Frequently Asked Questions - TFC Tutition Financing

TFC handles the required 1098-E paperwork and notifications of tax deduction for interest paid

TFC’s online application provides the necessary forms that you need to provide students when they sign up for a payment plan
Depending on in which program the students enroll, they will receive either a payment coupon book or monthly statement to keep track of their payment due dates and amounts
Upon request, we provide additional documents to students with no extra fees, including “Paid in full” confirmation letters and payment histories

All of our retail installment contracts and TILA documentation has been reviewed by lawyers established in the education sector to be compliant in all 50 states, plus Puerto Rico and Washington, D.C.

Students receive email and text reminders (when possible) before their payment is due, and after a payment is missed
If students become past due, our customer service team contacts them continually by phone, mail, text, and email. This team is staffed with individuals who are well trained to work with past due students in getting their payments flowing again. They accomplish this without being rude or offensive; we rely on persistence and a “let’s work this out together” attitude while reminding the student why their education & credit are important to their future

Following-up these calls with past due notices and delinquency letters maximizes the collection effort and maximizes collections. When these actions are performed by a national student financing company, the seriousness of the delinquency is brought to the attention of the student and their co-signer, and the importance of making payment now is emphasized

Frequent telephone calls to past due students and their co-buyers are made by live personnel and have been time proven as the best way to generate collections.

All management and servicing of student accounts and all related customer service and follow-up efforts are performed in TFC offices by our own professionally trained staff in New York and California

Payment plans can be structured to have up to four tiers of different payment amounts and/or different interest rates in the same plan. Payment plans are flexible, so, for example, you can offer students a lower monthly payment while in school vs. after they graduate

As an optional service, TFC can report student accounts to all three credit bureaus

Payments can be made by automatic monthly charge to credit/debit cards, bank checking/savings accounts, or as payroll deductions from their employers

24/7 access to student information and historical reports are available online. We provide this information to help you track payment status and monitor key tracking points on students
Schools with multiple campuses can set up users with access to student data for one, multiple, or all campuses together
Each user can have different settings associated with their accounts

TFC provides 1098-E interest paid forms to specific students automatically as required by the IRS and to any other students requesting them
TFC sends required 1098-E data to IRS via their required electronic data transmission protocol
TFC responds to bankruptcy claims and sends proof of claim to the required courts, with copies to your school

Your school continues to own the student accounts. They are financial assets for the school to hold or sell, depending on your needs. They are not sold nor assigned to TFC.

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