As a private, Liberal Arts college based on prestige, Merrimack College has a relatively high tuition and cost of attendance. This has not hindered the ability for growth as Merrimack is known as one of the fastest growing institutions in the nation. Despite a high tuition Merrimack does market itself as one of the best values in higher education. In the chart above you may notice that cost of attendance has risen steadily, but Merrimack has been able to keep Net Price nearly the same over the past three years. Tuition discounting and institutional aid for students is imperative to make the college affordable for more Americans. The growth Merrimack has witnessed over the past decade is in large part to the highly-regarded reputation the school has earned. Similar to higher consumer prices in commerce resulting in perceived high quality, the increase in tuition actually aids Merrimack in its pursuit of high prestige. Therefore, whereas raising prices typically lowers sales for a business, the increased prestige from higher tuition has had the opposite effect by actually increasing enrollment substantially. The elasticity of tuition changes allows Merrimack flexibility to increase revenue without suffering declined enrollments.
Merrimack College has institutional goals of increasing diversity. Minority students are more likely to come from low income households, thus are more price sensitive. This under-represented student population is more heavily reliant on financial aid. The assistance offered via financial aid options allows students the freedom to make the critical decision on which school to attend based on merit of the institution, not simply cost. The proper allocation of institutional aid allows institutions to pursue enrollment goals without compromising the mission. Price, affordability, and aid are topics that directly benefit or hinder both students and higher education institutions.
Hossler, D. & Bontrager, B. (2015) Handbook of strategic enrollment management. Jossey-Bass
National Center for Education Statistics (2020). Retrieved from www.nces.ed.gov/ipeds.use-the-data
UTSA prides itself on being an institution that is accessible and affordable to the student population. The institutions net price for attending UTSA in 2017-2018 is 13,064 for full time, in-state undergraduate student. The out-of-state students had a net price for 2017-2018 of 35,204 for full time undergraduates. During 2015-2018 there is a fluctuation of about one thousand dollars (IPEDS, 2018). The chart below gives more detailed information for net prices.
Net price w/ Grant or Scholarship Net price w/ Title IV or Financial aid
2015-2016 18,107 In state 23,715
2016-2917 11,861 in state w/ family 13,325
2017-2018 13,064 In state/ dorm 24,496
Net price/ Title IV 2015-2016 2016-2017 2017-2018
0-30,000 9,617 9,226 10,325
30,000-48,000 10,707 10,075 11,307
48,001-75,000 13,320 12,327 13,896
75,000-110,000 16,880 17,106 17,777
110,000-and up 18,597 18,996 19,951
The student population in San Antonio are from a low income community that has first generation college students. Keeping net pricing and total cost low will increase enrollments. The institution’s web site has information that includes a breakdown of how much the yearly cost is of attending UTSA. The breakdown includes tuition, fees room ,board. There are prices for on campus and off campus living, meal plans and includes bus passes. Students thinking of attending this school have some knowledge before they commit about the total cost. The institutions strategic enrollment plan initiates funding for financial aid and keeping tuition low so far UTSA has accomplished this with a student population of 32,264, a 1.84 billion dollar financial aid budget, 57 % grants, 50 % student loan, 12% scholarship and 73% retention (UTSA, 2019).
National Center for Education Statistics (2020) retrieved from https://nces.ed.gov/ipeds-use-the-data
Continue the discussion by providing your classmates with additional insights, perspectives, and critical thoughts on how pricing and financial aid impact strategic enrollment management. was first posted on March 4, 2020 at 7:29 pm.
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