How are some colleges and universities responding to the ever-increasing costs of higher education and our continued economic challenges?  They are cutting tuition and fees. In fact, Sewanee is cutting its tuition and fees by 10% for the coming academic year. Click the image below and find out why.

Jeffrey Papa

Families are facing rapidly escalating college costs, are reaching across all funding sources to meet additional college costs, and are very worried about future tuition increases, according to a report just released by Sallie Mae and Gallup. After interviewing over 1,600 undergraduates and parents of undergraduates, the Sallie Mae and Gallup study uncovered some very sobering findings:

Nearly half (49%) [of parents surveyed] are extremely worried this year that schools will increase tuition compared to less than one-third of parents two years ago.

One-third of parents are extremely worried that their income will decrease due to job loss, up from 23 percent last year.

Only 10 percent of parents were extremely worried two years ago that their child wouldn’t be able to find a job, but that has risen to 27 percent this year.

More families reported eliminating schools during the college selection process based on cost after receiving their financial aid packages (40% this year compared to 36% last year and 34% two years ago).

63 percent of families report eliminating colleges because of financial considerations at some point in the application process, compared to 56 percent in 2009 and 58 percent in 2008.

Remember calling home (usually on Sundays) from the hall phone in your college dorm? Wait, you have to be of “a certain age” to remember that–and I do! Well, times are changing–and fast. Check this out: “The University of Virginia has removed about 3,850 land-line telephones from residence halls in a move that will save $500,000 annually.” The good news is that colleges are finding new and innovative ways to save money; the not-so-good news is that I’m feeling older and older by the minute.

Jeff Papa

In this challenging economic time, Scannell and Kurz offer ten very helpful financial aid strategies that will help you prepare for 2010:

• Identify metrics that reveal how you’re performing, then track them against the same or a similar period in the prior two years.
• Benchmark annually on sticker price, discount rate, and prestige indicators with top competitors.
• Help admissions recruiters make the case for affordability, value, and career outcomes.
• Make sure financial aid counselors can talk comfortably and accurately about financing/payment plan options as well as financial aid programs.
• Keep admissions and financial aid staffs on the same page by using net tuition revenue goals as the common denominator.
• Use an analytical, not anecdotal, approach to adjusting aid policies.
• Be as transparent as possible about awarding policies.
• Watch out for policies that stack merit awards on entitlements, need-based aid, talent-based aid, etc.Make sure renewal policies are not negatively impacting retention.
• Be transfer friendly.

- Jeff Papa

A few days ago, I posted a blog asking the following question: “What do the following 13 careers have in common?

• Federal-government manager
• Higher-education administrator
• Program evaluator
• Corporate executive specializing in global business development or managing global workforces
• Cognitive-behavioral therapist
• Immigration expert
• Researcher with expertise in two or more of these subjects: physics, math, molecular biology, engineering and computer science
• Health-informatics specialist
• Optometrist
• Genetic counselor
• Patient advocate
• Physical therapist
• Veterinarian

Well it’s time for the big reveal! Drum roll, please…

These 13 careers, according to Kiplinger.com, promise income growth, work-life balance and social impact over the next decade. And look, those of you in higher-ed administration actually made the list! Yes!

- Jeff Papa