E-billing issued in attempt to cut costs
The university will switch to e-billing in May, saving the school $41,690 a year.
The bursar’s office also switched to electronic check transmission on March 16, saving $5,040 a year on the bonded courier service that had been hired to deliver and deposit checks in Springfield.
The $46,730 of savings makes up 1.5 percent of the potential $3.12 million cut Eastern faces in state funding next year.
All bills for current students will be sent electronically through their Eastern e-mail account.
Linda Coffey, bursar, said this is because the office knows it is a valid address. If a student does not regularly check their Panthermail, Coffey said students need to be aware the bills will be sent exclusively to the account. Students can set their email to be forwarded to a different address at www.eiu.edu/panthermail.
“For this to really save us money, it has to be all or nothing,” Coffey said.
Coffey said the University of Illinois and Southern Illinois University-Edwardsville have switched to e-billing.
“This isn’t unusual anymore,” she said. “Everyone wants you to sign up for paperless billing these days.”
Students attending summer session will be the first to receive the electronic bill.
Last year, 103,000 paper bills were sent out. Non-current students, about 20 percent of the total sent, will still receive paper bills.
$7,070 was spent annually on envelopes, and each bill cost $0.33 in postage.
The electronic deposit allows for funds to be transferred a day faster than they were with the bonded courier service.
Treasurer Paul McCann said the extra day allows the university to earn more interest, though current rates are low.
“Every day that that check takes to process was a day (Eastern) lost in interest,” McCann said.
McCann said having the checks stay on campus was more secure. Checks are shredded 14 to 30 days after deposit.
Sarah Ruholl can be reached at 581-7942 or seruholl2@eiu.edu
E-billing issued in attempt to cut costs
Incoming freshmen next year will pay $254 per credit hour. This is a $15 increase from 2009.(Sam Sottosanto/Online Editor)
