At Full Fabric, we're aware that some programmes have individualised curriculums where applicants are allowed a degree of control over their studies – a sort of la carte course selection, if you will 🍽 – so this article explains how to design payment plans around the courses on an applicant's custom transcript.
❗️ NOTE: The present article is a companion piece to another, Create payment plan templates (with or without discount templates) and assign them to classes, which you should read first. More precisely, it's an extension to the topic: How can I add fees to a payment template?
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How do I create a payment plan based on the courses an applicant has chosen?
It all starts with the payment plan template. When adding fees to an application template, it's possible to reference study plan courses by classifying the fees as one of two types: Percentage of sum of selected course prices or Fee for each selected course.
In turn, whenever a new payment plan is created for a profile, whether manually or automatically via a lifecycle workflow, the fees in question are based on the transcript of the journey for which the payment plan is being created.
We'll proceed to discuss each of the aforementioned fee types in detail next. 😃
Create a payment plan template fee based on the sum of the study plan courses
As previously stated, one of the fee types that you may use to create payment plans based on course selection is Percentage of sum of selected course prices. It's similar to the option Percentage of product price, but the price is calculated based on the sum of the prices of each course selected by an applicant on the application form (for which the application template must have the Subjects tab enabled) rather than the product price (in other words, the price of the class). Likewise, the currency of the fee is determined by the price settings of the courses.
Below is the basic formula:
P% = (sum of the selected study plan course prices – sum of fixed amount fees) * percentage split
Naturally, if the fee is associated with a class with no study plan, it won't be added to the profile's payment plan; furthermore, the sum can't be calculated until after the candidate makes the course selection.
In the event that the transcript is changed in the future as a result of the candidate being registered for new courses or certain courses being dropped, the fee will not be updated.
Configure a payment plan template to generate a fee for each study plan course automatically
Fee for each selected course is the name of the second fee type for creating payment plans according to course selection. As the title suggests, it splits itself into multiple fees: one for each course selected by the applicant on the application prior to the creation of the payment plan, where each fee amount is the course price. ♨️
In the case that no course has been selected, or a study plan does not exist, no fees are generated.
Again, the currency of each fee is determined by the price settings of the respective course. Although it's possible to set a fixed date, we recommend only setting Distance due dates dependent on the course start date. In fact, this type of fee is fantastic for letting students pay their payment plans gradually as they begin each course. 🙌 If that's the kind of arrangement you're looking to implement, go with the following distance options: Before selected course start date or After selected course start date.
If you create a discount template for this type of payment plan template fee, then the discount will be applied to each resulting course fee, whereas if you add a custom discount to an individual payment plan, you can specify which courses it should impact.
Any modifications to the transcript are reflected on the payment plan, except for fees with transactions, which cannot be deleted.
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PUBLISHED: November 7, 2022
LAST UPDATED: November 8, 2022 at 1:59 p.m.