It’s no secret that late tuition payments hinder a school’s cash flow and cause budgetary restrictions. Please download the document to learn how to help your school lower delinquency and keep the cash flow flowing.
- Start the enrollment/re-enrollment process early. Always kick off the enrollment/re-enrollment process 60–90 days before the earliest due date. Ongoing communication is critical, so keep in contact with your families during this time. Make sure to set expectations and provide an accurate timeline, so they know what actions they need to take and when.
- Keep it simple. Flexibility is important, but offering too many options for your families can put unnecessary stress on the school and make it hard to manage cash flow. Stick to the basics!
- Manage billpayers based on their needs. Do you have employees that are handled differently than the rest of the population? Do you have hardship families or special arrangements? How many groups do you need to consider when choosing settings for your school? Make sure you manage everyone based on their specific needs.
- Use metrics to make educated decisions. Do your reports give you all the information you need to make informed decisions? Make sure you’re looking at the whole school population and not making decisions based on outliers.
Stick to your school’s policies. What is your school’s policy for non-paying families? Make sure your school administration follows the set policies you have in place. It’s OK to be empathetic and evaluate individual families on a case-by-case basis, but all parties involved need to be on the same page.
Be aware of what’s going on with delinquent families. Don’t wait until the end of a semester—when a family is already three months behind—to discuss payment. With each month that passes, it becomes increasingly difficult for families to catch up. Discuss the issues up front and devise a plan that allows the family to start paying on a regular schedule. Paying part of the bill is better than nothing and will gradually reduce the overall delinquent balance.
Consider all the options available to your families. Explore all possibilities for your families and make sure they are informed of every option. Also, be sure to offer convenient payment options. Families are happiest when they have multiple ways to pay their balances.
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