Many institutions continue to rely on outdated financial planning tools. Nearly 50% still use spreadsheets for forecasting and tuition projections, and nearly a third use spreadsheets for budgeting, according to a Syntellis survey.
Purdue, for example, has agreed to its twelfth consecutive year of freezing tuition, set below $10,000. The university estimates that this decision has saved students more than $1 billion on educational and living expenses since 2013. However, most public institutions cannot afford to set a tuition freeze without state funding.
Since fall 2017, enrollment at the state's four-year public institutions has declined by 12.4%, a dramatically worse dip than the nation's overall 3% decrease in that sector, according to the National Student Clearinghouse Research Center.
Despite the net price for private colleges falling by 11% in the past five years, nearly one-third of parents and students believe that a college education is overpriced. This one simple tactic can be to blame.
Legislative negotiators have reached a deal to make college free for residents whose families make less than $80,000 a year in order to bolster the state's fledgling enrollment and labor workforce shortage.
Inflation, decreased school endowments and state budget cuts are causing university tuition to rise by up to 9%. As a result, most colleges are choosing to pump up their financial aid packages and scholarship programs to cushion the blow to students.