Getting more people to study in your institution is commonly linked to increased revenue generation, but this may not always be the case when you have students transferring tuition fee payments from another country. Without a reliable process and system to follow, things may get out of hand. Accommodating international students may seem like a gargantuan task for educational institutions, but don’t fret! You can manage incoming international payments and student tuition fees more efficiently – and rechannel your resources to more important matters – by following these four useful tips:
1. Paying in Advance
This may seem obvious at first, but some educational institutions take this for granted, ending up with an enormous volume of student loans. Remember: Your students’ convenience doesn’t necessarily have to mean incurring more debts. You can set a target that allows your students to pay either a portion or the entire cost ahead of actual enrolment. This firmly establishes that the students will pursue studies in your institution, since they have already paid. They can also use their remaining time and budget for other important things, such as accommodation or immigration requirements.
2. Break the Payment into Instalments
You should acknowledge that international applicants to your institution aren’t financially stable all the time, so it’s wise to provide a Tuition Instalment Plan (TIP) that will be advantageous to international students and your institutional funds. You can discuss details with your finance department and get more data for forming flexible TIPs by studying past cases of delayed or incomplete tuition fee payment. You can roll this out just before the start of semester to inform your students ahead of time.
3. Offer Grants
Upon informing your applicants that they have been accepted into your institution, you can also include in your message a list of grants that can provide students with the financial aid by having sponsoring parties pay on their behalf. While this may be a good deal, grants are not always available for every student, so you must not entirely depend on this option.
4. Reduce Costs—Get a Backend System to Provide More Payment Options
Most of all, we highly recommend adopting a simplified system that your students can access from anywhere in the world. This online system will allow transactions between your institution and the students without having to worry about bank fees or shortfalls that educational institutions end up having to pay for. Students can even send payments in their local currency while you will receive them in AUD with a guarantee that there will be no shortfall! You will also be able to track and view student payments securely. This way, you can reduce costs for students and your institution by saving not just time but money! Another benefit is that this can cut the additional reconciliation workload from your financial department, so they can focus on other important or urgent tasks.
All these tips are keys to make tuition payment to your school more convenient—by choosing the right solution, you will be in a win-win situation: you won’t have to lose students, while they can study without being bothered by tuition fee deficits.
FX2School was developed to help educational institutions calculate, facilitate, track, and receive tuition payments from students all over the world—all in affordable and secure ways. To learn more about how much you can actually save with our competitive rates, you can get a quote from us!
“Tuition and Payment Overview”. USU Official Website. Web. 10 Feb. 2015.
(Image source: Australia.edu)