How to Alleviate Financial Stress for Students During the Current Pandemic 

Our priorities right now are to alleviate financial stress for students and to keep your enrollments and retention high. To do so, below are two quick and easy ways in which TFC can help keep payments affordable for students and avoid defaults. There will be no additional fees charged for these services.

1. Push back student payment dates (we suggest until at least June)

You can choose to have TFC push back the due date for all student payments by one month (or more) to give students a bit of a grace period during these uncertain times when many students are unable to work and feeling more financially insecure than ever.

If desired, we can make changes to all accounts at once, wait to move a payment date back upon student request, or we can notify your school when we receive a request and you can determine how you want to handle each individual case. Let us know by email to clientservices@tfctuition.com which (if any) of these options you would prefer.

Even when moving payment due dates, we would encourage those students able to make payments to do so, in order to stay ahead of their plan.

2. Refinance student accounts (we suggest 3-6 months of lower payments, after which amounts due return to normal)

We make it easy to refinance a student contract if a student cannot afford the current monthly payment amount due to financial hardship, including multiple tiers to their plan.

For example, if a student currently has a payment due of $300/month, you could consider offering 3 months of $150 payments, after which their expected payment returns to $300. This can be adjusted an a student-by-student basis to accommodate their needs without postponing all school cash flow and ongoing revenue.

In addition, we will be suspending cancellation of student accounts for nonpayment at least through the end of May.

We recognize that it is in the best interests of schools and students to keep accounts active with TFC so that we can help guide them through this crisis, rather than causing additional stress and negative credit impact to students who are financially insecure. With this in mind, and following guidelines from state and federal regulators, student accounts will remain active with TFC and student inquiries will be supported to help determine their best way to avoid defaulting on their obligation.

Additional Resources

We are doing our best to keep you updated with any and all information as we receive it. Continue to check back regularly for updates, but be rest-assured that TFC will remain available to help.

Contact Information

Student Support: 800-872-9832 or studentservices@tfctuition.com

School Support: 800-832-5626 or clientservices@tfctuition.com

Student Portal: www.tfcstudentinfo.com

School Portal: www.tfcloan.com

Questions?