Skip to content
English
Sign in
Contact us
  • There are no suggestions because the search field is empty.

Missed Payments Collection Process

Missed Payments Collection Process

Assigned To: Sarah Dungan, Dan Tietz, Karen Morgan, Jessica Myers

Category: Finance & Compliance

Department: Academic Advisor, Collections, Finance

SOP Rule: Cadence

Status: Approved and Implemented

Purpose

Defines the process for managing overdue student payments to ensure timely collection and proper financial tracking.

Scope

Applies to Collections, Academic Advisors, and Finance teams responsible for managing overdue balances and repayment plans.

Trigger

  • HubSpot generates overdue accounts list after missed payment

Process Overview

1. Identify Overdue Accounts

  • Review HubSpot Collections pipeline
  • Segment accounts based on number of missed payments

2. Automated Notifications

  • Send SMS and email notifications within 24 hours
  • Repeat notifications daily

3. Collections Outreach

  • Contact students via phone daily
  • Explain outstanding balance and payment options
  • Offer repayment plans if needed
  • Document all interactions in HubSpot

4. Status Tracking

  • Update collection status:
    • Promise to Pay
    • Pending
    • Deferred
    • Payment Plan Update
    • Unpaid
    • Paid

5. Escalation by Missed Payment Count

  • 1 Missed Payment:
    • Daily outreach by Collections
  • 2 Missed Payments:
    • Advisor involvement
    • Potential class withholding
  • 3+ Missed Payments:
    • Risk of student drop
    • Advisor escalation required

6. Dropped Students Collection

  • Weekly outreach for outstanding balances
  • Offer re-enrollment option
  • Apply late fee pressure if necessary

7. Repayment Plan Processing

  • Submit Invoice Change Form
  • Coordinate with Finance for updates (within 48 hours)
  • Communicate plan with student

Key Rules

  • Document all interactions in HubSpot
  • Follow daily communication cadence
  • Use correct collection status values
  • Escalate based on payment delinquency

Completion Criteria

  • Payment received or repayment plan established
  • Invoice updated if needed
  • Student communication completed
  • Collection status updated

Tools and Systems

  • HubSpot (Collections pipeline and tickets)
  • Invoice Change Form
  • Payment/Invoice system

Revision History

  • Version 1: 02/14/2025
  • Version 2: TBD
  • Version 3: TBD