It started almost 50 years ago when a small medical and dental assisting school in New York City needed help. The economy was bad, enrollments were suffering and the school was in danger of closing.
The owner of the school needed a way to enroll the students who couldn’t afford to pay when they started classes. So, he set up a payment plan whereby the students could make a payment every month, but had to be paid in full by graduation day. Some students said the monthly payments were too high and didn’t enroll. Some enrolled but dropped out when they realized they couldn’t afford the payment. Still, he had some success. He did have more students enrolling, graduating, and paying in full than he did before.
But, the owner didn’t want his school to just survive – he wanted it to really grow.
He knew that he needed to enroll the students who couldn’t afford his monthly payments. That’s when he met Stan Sobel, founder and president of TFC Tuition Financing,. Together they set up a new type of payment plan. The students would give the school a $50 down payment and agree to pay their $400 tuition (this was almost 50 years ago!) at $10 per month until tuition was paid in full.
He understood that this arrangement would have students paying beyond graduation day, and thought it was worth the risk to see how enrollments and cash flow might change. The personal computer had not yet been invented, and they used pencils and paper to keep track of the payments each student made. For students who didn’t make their payment, they typed out and mailed individual past-due notices.
This was how TFC began.
The outcome? Many more students enrolled, most of those students graduated, and most of those graduates paid their tuition in full! The school became larger and very successful, and are now one of the most respected allied health schools in New York City. They continue to use TFC to help keep themselves at the top of their success.
Today over 1,000 schools and colleges throughout America use TFC Tuition Financing’s time proven programs and professional services to help enroll, retain, graduate, and collect their tuition dollars from students!
