How does School Plan work?
Membership
Access to the School Plan service is available through membership of School Plan.
Each School Plan membership is for a 12 month period. As this is an arrangement between School Plan and the member, our service can be used at almost any school within Australia. School Plan accepts the responsibility for the payment of school fees, which the member then repays in monthly instalments.
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Simply complete and return an application form to take advantage of the School Plan service for that school year. For your convenience we send out Renewal Forms inviting you to re-apply for the following year.
If you wish to cancel your membership during the year, all you need to do is send us a request in writing. If the value of the instalments received are greater than the fees paid we will refund any excess instalments. However, if your instalments do not cover the fees already paid by School Plan, you will be required to cover this amount plus the applicable service fee. There are no additional charges for early cancellation.
School fee accounts
Once your School Plan application has been approved, we will liaise with your school to confirm the fees to be paid and the due dates. So there is no need for you to send us your accounts.
All School Plan members will continue to receive itemised accounts from their school. This provides information on the status of your account and confirms that we are paying your fees for you. This will also indicate any amounts due that are not covered by School Plan, such as extra curricular activities.
What fees does School Plan cover?
School Plan can cover any fixed fees, whether they are compulsory or non-compulsory, including:
- Tuition fees
- Boarding fees
- Camp fees
- Building fund donations
- Extra curricular activities, such as music tuition.
What if my children are at different schools or change schools during the year?
Neither of these situations pose a problem for School Plan. Once we receive enrolment details for each child, we make all the necessary arrangements with the schools to cover your fees. If your child changes schools during the year, simply notify us in writing and we will organise to continue your School Plan membership with the new school. We will also notify you in writing of any adjustments that may need to be made to your monthly instalments to reflect any change in the fees to be covered.
What costs are involved?
For each family there is a small service fee that is incorporated into your monthly instalments. This charge varies depending on the value of fees to be covered and your choice between the basic School Plan service or the School Plan Plus service, which includes additional benefits.
| **Fees to be covered |
School Plan |
School Plan Plus |
| $1,000 – $15,000 |
*3.95% |
5.45% |
| $15,001 - $25,000 |
4.25% |
5.75% |
| $25,001 and above |
4.45% |
5.95% |
**Applicable from 2008
If your instalment dishonours a $20.00 administration fee will be charged.
What will my monthly instalments be?
School Plan will advise you on what your instalments will be. However, if you know what your annual school fees are, you can easily calculate what your monthly instalments will be. Simply add your school fee and the School Plan service fee together and divide by 12. For example
| School fees: |
$6,000.00 |
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| Add service fee 3.95% - Refer to table above* |
$ 237.00 |
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| Total Payments: |
$6,237.00 |
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| Divide by 12 monthly instalments: |
$ 519.75 |
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How do I pay my monthly instalments?
Another feature of our convenient service is that your monthly instalments are automatically deducted from your nominated bank account by direct debit. Your direct debit can come out of any bank, building society or credit union account. If you choose School Plan Plus, instalments can be direct debited from a credit card account (AMEX, Mastercard or Visa) enabling you to earn reward points as you pay.
The instalments are deducted on the first working day of each month with the exception of January. We understand that the financial strain of the festive season can sometimes make it difficult for members to pay the first instalment, so January’s instalment is drawn at the beginning of the second week of the month. The exact date will be provided in our letter of confirmation, which will be sent to you when your application has been approved.
This direct debit is set up at the time of your application by simply completing the Direct Debit Request Form. Your rights and obligations related to the direct debit system are clearly detailed in our Customer DDR Service Agreement.
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