Today it was my pleasure to join Mike Reynolds of Auburn University to present at the annual NACUBO Student Financial Services conference. It is always good to share the stage with a higher education veteran and true student financial services professional. Mike and I had some
We shared our experiences and research regarding:
Our presentation focused on the growing impact/frequency of student medical withdrawals and the increasing cost of the financial losses experienced by institutions and families. The discussion aimed to
- Understand national research / benchmarks for how schools disclose their refund policies & manage student withdrawals
- Understand how schools are reducing the costs and risks of administering tuition refund appeals process
- Understand how schools are implementing tuition insurance programs to reducing the financial losses caused by students withdrawals.
It isn't always possible for schools to afford the cost of attending an industry conference in person, so I am pleased to share the slides from our discussion through the link below.
The slides provide a summary of the industry research and also a review of the experience at Auburn University and other schools who have chosen to embrace a fully transparent approach to disclosing and managing tuition refunds. Given the growth in student medical withdrawals it is prudent for schools that do not provide 100% refunds to provide notice of their institutions refund policy.
The research contained in the presentation provides a useful baseline for schools to benchmark their own experience in managing the growing cost of refunds. You don't need to read the research or the slides, however, if you take a moment to consider the following conclusions of the presentation.
If you are serious about reducing the cost of student withdrawals to your institution and the families you serve, then we recommend that you consider the following practical next steps:
Recommended Next Steps
1. Evaluate your institutions refund policy.
2. How are students provided “notice” of the refund policy?
3. Is your current refund policy administered objectively?
- Avoid subjective & arbitrary administration
4. What is the cost of administering your current policy?
- Confirm you do not accept student health records without a HIPAA release.
5. Adopt a fully transparent disclosure process and offer tuition insurance protection.