Tuition management services are popular for families but also provide a great deal of benefit for the schools the children attend. These services provide stability of cash flow for the school and relieve the school from entering the collection business.
When you use the services as part of your school's package, you bring in additional revenue from parents that previously thought that schooling was out of reach. Because tuition management companies reduce the workload and the expense that the school normally would bear, they provide affordable payments that the school might not have the resources to undertake. Consider the following benefits of tuition management:
- Online tuition management creates an account that covers all children of a family, and encourages parents to use one school.
- A tuition payment management program handles all the financial details of tuition and allows the school to focus on the education of the child.
- Tuition management reduces data entry needs when the company links directly to your system.
Action Steps
The best contacts and resources to help you get it done
Find private school tuition management services
There are several different options for tuition management. Find a management service that offers a broad spectrum of options and specializes in the area of private school tuition management for grades K through 12. Many online management services offer not only regular paper payments, but also credit card and automatic bank payments. Some companies bill for incidental fees so you never have to invoice any items.
I recommend: Several companies that offer a wide variety of service from tuition collection to online management services. One of these that even has a grant locator is
FACTS Management Company / Nelnet Business Solutions. A second resource for services is
Smart, LLC.
Search for college tuition management for your school
Today it is imperative that colleges offer forms of financial assistance. Most colleges have staffing to find additional monies but it may be more beneficial to use an outside source for the information. Outside sources provide personal advice to each parent and keep staffing costs at a minimum.
I recommend: One resource that offers loans and makes affordable payment plans for students is
Sallie Mae.
Nelnet, Inc. and Affiliates provides both college and K through 12 assistance.
Look for tuition management companies that offer more
Find a manager that not only provides a good tuition payment management system but also has other opportunities to create affordable tuition to parents.
I recommend: Each year
Tuition Management Systems, a KeyCorp Company, offers a range of loans and payment plans to make it easy for families to budget.
Scholarship Management Services offers loan opportunities and tracks scholarships.
Tips & Tactics
Helpful advice for making the most of this Guide
- Compare the opportunities with the various companies and select the ones that match the needs of your students and their families. Each offer additional opportunities that make them more valuable.
The official source of Tuition Management is the Tuition Management page at Business.com
Related Resources from Business.com
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