Affordability and Financial Aid Communications
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This document provides guidance on improving communications about affordability and financial aid. It discusses timing financial aid communications at different stages of the enrollment process. It also covers the channels to use, such as email, text, phone or letter. Additionally, it explores examples of how other colleges communicate affordability both in the private and public sectors. The document emphasizes starting early affordability conversations and following up personally after a financial aid award to increase enrollment. Overall, the document aims to help schools more effectively address students' concerns about college costs and affordability.
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Affordability and Financial Aid Communications
- 1. AFFORDABILITY & FINANCIAL AID COMMUNICATIONS ©ROBERTE. JOHNSON, PH.D.2015 Improving Your Strategic Recruitment Communications Plan Academic Impressions Houston, TX June 1-3, 2015 Bob Johnson Consulting, LLC 1
- 2. Two Opening Questions… • Old style “financial aid” speak is dead. • Why is talking about price • and cost • and affordability • and debt… • About as popular has getting a root canal? • Is this marketing smart? Bob Johnson Consulting, LLC 2
- 3. Timing and frequency… • Start at first contact using top task rationale… • After an online inquiry or other inquiry source… • Two or three times during a 3 to 6 month inquiry cycle is not too often… assuming weekly email contact. • Include link to Net Price Calculator • During a campus visit • After an application or admission • After receiving an application • For April 1 admissions • After an admissions decision • For rolling admissions Bob Johnson Consulting, LLC 3
- 4. Timing and frequency… • At and after FAFSA filing time • After receipt of SAR: • Contact within one week • After a financial aid award letter is sent: • Contact within one week • If you cannot contact everyone: • Contact by recruitment priority: • Desired major • Enrollment probability • Ability to pay • Place on SAR receipt list Bob Johnson Consulting, LLC 4
- 5. Channels… • Website content at the start as students begin to explore choices. • After an inquiry, use the channel preferred by the student if known. • Text, phone, email, letter. • If preferred channel not known, default to email. • For a financial aid award: • Letter for the award. • Selected prospects: phone call after the award letter. Bob Johnson Consulting, LLC 5
- 6. To start and continue… • After an inquiry… • Link to affordability content in early inquiry email. • Include affordability session in campus visit programs. • Offer personal review time w/ individual campus visits. • Make sure NPC is findable & includes scholarships. • Keep NPC as simple as possible • After an application or acceptance… • Immediate offer to help with FAFSA. • After financial aid award, call to review. Bob Johnson Consulting, LLC 6
- 7. A NEW AFFORDABILITY ENVIRONMENT Major media attention… “Sticker price” shock will remain. Bob Johnson Consulting, LLC 7
- 8. Chronicle of Higher Education… http://bit.ly/1l3n516 Bob Johnson Consulting, LLC 8
- 9. And in the financial media… http://time.com/money/3768807/co llege-living-costs/?xid=tcoshare http://www.cnbc.com/id/10252039 7 Bob Johnson Consulting, LLC 9
- 10. From the Department of Education… http://nces.ed.gov/collegenavigator/ Bob Johnson Consulting, LLC 10
- 11. Debate over ability to compare… College Abacus… New York Times Bob Johnson Consulting, LLC 11
- 12. COST AND AFFORDABILITY… You can’t beat “sticker price” fear. What is “affordable” to one family is not “affordable” to another. Bob Johnson Consulting, LLC 12
- 13. MEETING STUDENT EXPECTATIONS… Bob Johnson Consulting, LLC 13
- 14. Ruffalo Noel-Levitz 2013 report… http://bit.ly/1PHWFzx Bob Johnson Consulting, LLC 14
- 15. How easy to find your NPC? Bob Johnson Consulting, LLC 15
- 16. Where people expect to find it… Bob Johnson Consulting, LLC 16
- 17. Does your NPC include scholarships? Bob Johnson Consulting, LLC 17
- 18. What impact on enrollment? Bob Johnson Consulting, LLC 18
- 19. Start on email, move to personal… Bob Johnson Consulting, LLC 19
- 20. COMMUNICATING AFFORDABILITY: THE PRIVATE SECTOR Bob Johnson Consulting, LLC 20
- 21. WELLESLEY COLLEGE 7 “Basic financial questions” to a FAFSA-free EFC estimate. Bob Johnson Consulting, LLC 21
- 22. Before the NPC, a “quick” first step… http://www.wellesley.edu/admission/affordable/myintuition Bob Johnson Consulting, LLC 22
- 23. #1… Demographics Bob Johnson Consulting, LLC 23
- 24. #2… Total family income Bob Johnson Consulting, LLC 24
- 25. #3… Home equity Bob Johnson Consulting, LLC 25
- 26. #4… Savings & checking accounts Bob Johnson Consulting, LLC 26
- 27. #5… IRAs, 401Ks and such (optional) Bob Johnson Consulting, LLC 27
- 28. #6… Value of investments Bob Johnson Consulting, LLC 28
- 29. #7… Other children in college Bob Johnson Consulting, LLC 29
- 30. Your expected family contribution… Bob Johnson Consulting, LLC 30
- 31. CALVIN COLLEGE Speaking in clear language to “Families just like yours.” Bob Johnson Consulting, LLC 31
- 32. Taking on “sticker price” syndrome… http://www.calvin.edu/offices-services/financial-aid/affordability/ Bob Johnson Consulting, LLC 32
- 33. Families of all income levels… Bob Johnson Consulting, LLC 33
- 34. “Sticker price” and “Actual cost” Bob Johnson Consulting, LLC 34
- 35. Loan level & success after graduation… Bob Johnson Consulting, LLC 35
- 36. Really low loan default rate… Bob Johnson Consulting, LLC 36
- 37. COMMUNICATING AFFORDABILITY: THE PUBLIC SECTOR Bob Johnson Consulting, LLC 37
- 38. UCLA Clear introduction to financial aid components. 44% of students pay no tuition. Bob Johnson Consulting, LLC 38
- 39. Ask the question: Can I Afford UCLA? http://www.ucla.edu/admission/affordability Bob Johnson Consulting, LLC 39
- 40. BALL STATE UNIVERSITY Efficient use of public funding means lower tuition without reduced quality. Bob Johnson Consulting, LLC 40
- 41. Ball State University http://cms.bsu.edu/about/roi/ensuring-affordability • “Our reduction in expenditures resulted in a $2,648 annual tuition savings for every full-time equivalent (FTE) student in 2011-2012.” Bob Johnson Consulting, LLC 41
- 42. COMPARING TUITION COSTS University of Texas – Austin Eastern Washington University Bob Johnson Consulting, LLC 42
- 43. University of Texas at Austin… http://www.utexas.edu/tuition/national.html State residents… Out-of-state students… Bob Johnson Consulting, LLC 43
- 44. Eastern Washington University… http://www.ewu.edu/undergrad/afford Bob Johnson Consulting, LLC 44
- 45. COMMUNICATING FINANCIALAID AWARDS Bob Johnson Consulting, LLC 45
- 46. A glossary on your site… Not so easy to read, navigate… Easier to find the needful… Bob Johnson Consulting, LLC 46
- 47. The devil is in the detail… • Net Price Calculator: • “A tool to estimate financial aid eligibility at Williams based on family finances. The Net Price Calculator is the best source of early financial aid information for college planning. If you have a complicated financial situation and are unsure how to answer certain questions on the Net Price Calculator, please feel free to give us a call.” • Make this work better with… • Link to the NPC • And a phone number to call… right here! Bob Johnson Consulting, LLC 47
- 48. Financial Aid Shopping Sheet… http://collegecost.ed.gov/shopping_sheet.pdf • About 2,000 schools use this DOE format. • Allows easier comparison of awards from different schools. Bob Johnson Consulting, LLC 48
- 49. AT THE END… Bob Johnson Consulting, LLC 49
- 50. 4 key communication points… • Cost & affordability are key concerns you can’t ignore. • To increase inquiries and campus visits: • Create website content that genuinely addresses fears people have. • And make sure people can find it. • To increase applications: • Use inquiry-stage email to introduce “affordability” content. • To increase deposits: • Follow-up financial aid awards with personal contact to review/explain details. Bob Johnson Consulting, LLC 50
- 51. THANKS FOR BEING HERE IN HOUSTON! Bob Johnson, Ph.D. (248.766.6425) bob@bobjohnsonconsulting.com www.bobjohnsonconsulting.com @highedmarketing on Twitter Bob Johnson Consulting, LLC... @highedmarketing 51
- 52. APPENDIX 1: MORE PRIVATE SECTOR Bob Johnson Consulting, LLC 52
- 53. AMERICAN UNIVERSITY Reducing tuition increases and merit aid. Bob Johnson Consulting, LLC 53
- 54. American U. gets serious… http://www.american.edu/initiatives/collegeaffordability/ Bob Johnson Consulting, LLC 54
- 55. Reducing merit-based aid… http://www.american.edu/initiatives/collegeaffordability/how-financial-aid-stacks-up.cfm Bob Johnson Consulting, LLC 55
- 56. Lower loan default rate… http://www.american.edu/initiatives/collegeaffordability/taking-charge-of-your-college-costs.cfm Bob Johnson Consulting, LLC 56
- 57. Decreasing cost increase levels… http://www.american.edu/initiatives/collegeaffordability/how-AU-is-addressing-college-costs.cfm Bob Johnson Consulting, LLC 57
- 58. UNIVERSITY OF FINDLAY 5 affordability myths. Bob Johnson Consulting, LLC 58
- 59. Opening page in 2015 http://www.findlay.edu/offices/student/financialaid/Affordability-Myths Bob Johnson Consulting, LLC 59
- 60. Myth #1… Public vs. private cost… Bob Johnson Consulting, LLC 60
- 61. Myth #2… Family income Bob Johnson Consulting, LLC 61
- 62. Myth #3… Completion times & rates Bob Johnson Consulting, LLC 62
- 63. Myth #4: Debt level Bob Johnson Consulting, LLC 63
- 64. Myth #5… Default rates Bob Johnson Consulting, LLC 64
- 65. Call to action… two options Bob Johnson Consulting, LLC 65
- 66. “Total Degree Cost Calculator”… https://www.findlay.edu/offices/student/financialaid/Total%20Degree%20Cost%20Calculator Bob Johnson Consulting, LLC 66
- 67. APPENDIX 2: COMPARING TUITION COSTS “A small tuition is the best tuition” Eastern Washington University Bob Johnson Consulting, LLC 67
- 68. University of Wisconsin-Superior… http://www.uwsuper.edu/admissions/cost/compare-tuition-and-cost.cfm Bob Johnson Consulting, LLC 68
- 69. State College of Florida… http://www.scf.edu/StudentServices/Tuition/TuitionandFeesComparison.asp Bob Johnson Consulting, LLC 69
- 70. Elgin Community College… http://elgin.edu/students.aspx?id=148 Bob Johnson Consulting, LLC 70
- 71. Eastern New Mexico University… https://www.enmu.edu/future-students/tuition/compare.shtml Bob Johnson Consulting, LLC 71
- 72. Texas Women’s University… http://www.twu.edu/bursar/cost-comparison.asp Bob Johnson Consulting, LLC 72
- 73. Nicolet College… http://www.nicoletcollege.edu/future-student/high-school/comparing-costs/ Bob Johnson Consulting, LLC 73
- 74. Western International University… http://west.edu/affordability/tuition-comparison-guide Bob Johnson Consulting, LLC 74
- 75. Austin Community College… http://www.austincc.edu/tuition-and-financial-aid/compare-costs Bob Johnson Consulting, LLC 75
- 76. APPENDIX 3: AFFORDABILITY: WORDS W/O SUBSTANCE Bob Johnson Consulting, LLC 76
- 77. Lost on a traditional financial aid page… http://www4.lehigh.edu/admissions/undergrad/apply Start here… End here… Bob Johnson Consulting, LLC 77
- 78. “Cost & Affordability” = Financial aid info http://www.bradley.edu/admissions/freshman/cost/ Bob Johnson Consulting, LLC 78
- 79. “Affordable” commitment w/o details… https://www.utsystem.edu/affordability/ Bob Johnson Consulting, LLC 79
- 80. “Most affordable” claim, no specifics… https://www.lewisu.edu/affordability/outstandingvalue.htm Bob Johnson Consulting, LLC 80
- 81. A mission statement, PR approach… http://rwu.edu/about/partnerships-initiatives/affordable-excellence/our-approach Bob Johnson Consulting, LLC 81