Higher education has been in a period of seismic and rapid change over at least the past decade. Changing educational models, exploding online curriculum, shifting student demographics, pandemics and other concerns have presented challenges for colleges and universities nationwide. The business offices within these institutions have not been immune to significant changes either. Whether it’s the movement to single point of service One-Stop shops, changes or upgrades to student information systems, or uncertainty in the future of campus-based Title IV loan programs, change seems to be a constant.
Unfortunately for many schools, recent changes in the area of student receivables management have not been positive for affected institutions. Significant consolidation has led to near-monopoly conditions in the billing services and accounts receivable sector of higher education. In a monopolistic environment schools are often left to choose between staying with a complacent provider who because of the lack of competition, has lost the willingness to provide excellent customer service, or an expensive and time-consuming data conversion to another provider who in the long run may not be any better.