Education Loan Source, Inc. (ELS), the nation’s leader in education financing administration and services, is proud to announce the launch of the TuitionFlexPLUSSM financing program at International Education Corporation (IEC) campuses nationwide.
“TuitionFlex PLUS is a win-win for both students and school,” explains Ena Hull, Vice President of Financial Planning. “Students have the ability to make affordable monthly paymen ts, while the school yields the benefits of an innovative note selling program that generates a more immediate cash flow. Through TuitionFlexPLUS, we now strike the perfect balance between offering an affordable plan to students while realizing improved cash flow for the school.”
“IEC is excited to launch a finance program that offers an online application process, high touch servicing and ultimately, a high collectability track record. These were all key factors in our decision to select ELS,” Ena continued. “As an additional benefit, the program will help with our 90/10 compliance.” As program administrator, ELS ensures that participating schools remain in compliance with federal and state Truth-in-Lending disclosure requirements. In addition, each program is customized to follow a school’s preferred internal process.
Payment plans allow a student the option to make payments over a specified term rather than paying cash up front for an academic program. Traditional payment plans require the school to hold the note on their books, while receiving funds as the student makes payments. The challenge with these plans is balancing the need to keep costs low for student enrollment with the need to infuse operating capital into the school. With TuitionFlexPLUS, schools establish unique rates and terms and can elect to implement a credit check to mitigate risk. As an additional option, they can sell a portion of their portfolio.
According to Dennis Christich, VP Sales for ELS, “ TuitionFlexPLUS allows IEC to focus on helping students become successful within the allied health, business, technology and automotive industries, while ELS supports both students and school staff with financing. The drive to excel is evident in all that IEC does and launching this financing option for students is yet another sign of that commitment being put into action.”
For more information on the TuitionFlexPLUS program, call ELS at (888) 335-6261.