At the end of each school term, students experience plenty of stress while they study for exams, secure internships, move out of student housing, and await final grades. However, for many students, anxiety also builds over how much money they will receive for their textbooks during buybacks.
While exams and final grades are part of college life, textbook buybacks have often led to frustration and disappointment as students are surprised by the buyback value of their textbooks, oftentimes receiving pennies on the dollar of the original prices.
After speaking extensively with students and school administrators alike about buyback programs, we recognized that, not only are they a common frustration for students and universities, there’s an important factor that has gone largely overlooked:
Student estimates of future buyback prices influence when and how they obtain their course materials.
As the initial decision around textbooks occurs long before the buyback process ever begins, students cannot accurately estimate future buyback prices. This lack of transparency has left students in the dark over whether to buy used, new, or rent their materials. Some students, concerned over a potentially low or altogether absent buyback value, may even wait until later in the semester to purchase, impacting their performance and learning.
Transparency solves this issue. If students can know the return value of their purchase or be assured of a high enough buyback price, they may choose to buy a new textbook. Alternatively, if the textbook will soon be phased out and features a low buyback price, students may opt for a lower-priced used book or rent instead.
While Akademos has long offered an online buyback program that gave students the option to sell books year-round through our marketplace or get an instant buyback offer, proactive transparency around buyback pricing was still missing—so we fixed it with our Guaranteed Online Buyback program.
Now, when students shop for textbooks through Akademos, they’ll see a guaranteed buyback price that is locked in through the end of the semester, before they make a decision. Empowered with this information, students can easily make an informed choice about their course materials.
At the end of the semester, students will be reminded of their offer and, should they choose to accept it, can easily ship the book back to Akademos. Once the book arrives, students can be paid via store credit with a 5% bonus or receive a cash transfer, plus reimbursement for shipping.
Importantly, students who are offered a guaranteed buyback price aren’t locked in to selling their book to Akademos; they retain the right to sell their textbooks anywhere, or choose to keep them, giving them even greater options and choice.
For college administrators, this means offering a student-centric policy intended to address a common student concern that has, until now, gone unrealized and unaddressed. While delighting students and ensuring university affordability, universities meet students where they spend their time: online or on mobile devices.
Students and school administrators can enjoy this win-win program that fosters transparency, convenience, and savings. Now available, The Guaranteed Online Buyback program is implemented by Akademos to ensure student information, financial aid, and university technology work cohesively with the buyback program, creating a seamless 24/7 online shopping experience.
To learn more about Akademos’ Guaranteed Online Buyback program or other initiatives that help both university administrators and students, contact us here.