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.

-Jeff Papa

Have you seen "With Their Whole Lives Ahead of Them?" It's the first of three reports describing students' views on higher education and college completion. This report includes very interesting myths and realities about why students fail to finish college. Check this out:  

Myth # 1: Most students go to college full-time. If they leave without a degree, it's because they're bored with their classes and don't want to work hard.

Reality #1: Most students leave college because they are working to support themselves and going to school at the same time. At some point, the stress of work and study just becomes too difficult.

Myth #2: Most college students are supported by their parents and take advantage of a multitude of available loans, scholarships, and savings plans.

Reality #2: Young people who fail to finish college are often going it alone financially. They're essentially putting themselves through school.

Myth #3: Most students go through a meticulous process of choosing their college from an array of alternatives.

Reality #3: Among students who don't graduate, the college selection process is far more limited and often seems happenstance and uninformed.

Myth #4: Students who don't graduate understand fully the value of a college degree and the consequences and trade-offs of leaving school without a diploma.

Reality #4: Students who leave college realize that a diploma is an asset, but they may not fully recognize the impact dropping out of school will have on their future.

-Jeff Papa

I recently read an article that caught my eye. Here's the first line: "Louisiana State University (LSU) must increase its graduation rate to 75 percent by 2018 and all other public universities in the state must hit at least a 50 percent plateau, according to a recommendation by a statewide college review commission." The article went on to say, "Schools that achieve their goals would receive financial rewards for hitting their marks." Sounds great...Increasing student retention will strengthen Louisiana's colleges and universities--and students, themselves, will undoubtedly benefit, right? I say bravo, Louisiana! Go forward and "make that happen." Oh yeah, that's the real challenge: How does Louisiana actually make that happen? Don't get me wrong, I like setting goals; they are an important first step toward getting things done. But that's the point: setting goals help make things happen; they alone don't make them happen. What's needed? How about a thorough examination of how Louisiana colleges can offer an educational experience that is both meaningful and engaging to students? Once that happens, I bet increased graduation rates will follow. Making retention the goal--in and of itself--is shortsighted. We need to move beyond goal setting and provide our students with a reason to stay.

-Jeff Papa

Here's a classic "good news, bad news situation" for you to think about on this Sunday afternoon. Let's start with the good news: undergraduate enrollment at private colleges and universities, according to a new Moody's survey, is up by almost 1 percent, and freshman applications at private schools rose by 4.3 percent, compared to last year.  Sounds good, right? Ok, now for the bad news: Moody's also reported that nearly 30 percent of private colleges are expecting a decline in net revenue from tuition and fees in the 2010 fiscal year. The big reason, Moody's said, is a rise in discounts and financial aid as a result of the economic downturn. That's the real struggle so many private schools are dealing with: how do we maintain enrollment while not giving away more net tuition revenue???

-Jeff Papa

I attended a very interesting presentation last week on enrollment trends in Higher Ed. As I sat there taking in the latest enrollment figures from the College Board, two statistics really got my attention: The percentage of all undergraduates enrolled in the for-profit sector increased from 2% in 1990 to 5% in 2000 to 8% in 2007. And the percentage of full-time undergraduates enrolled in the for-profit sector increased from 2% in 1990 to 6% in 2000 to 10% in 2007. Remember when we thought the for-profit sector would never begin to encroach on the enrollments among the not-for-profit sector?? Well guess again!

-Jeff Papa

We all know the significance of our campus tour program, right? It's one of THE most important factors that influence a student's enrollment decision. In fact, I cannot tell you how many times prospective students have told me, in a focus group setting, that their campus tour directly impacted their enrollment decision. How the campus looked and felt during their tour either "clinched the deal" or was "a deal breaker."  With that, have you seen the article that just appeared in University Business, 10 Tips for a Meaningful Campus Tour: It takes more than walking backwards? If not, check it out--It's full of important reminders, like remembering that campus tours should give students a chance to look around to see who they may become friends with. And that we should let students mingle with other students in a casual, less formulaic manner. And that we should be real with students and give them the information they want.

Think of all the time and resources admissions offices devote toward developing fancy publications and high-tech websites---now, here's the question of the day: how much time and money are you dedicating to our campus tour program so that this very important enrollment activity is working for you?

-Jeff Papa

If any of you are in the unenviable position of needing to hire an admissions counselor--or two--for the upcoming recruitment season, check out the very helpful and insightful article Hiring in Admissions from my friend Kent Barnds at Augustana College. If you're like most admissions folks, you have wondered whether you should concentrate on hiring "alums vs. non alums" from your institution. And what about the debate of having younger graduates on your staff rather than older, more seasoned professionals? Well wonder no more; Kent has some great answers for you. J.

-Jeff Papa

Living through the worst economic crisis since the great depression has caused nearly all of us to stop, at least for a moment, and ask ourselves some tough questions: what do we really need to survive and what can we live without? Well, private colleges are no exception; they have asked themselves the same tough questions and their collective response led to a rather interesting conclusion: the smallest average increase in tuition and fees in 37 years, according to a survey conducted by NAICU. Can there be a positive outcome from all this belt tightening? I think so, because in the final analysis, we all will be forced--personally and "on a college-level"--to determine what's really important to us and our institutions and to identify what we really need and what we simply cannot live without. Is that really a bad thing?

-Jeff Papa

Did you see the ABC News article that indicated that some students are buckling down and completing their 4-year degree in only 3 years? From a student's perspective that's one, smart way of dealing with this economic crisis--get it done and move on. But from an enrollment management perspective, y'all may be saying, "I thought we already had enrollment and retention challenges, now this---what's next?" I say it's time to seize the moment, "put on our strategic thinking hats," and consider developing several new pedagogical models that will actually allow today's students to complete their degree in less time. You know--turning lemons into lemonade. I know this is crazy talk--but someone has to do it.

-Jeff Papa

I can't tell you the number of schools that have contacted me recently to discuss their pricing strategy and the price elasticity of their school. In the wake of the economic downturn, we all are wondering if our schools are priced appropriately and competitively. School after school is struggling with some very tough questions: What's the maximum we can charge without negatively impacting our enrollment? How does demand for our institution change as the price changes? What is the relationship between total cost (tuition, fees, and housing) and perceptions of quality?

If you are asking the same questions of your institution, you are not alone. But, as you can image, the answers to these questions are different for each school. Although many colleges and universities look alike, they are not. And to really answer these questions in an informed and thoughtful way, you need to study your unique market position and institutional differentiators. One thing I know for sure: many of us have not looked at our pricing structure in a long time--if at all. Perhaps that's one positive outcome of our current economic climate.

-Jeff Papa