Tuition Reset Strategy

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Tuition Reset Strategy

Postby Rogobob77 » Wed Aug 16, 2017 2:17 pm

Here's a recent article about colleges that have employed or are considering a tuition reset strategy:

https://www.insidehighered.com/news/201 ... ion-resets

With the sticker shock of private college tuition freightening a number of potential students away, some schools have employed a strategy of lowering tuition and restructuring financial aid awards. Detroit Mercy's tuition is now around $42K, but on average 65% of students' costs are covered by financial aid. Heard today that the University received a grant to hire a consulting firm with special expertise on tuition reset to explore whether or not this approach might make sense for Detroit Mercy going forward.
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Re: Tuition Reset Strategy

Postby uofdmik2008 » Wed Aug 16, 2017 2:29 pm

They are hoping that it will be in effect for the 2019 school year, the thought process is that a lot of students and parents do not apply to Detroit Mercy due to the initial sticker shock, so they do not pursue us any further and do not realize that a good portion of those costs may in fact be covered by institutional scholarships or financial aid.
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Re: Tuition Reset Strategy

Postby Rogobob77 » Tue Nov 14, 2017 11:43 pm

There are campus briefings for Detroit Mercy students/faculty/ administrators covering tuition reset being scheduled throughout this week. Appears there will be some sort of public announcement from the University on this topic on or about November 21.
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Re: Tuition Reset Strategy

Postby TitanTarHeel » Wed Nov 15, 2017 11:05 pm

I have LONG believed this to be an issue for UDM.

Anecdotally, I have a family member who quickly overlooked UDM and instead looked at Wayne and OU before deciding on OU. Don't think she's the only one. It's hard enough of an effort to cobble together financial aid, grants, scholarships as it is, that trying to solve it to go to UDM rather than just avoiding all that and going to WSU or OU makes a lot of sense. I'm also told though that many on the Board benchmarks UDM against other small, private schools and thus if we did a tuition reset we'd be an outlyer to that group (thus decreasing the odds we would actually do it)
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Re: Tuition Reset Strategy

Postby Tacitus651 » Wed Nov 15, 2017 11:37 pm

I'll be interested to see how low they go for the new sticker price. Detroit Mercy should definitely reset tuition prices but I'm worried if we "reset" the sticker and there's less wiggle room on actual cost (scholarships) in financial aid packages, students will not feel they're getting much of a deal. Plus, if we reset the price and our sticker ends up still being twice the sticker price of OU and Wayne, are we really going to attract that many more applicants?

It's worth the gamble but the margins are tight and nothing is more important than enrollment for a school like Detroit Mercy.
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Re: Tuition Reset Strategy

Postby Rogobob77 » Tue Nov 21, 2017 10:55 am

Tacitus651 wrote:I'll be interested to see how low they go for the new sticker price. Detroit Mercy should definitely reset tuition prices but I'm worried if we "reset" the sticker and there's less wiggle room on actual cost (scholarships) in financial aid packages, students will not feel they're getting much of a deal. Plus, if we reset the price and our sticker ends up still being twice the sticker price of OU and Wayne, are we really going to attract that many more applicants?

It's worth the gamble but the margins are tight and nothing is more important than enrollment for a school like Detroit Mercy.

The cut is big, 30%, to $28,000:

http://www.freep.com/story/news/local/m ... 884252001/
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Re: Tuition Reset Strategy

Postby uofdmik2008 » Tue Nov 21, 2017 11:21 am

The school based on studies expects about a 10-15% increase in enrollment with the goal of being an institution of about 6,000 students.

Dear Detroit Mercy alumnus —

Later today, University of Detroit Mercy will make an important announcement designed to increase enrollment and we wanted you to be among the first to know.

The University will reset undergraduate tuition from $41,158 to $28,000 effective Fall 2018 through the Assure Your Boundless Future Tuition Reset. By reducing the published cost of tuition, Detroit Mercy puts itself in a stronger position to attract more academically talented students who may have been deterred by the high published tuition cost.

For many prospective students and their families, the cost of attending a private university with our academic excellence and tradition of graduating leaders, has grown more daunting each year.

Many find it challenging to understand the real cost they will pay due to high sticker prices and the impact scholarships and financial aid have on that cost.

Some important things to understand about this initiative:
•The tradition of academic excellence will continue as admission standards remain unchanged. Maintaining the strength of academic programs while reducing the published tuition price will increase the value of a Detroit Mercy education.
•Students will continue to have personal attention and close faculty relationships, hallmarks of the education that Detroit Mercy has been providing for 150 years.
•Detroit Mercy is enacting this reset from a position of strength as reflected in some of the positive developments that have recently occurred: ◦Three years of increasing new student enrollment
◦Increasing retention rates
◦An endowment that has doubled since 2011
◦Federal and private grants to support first generation students and academic success, STEM programs and local secondary students
◦A $100-million campaign that has raised more than $78 million thus far, a significant proportion of which will support endowed scholarships for students
◦Neighborhood enhancements through the Live6 Alliance and service-learning projects
◦New and renovated facilities that accommodate the growth in enrollment


You'll be able to find more information at www.udmercy.edu after 10:30 a.m. (EST) when we announce this to the media..

We hope you find this initiative as exciting as we do.
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