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Cost and aid strategies at Your Law School
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Transcript of Cost and aid strategies at Your Law School
Cost and Aid Strategies for Law Schools
May 30th, 2013 2:00 EDT
The webinar will begin shortly….
Cost and Aid Strategies for Law Schools
May 30th, 2013 2:00 EDT
Cost and Aid Strategies for Law Schools
Questions: Please use the Q&A pod located at the bottom of your screen Audio: Participants can choose to use the microphone and speaker capabilities through their computer or phone. Please call into the telephone conference line if you’d like to use the audio through your phone. +(877) 273-4202; Access Code: 4705008 Audio problems: Please email [email protected] or call (434) 220-1687.
Recording: All webinar registrants will be emailed a link to access the recorded webinar and additional materials.
Introduction
Cost and Aid Strategies for Law Schools
Market and institutional research firm headquartered in Washington, DC We provide solutions for law schools deans and their leadership teams in
the areas of resource management, student and alumni performance, academic program management, and recruiting and marketing
For example: Identifying new non-J.D. sources of revenue for international, continuing education,
and non-lawyer markets Reconstructing the USNWR law school rankings to understand institutional
position, strengths and opportunities for improvement Helping to assess alumni engagement and attitudes towards their education
Today’s topic is of particular importance to us as we have seen an increased need for help identifying an effective cost and aid strategy
Background on Hanover Research
Cost and Aid Strategies for Law Schools
During today’s webinar, we will cover the following topics: The implications of high student indebtedness Common aid strategies used in law schools Presenter: Austen Parrish, Southwestern Law School Q&A
Outline
Cost and Aid Strategies for Law Schools
Student indebtedness- The stakes are high Tuition elasticity Definition of tuition discounting Cost and aid strategies used in law schools Advantages and consequences of tuition discounting Tools to use to develop a tuition discounting strategy
Introduction to Tuition Discounting and Other Aid Trends
Cost and Aid Strategies for Law Schools
The Stakes are High
The LSAC reports that “As of 05/17/13, there are 374,002 Fall 2013 applications submitted by 55,764 applicants. Applicants are down 13.4% and applications are down 18.8% from 2012.” (Source: LSAC)
Cost and Aid Strategies for Law Schools
The Stakes are High
(Source: LSAC)
Cost and Aid Strategies for Law Schools
Recently released report by the Illinois State Bar Association Small law firms face challenges hiring and retaining competent attorneys Fewer lawyers are able to work in public interest positions New attorneys have too much debt to provide affordable legal services to
poor and middle class families and individuals As fewer attorneys find sustainable jobs in the private sector, more
attorneys enter solo practice Attorneys report that debt burdened lawyers are less likely to engage in pro
bono work Debt drive young attorneys away from rural areas Heavy debt burdens decrease the diversity of the legal profession Threats to professionalism
New Realities
Cost and Aid Strategies for Law Schools
Tuition Elasticity Formula
Higher education tuition is relatively inelastic Importance for higher education institutions to measure tuition
elasticity correctly
Tuition Elasticity
Cost and Aid Strategies for Law Schools
The Chronicle of Higher Education defines tuition discounting as: “The difference between what students are actually paying to attend an
institution and its sticker price.”
Definition of Tuition Discounting
Cost and Aid Strategies for Law Schools
Merit scholarships Schools offer awards of varying amounts to students based on a variety of
qualifications, including LSAT scores, undergraduate GPA, and undergraduate institution
Often not guaranteed past the first year and are often based on students GPA meeting or exceeding the curve
Ability for students to negotiate scholarship awards A growing practice UCLA School of Law, GW Law School
Awarding every student a scholarship University of Illinois College of Law
Significantly reducing tuition for a subset of qualified students Seton Hall University School of Law
Common Aid Strategies in Practice in Law Schools
Cost and Aid Strategies for Law Schools
Allows law schools to address student need Increases student diversity Increases enrollment
Advantages of Tuition Discounting
Cost and Aid Strategies for Law Schools
Reduces student accessibility and affordability Shifts funds from other instructional and student services Increases financial risk exposure for smaller institutions
Consequences of Tuition Discounting
Cost and Aid Strategies for Law Schools
Some institutions are choosing to lower both the discount rate they provide to students and the “sticker price” for full tuition and fees
Though the overall revenues should remain the same, the primary issue of concern in this scenario is whether an institution which lowers its tuition will be perceived as less prestigious or of lower quality by prospective students
Comparing Tuition Cutting to Tuition Discounting
Cost and Aid Strategies for Law Schools
Determining when to lower the sticker price The institution needs to be significantly under enrollment goals Will work best when most students are receiving institutional grant aid
at or in excess of the amount of the planned tuition discount When reducing aid for a specific sub-population, the subpopulation
should be a large group though your institution currently enrolls only a small “share” of that population
Determine price elasticity
Tools to Use to Develop a Tuition Discounting Strategy
Cost and Aid Strategies for Law Schools
Austen Parrish, Interim Dean and CEO, Southwestern Law School
Presenter
Cost and Aid Strategies for Law Schools
Q&A
Testing Adobe Connect with Hanover Staff Thank You
Thank you for participating in this Hanover Research webinar. A link to the recording of this webinar will be emailed to you.