What is the Financial Impact of Your Retention Efforts?
For those who work within the realm of student success, the quality of the student experience is key. That experience, with its many human elements, contributes towards critically measured metrics. In conversations around the office, we’ve been talking about how difficult it becomes to quantify the value of student success initiatives. We know every bit counts, and we certainly know that decreases in retention, or graduation hurt the institution. How much though?
That was a question we were hoping to answer when we created our Retention Savings Calculator.
Did you know that a typical public institution saves $490,669 by increasing 1st year retention by just 1%?* Or that a typical private institution saves $314,613 by increasing 1st year retention by just 1%?** And that’s without even mentioning the reputation you gain as a student-focused institution.
The most important results of student success initiatives are the enhancements to the actual students’ success.. but honestly, the financial benefit to improving the student experience (and the retention along with it) is surprising.Hopefully, this will help more than a few of you to validate just how much of an impact you’re making on your institution – not just on the students, but on the finances as well.
Check it out for yourself, and let us know what you think.
*2000 students in a class, $8,737 tuition per term, 58% graduation rate
**600 students in a class, $17537 tuition per term, 65% graduation rate