Theodore, You have chosen great tools to use to combat your challenges, nicely done. How do your students currently respond to the way you are discussing tuition?
Dr. Jean Norris
With my school we offer a really low tuition for our career programs and degrees. We share the flexibility of payments and a pay-in-full cost saving option. For our target market, tuition can be a challenge and as such we present a comparison to other schools locally regarding tuition and show how the benefits of flexible payments make it desirable to enroll in our school. If we were to present the full pay tuition discount first it will give a more solid approach on the delivery of the financial commitment and conduct a "top-down" sales approach.
Stephany, Asking the FA representative for assistance is key, as well as compliant. Informing the student of scholarship opportunities, grants, different kinds of benefits is great customer service. Leaving the details up to the FA representative is the best practice.
Dr. Jean Norris
I usually take out the financial aid guide and discuss the Tuition and fees. In the guide I go over all options of financial aid including VA benefits, grants, scholarships and even a payment plan. If the student needs further clarification, I will ask the FA representative to speak to the student.
Julie, Informing the student of the costs and all involved is a best practice. Nice job!
Dr. Jean Norris
How I would address the question about cost to prospective students is that I answer their question in the form of breaking down all the cost and fees of the school. Doing so will help student feel more comfortable of the knowing what they are paying for and how much. I discuss this with students who are excited about achieving a career goal and also let them know that the value of this education will outweigh the cost that they put into school. What I might do differently is answer their question and also show them a baselines that they can compare to see if our school suits them.
That is such a great plan, Julie. It's important to make sure that FA does go over the specific details (to stay compliant). Do you find your students appeal to your method of delivering FA costs?
Dr. Jean Norris
When I address the tuition and fees, i explain everything that is covered. I also discuss scholarships and how financial aid works. My financial aid rep also goes into detail when she meets them on their first visit as well. When they voice concerns about the cost, i ask that they not make any decisions until they see what financial aid will cover and to take it one step at a time. This allows them the space to take it a bit slower (even though every rep wants to make it happen now).
ANA, Thank you for sharing. What are the specifics involved with this process?
Dr. Jean Norris
I offered another helps different a financial aid because in our case our school work directly with the counties.
It sounds like you really create value for your students, Yvette. Even so much that you get referrals! Taking the time to provide information and create value is key.
Dr. Jean Norris
Usually I give them enough incentives that caught their eyes and in turn even referred other prospective students to register for classes. I know it's tough for everyone these days economically. I always think of ways to get people motivated to get an education that will be beneficial in the long run. I am always open for suggestions.
Your approach is common for new colleges and can be quite valuable for your students. Understanding their perspective can help you in this conversation by simply asking the student if the tuition package is what they expected. They can only say 'Yes' or 'No'. Yes would be an easier response to handle than 'No', but when you get the No response you have the opportunity to ask 'Compared to what?' Once you have a point of reference from your student you have the opportunity to address the situation from an informed point of view. This may help you to outweigh or weaken any tuition objections. I hope this helps. If others have ideas please jump in!
Dr. Jean Norris
Building value is a good approach. I'm curious, how can you ensure that the information you provide is valuable to your student?
Dr. Jean Norris
Providing information (or getting the student to the right person to get information) is a great way to build value for a prospective student. Sometimes we make assumptions when a prospective student objects to the cost of tuition that they can't afford it, but with the right information they may find that it's actually quite affordable to them. Thank you for your post.
Dr. Jean Norris
As a new college in first year of operation we are not yet accredited. As such we cannot accept Federal student financial aid.
The alternatives for students to pay our tuition are therefore soemwhat limited.
We do offer a payment plan and also have one full scholarship avaialble yearly.
This is what we offer to the prospective students. Do you have any other suggestions?
i also explain to them that education is something that no one can take from them, i show them the value of having a career vs just a job
show them the value of attending your campus and have them meet with financial aid, if price is a concern and the prospective isnt famililar with financial aid, they may not know their options to pay for school.
This looks like a great conversation for a financial aid representative to have with a prospective students. I caution admissions professionals from having financial aid discussions beyond that it is available to those who qualify. Luc, how can you discuss tuition and build value for prospective students without diving too far into the FA conversation?
Dr. Jean Norris
What kind of program are you thinking of Luc?
Dr. Jean Norris
