How do I create a payment plan on SRMS?
Payment Plan is a means for students who have difficulty with paying their full tuition fees before the academic year is completed. It gives students the opportunity to come into agreement with the university on a way forward as it relates to completely paying off their tuition fees. Students are given the option to either pay their tuition in a lumpsum amounts on various dates and or to abide by a monthly payment for a maximum of 12 months.
Below are the instructions on how to create and submit a payment plan application.
After logging in to SRMS, the Status Summary region has a section called ‘Quick Links’ which holds the link to create a payment plan.
Once the Payment Plan link is clicked, you will be redirected to a page to initiate payment plan application. Click the ‘Initiate New Payment Plan Application’ button to begin the process.
Once button is pressed, you are taken to a page with the following tabs: Instructions | Personal Information | Address | Financial Information | Tuition Information | Payment Proposal | Summary | Submit.
!!! The first three tabs showcases information already inputted by the student since registration. The remaining tabs are what we will focus on going forward. !!!Personal Information
Student will need to indicate their expected graduation year.
Financial Information
Requires information based on the financial status of your household.
Tuition Information
Lists all the outstanding tuitions that the student is required to cover.
Students are also encouraged to give a reason as to why they need a payment plan, providing supporting documents.
Payment Proposal
List all payment proposals created either by the student, or by the internal committee.
Students can propose how they intend to cover the outstanding tuitions fees. Click on the 'Create New Payment Proposal' to add a payment proposal.
They can choose to do Lump Sum payment, Monthly payment, or a combination of the two.
NOTE: The calculated difference should equate to 0 or less than 0.Add Lump Sum - Students
Add Monthly
Creating a payment proposal will automatically place it in a ‘DRAFT’ state. Once the student has completed putting in their lump sum/monthly payment information and they are satisfied, they can go ahead and click the ‘Submit’ button. This submission gets picked up by the internal committee, who will review the proposal and if they find it satisfactory, go on to ‘Accept’ the proposal. If not, they will make a proposal of their own, which the student can then choose to either ‘Accept’ or ‘Propose Alternative Payment Proposal’.
Submit
Serves as the terms and conditions for the payment plan application. Students will need to tick all the required checkboxes and filling in the required information before clicking the Submit button.
Student can only submit their application once they have submitted a payment proposal (at least one proposal must not be in the ‘DRAFT’ state).
Summary
Showcases all the information relevant to the payment plan application.
After the student has submitted your application, if a (alternative) payment proposal has been created by the Internal Committee, the student will need to navigate to the proposals and click the ‘Take Action’ link under the respective payment proposals.
The student will then be given two options:
If the student agrees with the proposal put forward by the internal committee, select ‘Accept Proposal’ and that will bring an end to the process, given that the internal committee has not accepted any of the proposal put forward by the student.
If the student disagrees, they can select ‘Propose Alternative’ to create a new proposal which will then be put forward to the internal committee who will then accept/propose alternative.
The completion of a payment plan occurs once a proposal has been accepted by either the student or the internal committee.