Happy Halloween! Know what’s really scary? Not knowing how your Net Price Calculator compares with your competitors’!
October 29 has come and gone, and the much anticipated (and sometimes dreaded) deadline has arrived when families now have the ability to compare institutions based on “net price.” Meeting the compliance date does not mean you can breathe a sigh of relief and move on. How does your clearly labeled NPC stack up against the competition? Now’s the time to run some test cases through your own calculator as well as your competitors’, and note the differences! Try at least five cases: high quality/high need, high quality/low need, average quality/average need, low quality/high need, and low quality/low need.
How do the results compare? Are you at a competitive advantage or disadvantage, taking publically available quality measures (like US News rankings, average SAT/ACT score, acceptance rate) into consideration? Are your admission recruiters ready to answer families’ questions about why their net price at your institution is different than at your competitors? Are senior administrators prepared for similar questions from trustees?
In addition to the net price results, here are some other points of comparison to evaluate:
- Simplicity vs. complexity: completion time, number of questions, appropriateness of instructions;
- Presentation of results: ranges in addition to specific dollar amounts, general vs. specific awards, how unmet need is portrayed;
- Affordability messages: return on investment information on results page.
The Net Price Calculator is here – are you prepared for the “trick” or “treat”? Now is the time to ensure that your NPC is a recruiting asset, not a liability.
Image © iStockphoto.
About the author: Enrollment Management Consultant Jennifer Wick joined the Scannell & Kurz team in May 2011. She manages the Financial Aid Strategy Tool (FAST) and provides consulting on a wide range of enrollment management topics from admissions to retention.
Jennifer comes to S&K from Clarkson University where she served for nine years as Director of New Student Financial Assistance. Her experience encompasses both financial aid and admissions responsibilities, specializing in balancing financial aid strategies with enrollment targets and retention concerns. She has conducted enrollment data analysis, managed regional territories, and created successful financial aid strategies for targeted demographics. In addition, Jennifer has a keen interest in retention, which includes predictive model development to identify at-risk first-year students.
Jennifer earned a B.S. and M.S. in Physics, both from Clarkson University. You can connect with her on LinkedIn.