To plan school fees in instalments, take the deposit from the total fees and divide the balance by the number of months. Fees of ₦650,000 with a ₦250,000 deposit over 3 months is ₦133,333 a month. If the school adds a monthly charge for instalments, enter it as the rate.
How the School Fees Payment Plan Calculator works
- Enter the total fees for the term or session.
- Enter the deposit paid at resumption.
- Enter the number of monthly instalments.
- Leave the rate at 0, or enter the school's monthly instalment charge.
Worked example
A parent's fees for the term are ₦650,000. The school accepts ₦250,000 at resumption and the balance over 3 months.
Balance: ₦400,000
Monthly instalment: ₦133,333.33
If the school charges 2% a month for the plan, each instalment is ₦141,333.33.
Common mistakes to avoid
- No written plan
- Not giving receipts that show the balance
- Agreeing plans that end after the term finishes
Need a different calculator?
For schools offering plans
Instalment plans help parents pay on time and reduce debt at the end of term. Put the plan in writing, give a part payment receipt for each instalment showing the balance, and send a reminder a few days before each due date.
For parents
Ask for receipts for every instalment and keep them together. They settle any confusion at the end of term, when results or report cards may be held back for unpaid fees.
Frequently asked questions
Can schools charge for instalment plans?
Some do. It should be agreed in writing before the term starts.
Which receipt should a school give for instalments?
A part payment receipt showing the amount paid and the balance.
Can I plan a full session?
Yes. Enter the session fees and the number of months.
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