When it comes to making payments, schools have a lot of options. Schools can offer parents the option to over and underpay for their child’s tuition. This can be a great option for parents struggling to make ends meet, or for parents who want to save money on their child’s education.
What Are Over and Under Payments for Schools?
Over and under payments for schools are simply when parents have the option to pay more or less than the full amount of their child’s tuition. So, if a parent’s child’s tuition is $2000, they could choose to pay $4000 and cover two years of their child’s schooling, or they could choose to pay $1000 and only cover half a year.
Some parents might feel like they need to overpay for their child’s tuition so that their child can get into a better school. Others might feel like they need to underpay so that they don’t have to worry about the cost of their child’s education.
Should I Offer Over and Under Payments for My Small School?
The decision to offer over and under-payment for parents options in your small school is a personal one. Some schools feel that it is a way to show parents they have school payment flexibility and willingness to work with them. Others worry that it may send the wrong message to parents, or that it could put the school in a difficult financial situation.
If you decide to offer over and underpayments, be sure to have a clear policy in place. This will help to avoid any confusion or misunderstandings. Be sure to communicate your policy to all parents, and make sure that all staff members are aware of it as well.
If So, How Do I Start Offering Them?
If you want to start offering these types of payments all you need is a school payment management system. A school payment management system will give you the ability to offer this type of payment to your parents. You can also set up a payment plan so that parents can pay over time.
This can be a great way to make paying for your child’s education more affordable for parents. It can also help to ease the financial burden on the school. If you are considering this option, be sure to speak with your school payment management system provider about it. They will be able to help you set up everything you need to get started.
If you are considering offering over and underpayments for your small school, be sure to think about how and why your school will go about it. Will it be a way to show parents you’re flexible? Will it help ease the financial burden of the school? Or, will it put the school in a difficult financial situation? Once you have decided why your school is offering this type of payment, be sure to let your parents and staff know!
SchoolCues is an all-in-one school management system for small schools with limited budgets and resources. Our solutions include admissions and enrollment, online payments, student information systems, gradebook, communications, parent engagement, donations and fundraising, alumni management, and more. Schedule a demo with us today.