Goldey-Beacom College’s Business Office: “We Are Here to Help YOU Succeed”

At most colleges, student financial services involve a joint effort between two offices: the Business Office and the Financial Aid Office. Working together in tandem, each office delivers tremendous value to students in their financial affairs at the College. Often, an unsung hero in the student financial services process is the Business Office.

The Business Office is responsible for a student’s billing process in a variety of ways, such as the accurate and timely posting of tuition and other transactions to the student’s account. They also offer other crucial services, including invoicing student accounts, ensuring that student-related financial services meet regulatory standards, and facilitating communication with various stakeholders, such as parents and students. Without the Business Office, many of these tasks would go undone, with irreparable consequences for the College.

Recently, the Financial Aid Office chatted with Brittanie Krauss, Director of Business Affairs, and Zoe Lockwood, Accounts Receivable Supervisor, to learn more about their roles in the Business Office. Throughout our conversation, Brittanie and Zoe shared new and improved processes that are shaping the student financial affairs experience at the College. It is evident from this discussion that the Business Office has a conscientious approach to communicating students’ financial needs. Moreover, both offer tantalizing insights into payment plan arrangements available to students, including unique ones such as tuition deferral.

An edited version of the conversation follows.

Financial Aid Office: What are your roles and responsibilities in the Business Office?

Zoe Lockwood: I am the Accounts Receivable Supervisor in the Business Office. I oversee most functions related to accounts receivable, including student accounts and back-end administrative work.

I ensure transaction entries are correct on students’ accounts so they appear accurate on their account statements or invoices.

I have been working at the College for four years. I also attended Goldey-Beacom College and earned two degrees: an undergraduate and a graduate degree. I graduated in 2021 and 2023, respectively.

Brittanie Krauss: I first began my career at Goldey-Beacom College as an undergraduate transfer student in 2011. I graduated two years later in 2013, earning both my bachelor’s and master’s degrees at the College. After starting in the Business Office as a Collection Specialist in 2014, I went on to earn an additional master’s degree from the College.

My current role at the College is Director of Business Affairs. I have been at the College going on twelve years. I supervise various facets of the Business Office, including accounts receivable, accounts payable, and general ledger. I also assist my staff with day-to-day activities related to student accounts as needed.

Another aspect of my role is the compliance component. Examples of compliance include red-flag and student information safeguards. Other tasks include ensuring bank accounts maintain sufficient cash flow and reviewing and forecasting endowed scholarships.

What new things are happening in the Business Office that students should be aware of, or are already seeing in effect?

Brittanie Krauss: The Business Office is currently working with a pilot test group of students for electronic refunds. Whether it is due to an overpayment or a Title IV aid credit, the Business Office can soon refund that money electronically to the student’s financial institution.

It’s much quicker than the manual process of physical checks. We are still in the rollout phase of this process, which will require additional fine-tuning. There will also be a cutoff point at which students can elect to receive their refund electronically. Nothing can change at that point.

Zoe Lockwood: Adding to the refund conversation: The Business Office also offers students a chance to withhold their refund for a future semester via a federal aid authorization form. This form is available on Campus Web.

There are three things students can authorize withholding federal aid for: an account balance owed from a previous semester, anticipated credit from federal aid in a future term, and any miscellaneous fees, such as late payment fees, late registration fees, or things of that nature.

One final thing to add: if a student wants to carry Title IV aid credit into a future semester, the Business Office can hold that credit until June 30. If a student does not use the credit by June 30, the funds will return to the student.

Brittanie Krauss: We are contacting students in that situation to see if they plan to register for summer classes. We are trying to determine their intentions so we can return that money to them sooner rather than later.

We are continuing to provide students with education on the Title IV aid withholding form so they are well-informed about the decision they are making.

Why is it important now for students to get their account balances squared away before significant events such as Registration Week, Housing Selection, and Grad Fest?

Zoe Lockwood: Obviously, the earlier the better! Students with larger balances need to work out a flexible payment arrangement. The additional time gives both the student and the Business Office staff the necessary time to work out a satisfactory payment plan. Also, most events require students to be paid in full or be up to date on a payment plan before they participate.

Brittanie Krauss: To enroll in a future term immediately proceeding with a prior one, students must have an account balance of $500 or less. The only exception to this rule is when a student is enrolling in the fall semester after the spring semester. That requires the previous account balance to be paid in full.

We offer these flexibilities to give students a chance to pay off their account balance with an extra month or two of payments.

What type of assistance can students expect to receive if they have questions about their account balance?

Zoe Lockwood: We can get creative depending on a student’s situation. For example, the Business Office can potentially combine the spring semester and summer session balances into a new payment plan that stretches into July. We can also stretch the account balance throughout the summer before the fall term begins. However, that means students in this predicament will remain on a hard business office hold. That can restrict students from future course registration or accessing their academic records.

Once a student pays off a special payment plan, we can remove the hard hold, and they are good to go with their future endeavors.

Brittanie Krauss: Again, the only restriction really is the student’s immediate access to academic records, like an unofficial transcript.

I hear the Business Office is attending Accepted Students Day on March 28. What can students expect at this event from a Business Office perspective?

Zoe Lockwood: The Business Office has a table dedicated to processing tuition deposits for students who are ready to commit to attending Goldey-Beacom College. Students and their families can learn more about the Business Office operations at the event, as well. For example, students can ask questions about billing practices, the tuition reimbursement process, and the availability of informational booklets to take home.

There’s also candy available at our table.

Brittanie Krauss: Fun fact: When a student deposits at Accepted Students Day, the Business Office gets to ring a gong.

Graduate students rely on tuition remission from their employers to cover the costs of their graduate degrees. How does that work at Goldey-Beacom College?

Zoe Lockwood: It’s a little different than how we used to do it. Usually, we ask students who are using this option to contact us to learn more about the tuition deferral process. Essentially, some students may not have their courses covered until later in the semester. Students interest in this option should inquire about it an email to [email protected]. A Business Office staff member will set up a payment arrangement to make the $100 due the next day. The remaining due dates on the payment plan will depend on what session courses a student enrolls in. The $100 payment serves as a student’s official “enrollment” into tuition deferral and is not an additional fee since it covers the cost of their tuition.

Sometimes, students will request an account statement from us, which they then send to their employer for proof of payment, and then they can get their reimbursement.

Brittanie Krauss: All payment plans offer students the option to toggle between autopay and manual pay. Quick clarification: The $100 down payment students make with tuition deferral is not an additional fee. It goes directly to their tuition payment.

What are some of the biggest misconceptions of the Business Office?

Brittanie Krauss: That we’re scary.

Zoe Lockwood: Yeah!

Brittanie Krauss: My perception is that students believe the answer is often, “no.” Talking about finances is never easy. It does not matter if you are in good or bad standing. It is always an uncomfortable conversation. Especially when you are not where you want to be or are falling behind on payments, it becomes even harder to have a conversation.

Our biggest success stories with students come when both sides communicate. We have multiple touchpoints with students, letting them know we can assist them where they are.

Students’ fear of entering the Business Office prevents productive conversations from occurring. I genuinely believe that a student coming into the office and having a conversation will open their eyes to the options available to them in their current situation.

The quicker you come in for a conversation, the better the options are for resolving the hold. Students who wait too long often find themselves with limited options at the end of the semester.

Zoe Lockwood: That’s especially the case with the transition between the fall and spring semesters. There is only one month separating those two terms. I consistently underscore the importance of chatting with you early on if you are having a financial struggle. Let us know, and we can add a note to the account. We will try to find a solution that best meets your needs.

Brittanie Krauss: One other thing to add to this discussion: you can always pay ahead of time. I understand not everybody wants to do that. We will accept payments as early as possible if that helps you feel financially secure before beginning enrollment at the College for a given term.

We can also work with your payment schedule. If bi-weekly payments are better for you financially than monthly payments, we can meet those needs. Bi-weekly payments can alleviate the fear of a single large monthly payment.

Let’s talk about book vouchers. Explain how book vouchers operate at Goldey-Beacom College.

Zoe Lockwood: Typically, with book vouchers, you can receive them in one of two ways: an excess credit on the account from eligible aid that is refundable or institutional aid that is eligible for use at the online bookstore.

Book vouchers are only available on E-Campus. There are no exceptions to this policy. Once the book voucher is available on the E-Campus web platform, students can purchase course materials with their federal aid funds during checkout.

What do you enjoy the most about what you do in the Business Office? It’s hard work—correction, meaningful work—but what do you want the most about your roles at the College?

Zoe Lockwood: To me, I enjoy the process of reducing burdens on students, parents, guardians, or whoever is paying a student’s bill. I feel satisfied when I can work out a plan for a student. Whether it is adjusting their payment arrangement, working with the Financial Aid Office on additional aid opportunities, or finding another solution to resolve their account balance, that’s what makes me fulfilled at the end of the day. That’s what makes me the happiest, putting a person in a better financial position while also teaching them something along the way in the form of financial literacy.

Brittanie Krauss: I concur with that sentiment. Although I am no longer involved in day-to-day student account work, I still take satisfaction in helping a student navigate their financial journey at the College.

Just being able to see that relief on a student’s or a parent’s face, even in a tough conversation. I don’t get to do that often anymore but doing it occasionally when Zoe is unavailable reminds me that what I do matters.

I still have students who return to me. That creates a positive, long-lasting relationship.

I really enjoy engaging with students. My goal is for them to be successful in their academic endeavors. Once we can get the financial piece figured out, the conversation with the student is much more favorable moving forward. Seeing a student you worked so hard with graduate and walk across the stage at Commencement is one of my favorite things to observe.

In general, my role is to make the College’s financial operations run as smoothly as possible. It’s not easy to do what we do. But it’s enjoyable when you see the results.

Thank you, Brittanie and Zoe.