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Tuition management is a critical process for schools because collecting student payments impacts cash flow. Various private companies have developed software solutions for tuition management that automate the process on both sides of the transaction. Colleges and universities can buy one of these software solutions to facilitate accounting, notification and collection of payments. Students and parents benefit from automated tuition management because the system allows them to access their accounts, typically over the Internet, and process payments through a variety of payment portals.
Tuition is a payment for a service rendered. If tuition is not paid before the service is delivered, it becomes more difficult to collect. Tuition management systems allow schools to implement payment plans and flexible terms that can help students and parents keep their accounts current and avoid default. Business.com offers additional tips for managing tuition effectively.
Implementing a tuition management system requires an upfront investment in technology and training. This initial investment can seem prohibitive at first, but the cost of the tuition management system can be recouped over time. Utilizing software cuts down on transactional personnel costs and the customer service aspect of tuition processing. Students and parents can actively participate in tuition management through the account login portal, making it more likely they will keep their accounts current.