The window that appears when finance charges are generated allows you to choose to include or exclude third party payments from the balance on which finance charges will be calculated.
· If you include the expected third party payments, they will decrease the student balance and the finance charges will be less.
· If you exclude them, you are charging the student for the whole unpaid balance, even if a third party is responsible for some of those charges.
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This applies to the Original Method of Third Party Billing only. For the Enhanced Method of Third Party Billing, you do not need to include third party payments in the calculation of finance charges because under the enhanced method, the third party has a separate subsidiary. |
