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Tuition Management Benefits for Families and Schools

When you think about it, it’s normal for major expenditures in life to be spread out over time, not paid in one-time or annual lump sums.  Most of us pay for housing on a monthly basis, and the same goes for transportation, food, etc.  Why not tuition?

When a family chooses an independent school education, tuition often becomes a significant part of that family’s budget.  It’s not easy for most families to pay a several-thousand dollar annual tuition payment in one or even two lump payments, and the harder it is to do, the more likely it will be late, missed, and incur extra fees.

At the same time, tuition is usually the main source of funding for an independent school, and timely tuition payments are imperative to maintaining a positive cash flow.

What can be done to assist the school and family?  Offer (school) and enroll (family) in a tuition management and payment plan which provides the ability to spread tuition payments throughout the entire school year.  By doing so, families will have more manageable payments and schools will receive them in a timely and regular manner with minimal fuss or paperwork.

By partnering with a management method, the benefits to a school include:

  • Reduction of workload in the business office
  • Ability to offer flexible, automated payment plans to families
  • Faster receipt of payments
  • Increased, consistent cash flow
  • Dedicated customer service
  • PCI compliant security
  • Ability to reconcile and report payments with ease

Benefits for parents and families:

  • Flexible payment plans
  • Smaller, more affordable payments spread out incrementally throughout the year
  • Ability to set automatic payments, thereby avoiding forgotten payments or late fees
  • 24/7 Account Login Access and information

As the industry leader for payments at K-12 independent schools, Diamond Mind’s school experts can advise you on the variety of methods available now for implementing a tuition management system at your independent school.  Whether you choose to manage payment plans internally or outsource everything to a vendor, we can share the benefits of each method and discuss what works for you peer schools and why.  Call us today at 888 566-0945 x777 or info@diamondmindinc.com.