Nelnet (Formerly FACTS) Plan

Nelnet (Formerly FACTS) Tuition Management 

Interest Free 

Monthly Payment Plan

 

To assist you with budgeting your College tuition expenses, Our Lady of the Lake College has made available a payment plan through Nelnet (Formerly FACTS) Business Solutions.  The Nelnet (Formerly FACTS) Tuition Payment Plan is an interest-free monthly payment plan that will allow you to divide your tuition expenses into smaller, more manageable payments.  Nelnet (Formerly FACTS) is not a loan program; therefore, there are no interest or finance charges and there is no credit check.  The only cost to you to utilize the Nelnet (Formerly FACTS) Tuition Payment Plan is a $30.00 per semester non-refundable enrollment fee.  The enrollment fee will be added to your first invoice or included with your first deduction from your bank account or your first payment charged to your credit card after your Agreement is posted to the Nelnet (Formerly FACTS) system. 

ENROLLMENT OPTIONS: 

1. Automatic Bank Payments (ACH) – Automatic bank payments are payments you have authorized Nelnet (Formerly FACTS) to process directly with your financial institution. It is simply a bank-to-bank transfer of funds that you have pre-approved for your tuition expenses at Our Lady of the Lake College. Payments may be made from either your checking or savings account. Payments are processed on the 5^th of each month and will continue until the balance is paid in full. Should your payment be unsuccessful, a missed payment fee of $25.00 will be assessed for each payment attempt.  Nelnet (Formerly FACTS) will notify you  by letter or e-mail and schedule a reattempt for the missed payment on the 20^th of the month.

2. Credit Card Option – Many students have requested the option of charging their monthly tuition payment to their credit card. This enables you to take advantage of various bonus programs offered by your credit card company. If you elect to use this option, your monthly payment amount, along with a convenience fee, will automatically be charged to the credit card you designate. The convenience fee is in addition to the nonrefundable enrollment fee.  Payments will be charged on the 5^th of each month until the balance is paid in full.   

3. Invoice Option – Some students prefer to be billed for their tuition payments.  If you select invoice option, you will be mailed an invoice for each payment.  You are required to pay 10% of your tuition straight to the business office. This options is not available on-line. If you choose this method of payment, you need to fill out a paper agreement at the Business Office. The first invoice is sent on approximately the 10^th of the month prior to the first payment’s due date. Payment is due to Nelnet (Formerly FACTS) by the 1^st of each month, and may be made via U.S. mail or online at a Website provided on your invoice.  Payments made by personal check, cashier’s check, or money order must be drawn on a U.S. financial institution and must be made payable to Nelnets (Formerly FACTS). Checks received by Nelnet (Formerly FACTS) will be converted and processed as an Automatic Bank Payment (ACH) upon receipt by Nelnet (Formerly FACTS)’ designated lockbox provider.  Your cancelled check will not be returned to you.  If your check is not received by the 1st of the month, a late fee will be added to the student’s account and will appear on the next invoice. If a payment is returned unpaid, a $25.00 Nelnet (Formerly FACTS) Returned Payment Fee will appear on your next invoice.

 

ENROLLMENT DEADLINES FOR CREDIT CARD & AUTOMATIC BANK PAYMENT (ACH) OPTIONS FOR FALL 2008 (AUGUST-DECEMBER) SEMESTER
Number of Payments  Months	Last Day to Enroll Online
4 payments  AUGUST - NOVEMBER	AUGUST 1, 2008
3 payments  SEPTEMBER - NOVEMBER	AUGUST 31, 2008
2 payments  OCTOBER & NOVEMBER	OCTOBER 1, 2008

 

 

 To enroll online click the e-cashier link.