Credit Unions and Schar Loans  7403-02  ZZar

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                          TO: Interested Schools                                                                                        FROM: Jim Bramer, Retired Auditor-CPA 
                                                                                                                                                              FILE: 7403-01/schar 

                          RE: Credit Unions and Schar Loans                                                                 Originated:  February 2002                     


        In the sister writings found in  7401 and  7402  we have provided Christian School Onliners with some suggested ways to account for and collect monies from Parents/Students who have NOT paid their monthly balance of Tuition and Fees as agreed to in writing at the time of Registration.

        What we did not pursue in depth was the possibility of the School's Credit Union being a part of this effort.  May I suggest the following:

  •      At the time of registration Parent/Students agree in writing to pay their monthly Tuition/Fees at a specific time of month; let's say the 10th of the month.  They also agree to what follows in the next paragraph..

  •     The School and their Credit Union enter into a partnership whereby if the April 10th monthly Tuition/Fees amount is unpaid by the due date of the next month, or May 10th, then the School receives the unpaid Tuition/Fees amount from the Credit Union.  

  •      The Parent/Student now owe the unpaid amount (converted now to an interest bearing loan), plus an agreed Loan Fee, to the Credit Union.

  •      The School is timely made aware by the Credit Union of the status of all such loans during the School year.

  •      The Parent/Student must pay off this Credit Union loan before the student can register for the new school year.

  •      The School can accept payments on such loans at the School and operate as the Credit Union's agent.     

    Let us know at Jim@bcidot.org  if you have any comments or suggestions on such matters.


      Please click here for a list of Schar resources on www.bcidot.org .This publication originated in February 2002 and was. 
UPTD: June 04, 2010

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