In collaboration with ECSI, this article was written by Higher Ed Dive and was originally published on highereddive.com.

Higher education tuition payments and overdue fees are under increasing regulatory changes and scrutiny today, presenting a daunting challenge for accounts receivables teams. The challenge, says Cheryl Mazeski, compliance consultant for ECSI, is that many schools don’t see themselves as lenders or regulated entities.

But that’s changing.

“The Consumer Financial Protection Bureau shared supervisory highlights aimed at student loan financing in 2022, and we’ve seen that focus grow ever since,” says Mazeski. “They’re looking at more than just traditional student loans — they’re also looking at new ways students are paying for school like payment plans. Ultimately, this has created a disconnect between how regulators see schools and how schools see themselves.”

Payment plans, for instance, offer significant benefits to students who need a longer timeline to pay tuition and fees. However, offering a payment plan puts higher education institutions in the position of a lender extending credit to students — which introduces new rules, regulations and standards of compliance. Many schools don’t have the resources to vet these kinds of issues, and it can be hard to find accurate information because the rules are so new.

What can accounts receivables administrators do to prepare themselves for this scrutiny without adding more to an endless to-do list?

To better understand accounts receivables policies and communication strategies in higher ed, ECSI partnered with Higher Ed Dive to survey more than 150 representatives from both public and private institutions. The results point to several areas where receivables administrators will want to focus to ensure their tuition and fees recovery process is compliant, effective and — most importantly — student-focused.

Read the full article on Higher Ed Dive.

For more insights on accounts receivables policies and outreach strategies in higher ed, check out the full survey report.