Payment Processing | News

Tuition Management Service To Add International Payment Option

• By Dian Schaffhauser
• 11/30/11

A company that provides tuition management to K-12 and higher education payment systems will be adding a service that allows the families of international students to make payments in the currency of their home countries. Tuition Management Systems, a division of private student loan processor FirstMarblehead, will be adding foreign payment options provided by peerTransfer to its payment system.

peerTransfer, created by an international student at MIT, handles money transfers for international students at a lower cost than the fees charged in traditional bank offerings, such as wire transfers or credit cards. According to the company, the use of peerTransfer can slice hundreds or thousands of dollars off tuition payments.

The integration of offerings, which will provide for additional payment flexibility, will surface at all Tuition Management customer schools during the spring 2012 payment cycle. The addition of peerTransfer will help streamline the work of reconciling incoming international payments, the companies said in a statement.