For most colleges and universities, tuition and fee revenue is a critical component of effective financial planning, accounting for the greatest share of revenue and fewer restrictions than other sources.
As campuses shut down during the COVID-19 pandemic, institutions returned billions in room and board, student fees, and other fee revenue. Heading into the fall, the financial outlook remains uncertain amid questions about state appropriation cuts for higher education, enrollment numbers, enrollment mix, and the number of COVID-19 cases in a particular geography.
To make sense of the uncertainty and plot a path forward, higher education Finance departments must be able to more accurately project tuition revenue. For example, what happens if fewer international or out-of-state students show up or dorm capacity gets reduced by 25%?
Many institutions continue to use spreadsheets to make predictions, which are unwieldy and error-prone. College and university leaders need the ability to pull data from multiple sources (student information system, general ledger, etc.) to model scenarios that show the impact of growth/reduction enrollment assumptions, tuition rate changes, and the effects or adding or eliminating academic programs.
Learn how a tuition planning solution can help your institution more accurately project tuition revenue and make better, data-driven decisions at this critical juncture.