual Innovation Conference at Harvard University
About the UCF Business Incubation Program
The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training and infrastructure to become financially stable, high growth / impact enterprises. Since 1999, this award-winning program has helped hundreds of local startup companies reach their potential faster by providing vital business development resources.
With seven facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia counties, and the cities of Apopka, Kissimmee, Orlando and Winter Springs. Participating companies sustain more than 3,600 local jobs and have had a total impact of $1.51 billion on regional sales and $2.48 billion on regional economic output. During the last fiscal year, the program has returned $7.95 for every $1.00 invested in the program.