How does a private school handle collection services?
Educators aren’t in it for the money. The Economic Policy Institute says teachers are “paid less than comparable workers with similar education levels.” Yet these teachers and the institutions they work for do expect to be paid. For private schools that may not have government funding, getting paid can be a serious issue. How does a private school, whose real goal is not to get rich but to simply provide a good education to our kids, handle past-due tuition? This article will shine a light on some ways for private school educators and administrators to seek payment for past due bills without compromising their mission of service to the community
Current Landscape – Private Schools in the U.S.
One in 10 American students is currently attending a private elementary, middle, or high school, according to Huff Post. According to the Council for American Private Education, there are 34,576 private schools in the U.S. today, serving 5.7 million students. The majority of students (78%) enrolled in these schools attend because they are religious-affiliated facilities.
A large percentage (87%) of all the private schools in the U.S. can be classified as a small business, with less than 300 enrollees. The students in these schools consistently perform higher on all standardized achievement tests than students from public schools, marking these institutions as highly important to the development of our future leaders.
Yet, enrollment in these schools has actually been declining. According to the article, the 2008 economic recession caused these institutions to take a big hit in enrollment. That makes every single tuition payment that these schools can capture even more important to the health of the programs they offer our children.
Rocket Receivables is a debt collection agency with private school debt collections experience.
The Denver Post reports, “With state budgets stretched thin over the years, legislatures have cleared the way for public agencies to seek assistance from the private sector to recover unpaid debts.” But who should private elementary and high schools, as well as religious-based schools turn to when past due accounts put them in the red?
Collection Services for Educational Institutions
No one wants to send a child’s tuition bill to collections. But the truth is that these schools are providing a service to parents and their children. Like any other company, educational institutions should feel comfortable seeking payment for services rendered.
But, these organizations have limited staffing available to pursue past-due tuition and little training on how to conduct collections in a respectful way in these delicate situations. Too, educators and the administrators of private institutions are held to the same legal frameworks as any other company. The legal and PR ramifications of pursuing debt collection must be handled carefully.
Rocket Receivables was designed for these types of businesses. We offer guaranteed, proven collection services that are discreet, affordable, and efficient. Our service is effective on all types of balances, from activity fees to tuition for current and former students.
We offer both early stage collections and more complicated later-term approaches that are always courteous and professional. Our goal is to provide debt collection agency services in a diplomatic and fully-compliant manner while also being highly effective. To buy now or find out more, contact us.