Affordabillity & Financial Aid Communication
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You cannot run and hide from today's interest in college cost and affordability. Making sure your that both your affordability message and your financial aid communication are strong and clear in the eyes of two key audiences—potential students and parents— is key to moving admitted students through the final stage of the recruitment cycle, and getting them to deposit and enroll. Emphasizing timing, frequency, and channel, this presentation offers insights into successful affordability and financial aid communication strategies.
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Affordabillity & Financial Aid Communication
- 1. AFFORDABILITY & FINANCIAL AID COMMUNICATION ©ROBERTE. JOHNSON, PH.D.2016 Improving Your Strategic Recruitment Communications Plan Academic Impressions Atlanta, GA June 6-8, 2016 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. COST AND AFFORDABILITY… You can’t beat “sticker price” fear. What is “affordable” to one family is not “affordable” to another. “Fill out the FAFSA” is not an answer. Bob Johnson Consulting, LLC 3
- 4. A NEW AFFORDABILITY ENVIRONMENT Major media attention… “Sticker price” shock will remain. Bob Johnson Consulting, LLC 4
- 5. “How to pay for college” search trend… Bob Johnson Consulting, LLC 5
- 6. Chronicle of Higher Education… http://bit.ly/1l3n516 Bob Johnson Consulting, LLC 6
- 7. 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 7
- 8. From the Department of Education… http://nces.ed.gov/collegenavigator/ Bob Johnson Consulting, LLC 8
- 9. Debate over the ability to compare… http://nyti.ms/1PRKrjZ College Abacus… New York Times in 2016 Bob Johnson Consulting, LLC 9
- 10. MEETING STUDENT EXPECTATIONS… Bob Johnson Consulting, LLC 10
- 11. What do students want from you? http://bit.ly/1RC625M Bob Johnson Consulting, LLC 11
- 12. Ruffalo Noel-Levitz 2013 report… http://bit.ly/1PHWFzx Bob Johnson Consulting, LLC 12
- 13. How easy to find your NPC? Bob Johnson Consulting, LLC 13
- 14. Where people expect to find it… Bob Johnson Consulting, LLC 14
- 15. Does your NPC include scholarships? Bob Johnson Consulting, LLC 15
- 16. What impact on enrollment? Bob Johnson Consulting, LLC 16
- 17. Start on email, move to personal… Bob Johnson Consulting, LLC 17
- 19. Channel mix… • 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 19
- 20. Timing and frequency (1)… • 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 or similar estimator. • 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 20
- 21. Timing and frequency (2)… • At and after FAFSA filing time • After receipt of SAR (if new to the database): • Contact within one week • After a financial aid award letter is sent: • Contact within one week • If you cannot contact everyone: • Contact by your recruitment priority: • Desired major • Enrollment probability • Ability to pay • Out-of-state students Bob Johnson Consulting, LLC 21
- 22. COMMUNICATING AFFORDABILITY: THE PRIVATE SECTOR Bob Johnson Consulting, LLC 22
- 23. WELLESLEY COLLEGE 7 “Basic financial questions” to a FAFSA-free EFC estimate. Bob Johnson Consulting, LLC 23
- 24. Before the NPC, a “quick” first step… http://www.wellesley.edu/admission/affordable/myintuition Bob Johnson Consulting, LLC 24
- 25. #1… Demographics Bob Johnson Consulting, LLC 25
- 26. #2… Total family income Bob Johnson Consulting, LLC 26
- 27. #3… Home equity Bob Johnson Consulting, LLC 27
- 28. #4… Savings & checking accounts Bob Johnson Consulting, LLC 28
- 29. #5… IRAs, 401Ks and such (optional) Bob Johnson Consulting, LLC 29
- 30. #6… Value of investments Bob Johnson Consulting, LLC 30
- 31. #7… Other children in college Bob Johnson Consulting, LLC 31
- 32. Your expected family contribution… Bob Johnson Consulting, LLC 32
- 33. CALVIN COLLEGE Speaking in clear language to “Families just like yours.” Bob Johnson Consulting, LLC 33
- 34. Taking on “sticker price” syndrome… http://www.calvin.edu/offices-services/financial-aid/affordability/ Bob Johnson Consulting, LLC 34
- 35. Families of all income levels… Bob Johnson Consulting, LLC 35
- 36. “Sticker price” and “Actual cost” Bob Johnson Consulting, LLC 36
- 37. Loan level & success after graduation… Bob Johnson Consulting, LLC 37
- 38. Touting a low loan default rate… Bob Johnson Consulting, LLC 38
- 39. COMMUNICATING AFFORDABILITY: THE PUBLIC SECTOR Bob Johnson Consulting, LLC 39
- 40. UCLA Clear intro to types of financial aid. Emphasis on low in-state sticker price. 44% of students pay no tuition. Bob Johnson Consulting, LLC 40
- 41. Ask the question: Can I Afford UCLA? http://www.ucla.edu/admission/affordability Bob Johnson Consulting, LLC 41
- 42. EASTERN KENTUCKY UNIVERSITY 4-Step Scholarship Estimator. Bob Johnson Consulting, LLC 42
- 43. If you offer “merit” aid… http://scholarships.eku.edu/estimator Bob Johnson Consulting, LLC 43
- 44. COMPARING TUITION COSTS University of Texas – Austin University of Wisconsin - Superior Austin Community College Bob Johnson Consulting, LLC 44
- 45. University of Texas at Austin… http://www.utexas.edu/tuition/national.html State residents… Out-of-state students… Bob Johnson Consulting, LLC 45
- 46. University of Wisconsin-Superior… http://www.uwsuper.edu/admissions/cost/compare-tuition-and-cost.cfm Bob Johnson Consulting, LLC 46
- 47. Austin Community College… http://www.austincc.edu/tuition-and-financial-aid/compare-costs Bob Johnson Consulting, LLC 47
- 48. EXPLAIN FINANCIALAID IN NORMAL HUMAN LANGUAGE Bob Johnson Consulting, LLC 48
- 49. A glossary on your site… Bob Johnson Consulting, LLC 49
- 50. The devil is in the detail… • Net Price Calculator defined: • “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 50
- 51. AT THE END… Bob Johnson Consulting, LLC 51
- 52. 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 52
- 53. THANKS FOR BEING HERE IN ATLANTA! Bob Johnson, Ph.D. (248.766.6425) bob@bobjohnsonconsulting.com www.bobjohnsonconsulting.com @highedmarketing on Twitter Bob Johnson Consulting, LLC... @highedmarketing 53
- 54. APPENDIX 1: MORE PRIVATE SECTOR EXAMPLES Bob Johnson Consulting, LLC 54
- 55. AMERICAN UNIVERSITY Reducing tuition increases and merit aid. Bob Johnson Consulting, LLC 55
- 56. American U. gets serious… http://www.american.edu/initiatives/collegeaffordability/ Bob Johnson Consulting, LLC 56
- 57. UNIVERSITY OF FINDLAY 5 affordability myths. Bob Johnson Consulting, LLC 57
- 58. Private sector cost mythology… http://www.findlay.edu/offices/student/financialaid/Affordability-Myths Bob Johnson Consulting, LLC 58
- 59. APPENDIX 2: MORE TUITION COST COMPARISONS Bob Johnson Consulting, LLC 59
- 60. State College of Florida… http://www.scf.edu/StudentServices/Tuition/TuitionandFeesComparison.asp Bob Johnson Consulting, LLC 60
- 61. Elgin Community College… http://elgin.edu/students.aspx?id=148 Bob Johnson Consulting, LLC 61
- 62. Mott Community College… Bob Johnson Consulting, LLC 62
- 63. Ashworth in the for-profit sector… https://www.ashworthcollege.edu/tuition/how-we-compare/ Bob Johnson Consulting, LLC 63
- 64. Texas Woman’s University… http://www.twu.edu/costs/cost-comparison/ Bob Johnson Consulting, LLC 64