According to Private School Review, the 2018–2019 national average for private K–12 school tuition is approximately $10,671 per year. The private elementary school average is $9,631 per year, and the private high school average is $14,575 per year. Acquiring 100% of tuition on time can be a burden for schools, but it’s critical to the overall financial health and success of independent and faith-based educational institutions. Without the steady cash flow of tuition, schools might not meet budget, payroll may need to be sourced from other funds, and the ability to maintain academic and extracurricular programs may suffer.
By following these best practice guidelines, it’s easy to stop the chase for late payments and keep your school’s cash flow positive. In fact, it all boils down to three key tenants: choice, flexibility, and engagement.
Download the document above to learn more about improving on-time tuition payments.