If you have a payment plan which extends for more than 12 months, it will be charged another enrollment fee. Payment plans that are active, have at least three future scheduled institution payments, and have reached an increment of a 12-month duration are eligible for an enrollment fee renewal. FACTS uses the effective date of the first processed payment (excluding down payments and manual payments at institution) to determine eligibility.
- For consumer-paid enrollment fees, the system schedules the fee when the renewal fee is assessed. For automatic agreements, the renewal enrollment fee must be scheduled out a minimum of 10 calendar days from the current day. If the 10th calendar day falls on a weekend or banking holiday, it is scheduled for the next business day. For invoice agreements, the fee is added to the next invoice with a status of scheduled.
- For institution-paid enrollment fees, a maturity date is assigned when the renewal fee is assessed. The maturity date is 10 calendar days after the renewal date. If the 10th day falls on a weekend or banking holiday, it is scheduled for the next business day.
- When the fee is assessed, it is displayed in the NBS servicing screens and in the remittance projection summary. When the fee is charged, it means the institution was charged the assessed amount via the remittance system and visible on the remittance history and in the “Fees Paid by Institution” report.
Whoever pays the enrollment fee (i.e., the consumer or institution) receives correspondence notifying them of an enrollment fee renewal.
The enrollment fee renewal notice correspondence is triggered when an agreement with an enrollment fee is renewed. This correspondence is sent to the plan owner using their preferred correspondence method.
This correspondence does not use customized sender information or institution branding. The default company label (FACTS) is used.
Please contact your account manager with any questions.
