The recent ruling by Madras High court to allow schools to collect 40% of the fee from the parents
Financepeer emerges as one stop solution for fee payment for schools, parents in Tamilnadu
- Facilitating parents to pay the fee in monthly EMIs at 0% interest
- Moratorium facility also available at 0% interest
- Upfront payment of annual fee to the schools
Chennai, July20, 2020: The recent ruling by Madras High court to allow schools to collect 40% of the fee from t he parents before 31st August to find an interim solution to break the deadlock between the parents and scho ols may put additional burden on the parents who are also facing the brunt of pandemic as the fund flow has e ither reduced or stopped in many cases. It is important to strike a balance between both the stakeholders i.e. Sc hools and Parents so that the education engine can continue to function without too many hassles. In the fight against deadly coronavirus, Financepeer, a leading fee financing company is spearheading the battle in a totally different way. Financepeer is acting as a facilitator for the education sector by solving the problem of fee payme nt for both parents as well as schools.
Through this model, the company will pay the annual fees upfront to the schools on behalf of the parents while parents have the option to repay the amount in monthly EMIs at 0 percent interest. Amid COVID crisis, the com pany is also offering a 3-month moratorium to the parents. As per the current ruling the parents are supposed to pay 40% of the fee to the school whereas with Financepeer the parents will have to pay just 11% fee upfront and schools will receive full year fee in advance that will break the deadlock and will ensure the schools are able to m anage their finances and operations with ease.
Talking about the fee financing model, Financepeer founder Mr. Rohit Gajbhiye said, “We have seen that this un precedented crisis has led to closure of various schools and a lot of dropouts because parents were not able to p ay the fee. Therefore, we felt that there should be a solution which could help schools as well as parents, so that no one is denied the quality education and also a lot of teachers are not axed. Our model helps the school as they get the advance fee for the whole year while the parents get the facility to pay the fee in monthly EMIs that too without any extra burden of interest.”
“This is totally a different model as compared to the education loan as we don’t charge any interest and also of fer a 3-month interest free moratorium. Also, this is our small contribution in the fight against COVID as our m odel will help in smooth and continuous operations of education sector despite this crisis,” he added While an un certainty prevails in the education sector as there is no clarity about reopening of the schools, the schools are al so reeling under huge financial pressure as a lot of parents are finding it difficult to pay the fee amid job loss and pay cuts. However, the schools are also not in a position to waive off the fee owing to various expenses.Acting a ptly on the PM’s speech of converting problems into an opportunity, Financepeer realized the need of the hour and introduced ‘Fee Financing model’ a one stop solution for all the major stakeholders of the education sector, especially basic education.
