University Business - October 2011 - (Page 41)

becoming more commonly or at least closer to the published sticker price. We think this might be inevitable for all but the most elite institutions (and perhaps even there), as even the wealthiest consumers begin to rebel against the logic of paying that much for a four-year degree. Are there risks in cutting prices and changing the discount model? What about the possibility of a devaluing of a college’s “brand” in the marketplace? We think the external risks are negligible, with the benefits outweighing the risks. Just look at how popular some of the “best value” rankings lists are. In these cost-conscious days, and we are certainly in the midst of some of those, the notion of value investing resonates strongly. Smart families brag about their children attending not just colleges with good names, but colleges that have offered substantial value for the money. Yes, this can include significant merit scholarships and the discount model need not be jettisoned entirely. But here lies an opportunity for those colleges willing to step out ahead of the crowd and lead the way toward a rethinking of the ways in which we structure the costs of higher education. Let them pay where they play. Now that’s smart. Mobile U.Commerce is here. People may forget their wallets, but never their phones. When students and parents can make secure payments anytime, anywhere, you can collect receivables more quickly and generate more revenue And that’s just the beginning. SM Taking the Lead Who should take the lead within an institution? It is clear someone, or a group within the senior leadership, must play a key role in setting tuition. That could be a president or chancellor, but could include a senior vice president for enrollment management, perhaps in tandem with the chief financial officer. The board of trustees or regents can also initiate and foster creative change. A process inclusive of key stakeholders, from the senior leadership to faculty to front-line admissions and financial aid counselors, from current students and parents to alumni, will help take into account multiple viewpoints and generate the knowledge and support necessary to create policies and carry out changes that are in line with the unique needs and mission of an institution. Howard and Matthew Greene are independent education consultants and the authors of Greenes’ Guides to Educational Planning, www.greenesguides.com. universitybusiness.com Learn more. 800.869.8329 TouchNet.com/Mobile Student Billing & Payments | Cashiering | Refunds eCommerce | Payment Plans | Online Storefronts © 2011 Touchnet Information Systems, Inc. All rights reserved. October 2011 | 41 http://www.TouchNet.com/Mobile http://www.TouchNet.com/Mobile http://www.greenesguides.com http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - October 2011

University Business - October 2011
Contents
Editor's Note
College Index
Ad Index
Behind the News
Sense of Place
Viewpoint
Human Resources
Cloud Email
Tuition Setting
Campus CFO
Independent Outlook
End Note

University Business - October 2011

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