How Schools Can Stay Financially Secure When Fees Remain Unpaid

A growing number of parents are now borrowing to pay private school fees, reflecting the rising financial pressure on families.

Parents are increasingly borrowing to pay private school fees, putting pressure on schools’ finances. Discover how Controlaccount helps leading independent schools recover unpaid fees professionally and sensitively.

A growing number of parents are now borrowing to pay private school fees, reflecting the rising financial pressure on families. According to a recent MoneyWeek report, the average amount borrowed through School Fee Plan rose by 11% last year to £21,735 - a 19% increase over two years.

With the introduction of VAT on independent school fees in January, this strain is expected to intensify. The report also found that average fees for the 2023/24 academic year reached £18,000 for day pupils, £24,000 for boarding day pupils, and £42,500 for full boarders.

Unsurprisingly, 94% of school heads, bursars and finance managers are now exploring options that allow parents to spread payments - up from 89% the year before. While these plans can help families manage costs, they can also lead to a higher risk of unpaid or delayed school fees, creating cash-flow challenges for schools.

How Controlaccount Supports Independent Schools

At Controlaccount, we work with many of the UK’s leading independent schools to recover unpaid fees professionally, compliantly, and with sensitivity.

Our approach helps schools safeguard their financial position without damaging important parent relationships. From early-stage reminders to managed recovery strategies, our services are tailored to the unique environment of private education.

If your school is experiencing difficulties with unpaid or overdue fees, now is the time to act before debts accumulate.

Speak to Controlaccount today to find out how our expert team can help your school recover outstanding fees while protecting its reputation and community.

Read the full original article on MoneyWeek – “Parents forced to borrow to pay private school fees.”