In this challenging economic time, Scannell and Kurz offer ten very helpful financial aid strategies that will help you prepare for 2010:
1. Identify metrics that reveal how you're performing, then track them against the same or a similar period in the prior two years.
2. Benchmark annually on sticker price, discount rate, and prestige indicators with top competitors.
3. Help admissions recruiters make the case for affordability, value, and career outcomes.
4. Make sure financial aid counselors can talk comfortably and accurately about financing/payment plan options as well as financial aid programs.
5. Keep admissions and financial aid staffs on the same page by using net tuition revenue goals as the common denominator.
6. Use an analytical, not anecdotal, approach to adjusting aid policies.
7. Be as transparent as possible about awarding policies.
8. Watch out for policies that stack merit awards on entitlements, need-based aid, talent-based aid, etc.
9. Make sure renewal policies are not negatively impacting retention.
10. Be transfer friendly.
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