Properly managing net tuition revenue is more critical than ever, and not just for tuition-dependent private schools. As cash-strapped states look to slash budgets, funding for public universities is an all too easy target.
According to a recent Moody’s Investor Service research announcement, expect universities in the US, Canada, UK, Australia, Singapore and Mexico to enroll fewer students for the next academic year than initially forecast. While instruction remains virtual “income from residence halls, catering, conferences and sporting events will be lower than budgeted. Endowment and gift income may also decline.”
The 2025 cliff now seems far off by comparison to the immediacy of the pandemic. The horizon may look grim, but times like these are a prime opportunity to setup your enrollment management team for long-term success. This will require a strategic transformation in your business processes that is suitably informed by data insights. As you are asked to do more with less, predictive analytics provides the critical focus your frontline staff needs to traverse an ever-expanding prospect pool. Depending on existing unfunded tuition discounting policies, it can enable you optimize your institutional aid offers. Retaining current students is also top of mind. Predict which students are at risk of leaving and why, so early intervention efforts can be proactively pursued.
With a well prepared plan and the initiative to implement it, your team can overcome the enrollment challenges presented by a shifting higher ed landscape. Take a moment to watch our animated explainer video to learn more!
Former Centenary University President David P. Haney reminds us that it is not always easy for educational institutions to identify problems. "First, we often jump to potential solutions before defining the key issue. For example, 'Our enrollment is too low' does not...