THURSDAY, APRIL 10, 2014
FINANCIAL AID: FOCUS ON
SUSTAINABILITY
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MEET
OUR
GUEST
Mark Mitchell, Vice President,
School and Student Services (SSS
By NAIS) National Association of
Independent Schools
QUALITY
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Multivariate Factors in Enrollment Management
Your school's program
• Quality of programs
• Value fit
• Capacity
• Reputation
Competition
• Price
• Quality of public schools
• Access to Charter schools
• Low-cost private schools
• Other independent schools
Community demographics
• # of school age children
• Financial capacity for families with
school age children
• Overall financial capacity
• Cost of Living
Source: SAIS Spring Forums 2012, Steve Robinson, SAIS President
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Sustainability issues and financial aid
Fundraising for
need-based
grants,
scholarships
Addressing
mission and
market
imperatives
Effectiveness
of using
merit aid
Tuition pricing
strategy and
external shifts
Net Tuition
Revenue
approach
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Key Questions
•
What are the philosophy and primary purpose driving our financial aid
investment?
•
Does the allocation of our aid dollars align with the stated purpose of
the investment?
•
How do we define and measure ‘affordability?’ How much does a
family have to earn to afford our tuition for one child? Are there enough
families able to pay that? As tuition moves, is income change keeping
pace?
•
How much aid investment would truly represent full commitment? What
is our capacity for fundraising to make it self-sustaining?
•
How do we work with families to make sure the award decisions are
sound and prudent?
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
What’s the primary goal of the aid investment?
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Assessing Financial Aid Outcomes
Family Income
Quintiles, 2011
(US Census Bureau)
Sample Academy
% of Financial Aid
Recipients
Sample Academy
Avg Grant
5.13%
$15,137
$27,219 - $48,502
6.41%
$15,300
$48,503 - $75,000
5.13%
$15,338
$75,001- $115,866
34.62%
$11,831
Over $115,866
48.72%
$9,342
$0 - $27,218
Source: 2012 SSS Leadership Forum participant
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
63.7%
51.1%
60.2%
57.5%
55.6%
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Defining Affordability
• Who can afford tuition? Are there enough of them?
Tuition
Full-Pay Income
1 Child Enrolled
% of US Family
Households*
$8,000
$100,900
27.3
$16,000
$130,140
16.9
$32,000
$190,115
6.8
Assumptions: SSS methodology for the 2014-15 school year, family of four, two parents, two
children, no net worth, parents age 45, both work, one earns $50K, NJ residents, no cost-ofliving adjustment, no student assets
*Source: politicalcalculations.blogspot.com; based on US Census Bureau 2012 income
distribution data
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Working With Families
School’s needs vs.
families’ needs
Communication
and expectations
Disclosure and
trust issues
http://universityschool.wistia.com/medias/ukfbmpa3sv
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Disciplined, Rigorous Decisionmaking
1.
2.
3.
4.
5.
6.
7.
8.
Primary purpose and goals
Divorced, separated, unmarried parents
Parents with businesses, rental properties
Unemployed parents
Home and other real estate equity
Retirement plans
Unusual household, medical expenses
Grandparents and/or others
supporting costs
9. Prioritizing with limited funding
10. Noncompliance with requirements
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
Financial Sustainability Driver: EXCELLENCE
•
•
•
•
•
Great teachers
Motivated peers
Character and values
Challenge and rigor
Safety and community
Financial Aid = A Means To An End
SSS PROFESSIONAL DEVELOPMENT
sss.nais.org
THANK YOU
TO OUR
GUESTS!
Mark Mitchell
mitchell@nais.org
HAVE YOU COMPLETED YOUR JDATA FORMS?
Contact Sarah Reid at sreid@brandeis.edu for questions.
FUTURE PEJE
OPPORTUNITIES
Leadership & Fundraising
Academy National
Generations National
Recruitment & Retention
Academy National
To request information, please go
to www.peje.org/interest.
NEXT STEPS:
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NEXT STEPS:
UPCOMING
CALLS
• Maximizing Non-Parent Donations Through
Market Segmentation
Monday, April 28, 2014, 1 pm EDT
With Harry Bloom
• Strategic Use of Admission Data
Thursday, May 8, 2014, 1 pm EDT
With Rebecca Egolf
• Market Segmentation: Understanding Your
Potential for Recruitment Efforts
Thursday, May 29, 2014, 1 pm EDT
With Harry Bloom
Please RSVP for all webinars by emailing Charles
Cohen at charles@peje.org
Thanks, and have a great Passover!