The rising cost of living is affecting nearly every aspect of our lives and unfortunately, this has crept into school fees too. In fact, school fees are expected to reach record levels in 2023. With families facing tighter budgets than ever (especially after the extra holiday spend), education payment provider Edstart answers some of your questions about what to expect and how parents can prepare for the upcoming school year.
What is the expected increase in school fees?
Despite keeping a lid on fee increases over the past two years, the general expectation is that the majority of schools will increase them between 4-10% this year. This is higher than the average 2-3% rises we’ve seen in previous years.
These large school fee increases are due to an increase in the operating costs, such as energy, school equipment, wages, building and maintenance.
Why are some schools increasing their fees more than others?
There is expected to be a wider range of fee increases in 2023 driven by a number of factors. But one reason is fluctuations in government funding affecting schools differently, with some seeing significant reductions and being left with little alternative but to top up that gap with additional parent contributions.
How does inflation and a higher cost of living impact schools? High levels of inflation have a wide ranging impact on a school’s operation and how they can continue to build and maintain important student facilities. This extends to an increase in staffing costs which can account for up to 80% of overall school expenses.
The majority of schools Edstart has spoken to have said that fee increases won’t fully cover the additional costs incurred by the school.
How can parents prepare for the increase in school fees?
Families should be aware of the upcoming fee increases, prepare early by making any necessary changes to family budgets, and make sure they have flexible payment options which allow them to align school fee payments with their budget.
Schools are also responding by providing more flexible payment options to their families and there has been an uplift in schools partnering with Edstart to offer this.
What support is available if I need assistance due to the higher fee increase?
Many schools can offer families fee assistance such as bursaries and discounts, or work with you on an arrangement for your school fees. If you’re looking for support outside of your school, it’s best to avoid adding school fees to your credit card or other high interest options, and make sure you have flexibility to adjust payments should there be unexpected changes to your budget.
Should I pay my school fees upfront or pay in instalments?
The option to pay your fees upfront can be a good idea if you have room in your budget and your school offers a significant discount for upfront payments. Otherwise paying your fees throughout the year means you’re able to spread the cost and align payments with when you get paid.
Check if your school offers the option to pay by instalments. Alternatively, education payment plans like Edstart let you pay weekly, fortnightly or monthly depending on your needs, and you also have the ability to reduce your annual payments by spreading them over a longer period.
Does Edstart cover the cost of uniforms or is it just tuition?
Edstart payment plans can cover all education costs including tuition fees, uniforms, laptops and iPads, private tutoring and extracurricular activities.
For more information and to understand how you could benefit from Edstart, visit HERE.
MOTS OFFER:
To help you prepare for the new school year, Edstart is offering you a chance to win a $200 gift card for your Back to School items when you sign up using offer code SHIRE23*. Find out more HERE.
* Terms and Conditions
- The Edstart 2023 Back to School competition is open to new customers who apply for an Edstart Pay or Edstart Extend payment plan using the offer code.
- There are ten (10) prizes to be won and each winning customer will receive a $200 gift card of their choice from either Officeworks, Smiggle, Kmart, Target or Big W.
- The competition will close on Friday 17th February 2023 with winners selected and announced by Tuesday 21st February 2023.
