Live as if you were to die tomorrow. Learn as if you were to live forever.
—Mahatma Gandhi
We have been extremely pleased by the results. John and his colleagues are smart, easy to work with, and do what they say they will do on time. We are very satisfied customers.
— Daniel F. Sullivan
President (retired)
St. Lawrence University
Canton, New York
Last year's report from the U.S. Secretary of Education's Commission on the Future of Higher Education intensified a debate that is still raging within the higher ed community: How can students and families obtain accurate insights about each school that will allow them to make fair comparisons? With the government's push for colleges and universities to measure their outcomes in a standardized manner for such a purpose, concerns about assessment and transparency have risen to the fore. Here's a quick wrap-up of current developments in the drive to provide comparative measures:
Source: Country Insurance & Financial Services
Colleges and universities are faced with a delicate balancing act in the marketplace right now. Students and parents are seeking reliable and accurate data about the set of schools they are considering, especially in light of the significant financial investment they are being asked to make. Much of the data that has been used by families and has been framing public perceptions is more hearsay than fact, yet colleges cannot afford to ignore consumers' desire to compare schools they are considering. Students and parents crave data that will allow them to feel informed regarding the relative worth of colleges and universities, and they will go to such unofficial sources as ratemyprofessors.com and College OTR (On The Record) blogs seeking it. Therefore, it helps if you do all you can to publicize your measures of quality based on any type of primary market research your institution has conducted.
For example, if you participate in NSSE, consider following Elon University's example and prominently display the survey report on your web site. As Dan Anderson, director of university relations, explains, "Transparency is part of Elon's institutional culture. We want students and parents to have access to as much information as they need to make good choices, and the NSSE report is especially rich in data that families find useful beyond the typical fare of college guides." Elon was among the first colleges to recognize the NSSE data as a marketing opportunity and has highlighted its research results since NSSE first began conducting research.
Also consider publicizing any institutional research findings with current students or alumni that reveal levels of satisfaction. And if you do point to U.S. News & World Report rankings, take the opportunity to provide caveats that raise questions about the validity of simplifying the educational process in such a manner, and point out which data categories are not very useful—that way, you can turn a negative movement into an informative movement.
The Wall Street Journal reports that credit analysts at Standard & Poor's are beginning to question the relevance of an increase in the number of applications to a college or university in determining its credit-worthiness. Demand, as measured by the number of students who apply, has traditionally been part of their rating equation, but "S&P is now warning that an explosion of the number of applications each prospective student submits may be distorting this gauge, making colleges seem stronger than they really are." As a result, the analysts expect to look more carefully at measures like yield rates, graduation rates and the grades/scores of applicants in rating an institution's debt issues.
Among Americans who expect to be responsible for paying for their children's college education, there's an even split: 43 percent believe saving for college is more important, while another 43 percent think saving for their own retirement takes precedence. Meanwhile, 40 percent feel they do not have enough knowledge to make good financial decisions about saving for college.
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