Can Equitable Access Positively Impact Your Bottom Line?
Equitable Access is transforming the way textbooks and course materials are thought about on campuses across the country, but it’s more than just a trending topic. The model allows students access to all required course materials on the first day of class for one low fee, embedded into the cost of tuition. It can drastically drive the cost of textbooks down for your student population. But can Equitable Access also positively impact your bottom line?
A customized Equitable Access program has the potential to surpass the historical revenue of your bookstore and simultaneously lead to better student outcomes.
Creating a predictable revenue stream with Equitable Access
Under traditional course material models, students buy or rent from the institution’s bookstore, Amazon, direct from the publisher, or through other sources. Some students even opt out of purchasing the required materials altogether.
With Equitable Access, all students automatically receive their required course materials and bookstore revenue becomes predictable instead of guesswork. If your institution desires a revenue-generating bookstore, a small additional charge can be added to the per-credit-hour cost of the EA program. This predictable cash flow can be used to provide value to students in the form of scholarships, improved infrastructure, or other creative ways that make the most sense for your school.
What may have been an unpredictable estimate in years past, can shift to a forecasted line item and new revenue stream for your school.
Amidst national enrollment declines, equitable access can help with recruitment and retention.
According to a report released by the National Student Clearinghouse Research Center, colleges across the U.S. experienced an undergraduate enrollment decline of 3.1% between fall 2020 and fall 2021. With enrollment declines and recruitment efforts potentially being both resource-draining and costly for colleges, consider an equitable access program as a two-fold solution.
Recent research around Equitable Access is showing improved learning outcomes, which link to higher student success and can lead to decreased recruitment expenditures.
Dr. Michael R. Moore from the University of New Hampshire published a study in July 2022 that compared completion rates for equitable access participants and non-participants at two 2-year institutions.
The study showed that students who participated had a nearly 16% higher rate of completion than students who did not.
The study also found that the course withdrawal rate for students who participated in the equitable access model was 14% less than for students who opted out of the program.
Along with the benefits of student retention, offering transparency of costs to prospective students and parents can be a tremendous draw for recruitment.
Customizing a program that fits your bottom line
Customizing an Equitable Access program that drives revenue, retention, and recruitment starts with understanding the details behind equitable access. Read our Equitable Access FAQ here and connect with our team to learn more about a customized solution for your school.