What happens if a family makes a late payment or doesn’t pay back the loan?
These are non-recourse loans so if a family is late or stops paying, your Center is not burdened with the financial risk. If one of your families were to default, we work with them to set up a repayment plan. For Your Tuition Solution’s promotional plans (no-interest if paid in full within 6, 12, 18 or 24 months), retroactive interest is not assessed unless a family misses two consecutive monthly payments or, as with other lenders, does not pay the balance in full by the end of the promotional period. This approach provides some extra time to correct a missed or late payment and can prevent significant charges that may upset families.
