COVID-19 has created an economic crisis and has impacted people from every walk of life. Education sector has received a major blow due to this pandemic in the last 18 months. Majority of the Schools and Colleges are facing the financial crunch and are struggling to pay salaries to teachers, manage their facilities and pay their EMIs. At the same time the majority of the Parents are also facing many problems, some have lost their jobs and few their family members. Financial crisis has led to misunderstanding between the Parents and Institutions on the FEES and it has taken ugly turn at many instances and the direct impact of this is on the Students, they are emotionally challenged and are not able to focus on studies.
Some of the institutions and parents have come to mutual understanding on supporting each other and reached an amicable solution and have continued to provide the education in the best possible manner. Following are few strategies that have proven to bare results :
- Institutions have reduced the FEES by certain percentage
- Institutions have tied up with Loan providers to facilitate the parents
- Flexible installments options
- Siblings discount
- Staff discount
- Lenient payments terms
- Multiple online payment options
- Net banking
- Credit Card
- Debit Card
- Waving off transaction Fees by Schools
- No late payment Fee charges till certain date
Communication is key to resolve any issues. Institutions have made prompt efforts to communicate the facilities that they are providing to parents to make the FEES payments through SMS, Circular, Notifications and other channels.
Institutions using our SchoolElement ERP platform have used all the above strategies to partner with parents and have continued to deliver the education seamlessly. SchoolElement ERP platform has enabled the institutions to be on top of their finances and also give the best customer experience to the Parents.
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