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How Can a Board Help with Affordability?

By Net Assets posted 05-22-2018 09:33 AM


(from RealClear Education) The price of college is too expensive compared to the value of degree, according to nearly three quarters of college trustees in a recent survey. More than 90 percent said they believe that the business model of higher education needs to change. For such a change to happen, trustees must realize they have the power to make college more affordable.

Five concrete ideas:

  1. Trustees should not accept the conventional rationale that cost escalation is inevitable when it comes to tuition and fee increases. 
  2. Trustees should take steps to learn how technology is being used in higher education. How can online and digital education lower costs? 
  3. Rather than simply looking for more sources of revenue, board members should find opportunities to reduce cost through space utilization. Is another new building really needed? 
  4. Before voting on or approving an institution’s budget, boards should seek input from as many stakeholders as possible, including students and taxpayers. 
  5. Pursue compromise — or, at the very least, debate in good faith — around common goals of lowering costs while protecting quality. 

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