We are announcing a tuition payment policy change that will be effective for summer session 2019 and going forward. Starting with summer session, families paying tuition by credit or debit card will be charged a monthly or annual fee (depending on your payment plan) of 2.81% according to the chart below.
We understand that paying by check may be an inconvenience; however, the new policy is directed at keeping the school on a sound financial footing. Here’s why:
Lab School operations must be financially self-sustaining on the basis of tuition revenue; the University of Minnesota does not give us additional money to fund our programming. Each time tuition is paid by a credit or debit card the school pays a processing fee of 2.81% to the company that brands the card. The cost of credit/debit card payment fees are passed along to the school. In the last fiscal year, these processing fees added up to $10,060, and were our second largest expense after staff compensation! Rather than raise tuition an additional 2.8% for everyone to cover the cost of the card fees, we’ve opted to pass along the processing charge to parents who choose to pay by card.
Starting with summer session tuitionyou will have the following options for tuition payment:
- Mail the check or money order directly to the address given on the invoice.
- Drop the tuition payment in the locked box on the wall in the Lab School. Payments will be picked up and mailed to University Accounts Receivable on the 16thand 1stof every month. A copy of your invoice or payment stub MUST BE INCLUDED with your check. Checks put in the box without a copy of the invoice or payment stub will not be processed.
- Use your bank’s online bill pay service to request they cut a physical check and mail it to the payment address on your invoice at the same time every month to the address on the form.
Unfortunately, direct debit from your checking account is not available at this time. However, University Accounts Receivable is planning a pilot program to allow customers to set up a direct debit from your checking account at the same time every month. We have asked the U to include the Lab School in this pilot, and we will pass along more information as we receive it. As with all things billing, please contact Amy Pieren at email@example.com or 612-625-6549 if you have any questions about the new card processing fees or payment options!