Colleges Seek New Revenue Streams, as Students Push Back Over Tuition Increases
There are a few certainties in life, but one is the increase in college tuition. It might not seem too big of an issue; however, even with funding options, it prices many students out of the game. More turn their attention to employment. So, as students push back over tuition costs, how can a college find new revenue?
Unusual Methods to Supplement Income
Schools understand there are issues with soaring tuition costs but aren’t always able to reduce fees, so most explore alternative revenue streams. For example, Maine’s Unity College supplements its income by selling produce grown on campus. It also offers community workshops for a small fee. While it doesn’t seem like much, the university has successfully diversified its revenue streams. It’s innovative and quite ingenious.
Discount Prices for Students
Universities look to attract the so-called ‘bargain shopper’ with their discounted tuition rates. It’s a great way to increase student enrollment because even though they lose out on a portion of tuition fees, they gain more students. Offering a discounted tuition rate is smart as it’ll increase the demand for the school.
Schools gain more than what they lose.
Tuition resets reduce fees. Some colleges and universities reset the price of tuition so that it costs the same as the tuition a few years back. The idea is to attract more students as they feel they’re getting a bargain on their degrees.
Resets have their advantages but don’t always benefit the student. Some students pay more than others because of discounts applied to those enrolled before the reset. So, while they do have their advantages, they also have their drawbacks.
Online Graduate Programs
Online learning gives students the flexibility they need to achieve their degrees. These programs can attract more students than some traditional courses, simply because they offer better value for money. Online graduate programs really are useful revenue streams and encourage people to continue their studies.
Some institutes could even double their revenue just by offering online courses. It’s a great way to diversify and attract more students, even those looking to get back into higher education.
Plugging the Gaps
There are lots of revenues streams to consider, including resetting tuition fees, diversifying incomes, and offering online courses. A college doesn’t need to limit itself; however, it must explore all revenue options as students push back over the cost of tuition.