Good day sir, beautiful post… has given me a head way because I was lost. I have a personal school project too on similar implementation but I am lost currently.
I want to create a school fees payment system using a custom erc20 token. After creating the token, how do I then go about with the remaining steps?
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Start by describing your ideas in detail on paper or in an electronic document. Then, disassembling your draft, break it into several parts, separate smart contracts from other parts, and then you must turn your words “all other steps” into “a detailed plan about how you go from” nothing "step by step from below- up implement your idea "
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Welcome to the community 
I suggest looking at Points to consider when creating a fungible token (ERC20, ERC777).
If students are purchasing items on chain, you could look at the concepts in https://docs.openzeppelin.com/contracts/2.x/crowdsales.
If students are purchasing physical items (e.g. off chain), then you may want to look at some form of Escrow: https://docs.openzeppelin.com/contracts/3.x/api/payment#escrow. You could also create an NFT as a digital record of the item.
If it is purely payment for digital off chain items, then you may want to look at how a system such as Coinbase Commerce works: https://commerce.coinbase.com/