Discounts and scholarships increase accessibility and attract talented students. But without systematic management, they create accounting chaos and fairness concerns.
Types of Discounts
Common discount categories: sibling discounts (10-15% for second child), early payment discounts (5% for paying before due date), annual payment discounts (15-20% for yearly commitment), referral discounts, and staff children discounts. Define clear eligibility criteria for each.
Scholarship Management
For merit-based scholarships, define criteria (exam scores, portfolio, audition results), selection process, and scholarship amounts. Track scholarship recipients, renewal conditions, and disbursement against fee invoices.
Automated Application
Configure discounts in your fee management system so they apply automatically. Sibling discounts detect family links. Early payment discounts apply when payment arrives before the threshold date. This eliminates manual calculation errors and ensures consistency.
Financial Impact Tracking
Monitor total discount and scholarship outflow monthly. Ensure it stays within your budget allocation. Track whether discounted members have better retention rates (they usually do). Nxiora supports all discount types with automatic application and financial impact reporting.