40% parents face difficulties to pay schools fees post lockdown, finds a survey done by the Gujarat-based leading fintech firm Credin
- Four CBSE Schools in Ahmedabad, Udgam School for Children, Zebar School for Children, Satellite School for Children & Bodakdev School for Children tie-up with Credin Shiksha Program
- Credin Shiksha Program helps parents to pay school fees on time which they can repay in installments with 0% interest
Whole country is badly affected due to second wave of COVID-19 and still there is no clarity on when the schools will open regularly, parents are awaiting directions from the authorities on the school fees for the new academic year. About 40% of parents face difficulties paying school fees post lockdown this year. As the businesses and jobs have hit hard, the parent community is focusing more on savings and seeking easy installment facilities to pay the fees.
In order to ease parent’s burden, Ahmedabad based leading CBSE School Udgam School for Children & Zebar School for Children along with its two associate’s preschools to offer solution which can help parents to pay fees in installments with no interest. Education institutes are also facing tough time due to non-payment of fees or delay in payment of fees. This initiative will act as winning combination for both Schools and parents community.
Mr. Manan Choksi, Executive Director of Udgam School for Children & Zebar School for Children said, “In last one year, we received many requests from parents allowing them delay in payments or additional discounts in fees. In genuine cases, we have extended best possible help to the parents. Due to the pandemic, 25% of fees waived off as suggested by the government but we have observed that many parents have yet to pay their fees of last academic year. In such scenario, managing fix expenses is big challenge for any school. Credin Shiksha program will ease our parents to pay their fees in installment with no interest where school will also get liquidity on time to manage their fix expenses.”
Ahead of the court’s verdict on fixing the school fee for the current academic year, Ahmedabad-based leading fintech firm Credin carried out an extensive survey. The Govt. of India recognized fintech runs a Credin Shiksha program that helps parents to pay school fees on time which they can repay in installments with 0% interest. Around 30,000 parents were invited to participate in the survey in which 50% of parents responded to various questions related to their economic condition and other financial aspects.
According to the survey, 55% of parents believe to keep liquidity in hand looking at the uncertainty and delaying school fees payment. 68% of parents observed an impact in their income due to the pandemic and believe it may take time to get settle. Not that people are not willing to pay the fees. 60% of parents are seeking installment facilities to pay the school fees. Hoping to hear some good news, 40% of parents delay payment of fees as they are expecting more discount in fees from schools and the government.
To ease-out the financial burden of school fees, Credin offers an easy installment facility to the parents. Once the parent registers with the company, it pays the full year fees of a student to the school. The parent can repay the fee in easy installments at a 0% interest rate. Speaking on this, Mr. Birju Naik, Co-founder, Credin says, “With Credin Shiksha program, we are helping parents to pay school fees easily and it’s creating a huge impact. Schools need fees as they have to manage fixed expenses, staff salaries, and the cost of managing the digital learning platforms. With the Credin Shiksha program, we offer a win-win solution for both educational institutions and parents.”
(Disclaimer: The above press release comes to you under an arrangement with PR Newswire India and this publication takes no editorial responsibility for the same.)