(I have colleagues who are divided on providing written student-teacher contracts (fees for entire month due by 5th of the month, 24 hrs advance notice for cancellations, missed lessons are missed lessons, etc, etc) and wondered what everyone felt about this here.)
I charge students by the term (was 16 weeks, is now 18 weeks, 10 weeks in summer) and allow them to pay half at the beginning and half in the middle of the term. Special arrangements may be made to pay by the month as well, but this is rarely requested. This enables me to rely on a certain income (necessary in my case). I give 1 makeup lesson to each student per semester ( in addition to any I may need to makeup due to conflicts I have had). I am president of our local music teachers association, and I would say that most are moving toward a pre-payment approach, otherwise it is too easy for a student to simply not show up and for income to be lost.
Hope this helps.
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