One big question can weigh on the minds of college administration and faculty at smaller institutions - how can we reduce the costs of textbooks without having the purchasing power to command lower prices? Even with the existence of online retailers who can offer significant savings, there is the additional struggle to make sure the materials students are using their hard earned money on are usable and effective.
As our world grows increasingly more digital, we find that the pace of technological advancement continues to accelerate. We’re at the start of a Fourth Industrial Revolution according to Klaus Schwab, the founder and executive chairman of the World Economic Forum, and we’ve arrived at the start of this new age in less than half the time it took for the Third Industrial Revolution to occur.
With any educational institution, administration and faculty play a crucial role in ensuring students are prepared for the first day of class. The two groups must work together to build enough lead time ahead of class start dates so that faculty can then research, select, and share required and optional course material information with their students. This in turn allows students enough time to shop for the best prices - a necessary process for students to obtain affordable textbooks and be prepared to achieve success from the very start.
How do you compete effectively in the college textbook environment? A significant decline in bookstore sales for the past 5+ years has caused many university administrators to look at the campus bookstore model differently and re-examine its role in serving the student population. Course material needs are changing and books are being replaced with access codes, eBooks, and custom CoursePacks. Shoppers have more options, the convenience and price factors of eCommerce has helped sales grow 15% in the last year alone.
Student expectations are becoming increasingly challenging for administrators. When 1 in 3 freshmen do not return for their sophomore year, there is significant pressure to find strategies to successfully retain students. From the admissions process through graduation day, many institutions are looking for unique ways to serve the changing needs of their campus communities.
In a world where time is a commodity and the rate of inflation for education expenses has far surpassed that of health care, the idea of a traditional college experience is taking on a new dimension. The erratic economy over the past two decades has dictated the need for low-cost and innovative alternatives to higher education. This need coupled with the rise of a digital world has bred a college experience that can be specialized and completed from anywhere. Online programs allow students the opportunity to participate in class and complete coursework when it fits their schedule and at a price that is increasingly more affordable. More than three million students in the U.S. are currently pursuing a degree entirely online. This number is only expected to grow as student interest increases, institutions expand their online offerings, and employer acceptance of an online degree rises.
In an effort to make online education more affordable, we have seen an increase in accredited online-only universities. Los Angeles Pacific University (LAPU) was built to provide a best-in-class online university - making it their mission to remove the barriers to affordability and accessibility with a high-quality, faith-integrated education that is intentionally accessible, career-relevant, and committed to student success. Backed by over a century of experience in providing superior on-ground educational opportunities with Azusa Pacific University, LAPU is taking online education to the next level.
