Grace College partnered with Hanover to develop a data-based decision in their newly developed tuition pricing model.
- Webinars
- 03/30/2023
Grace College partnered with Hanover to develop a data-based decision in their newly developed tuition pricing model.
The changing economic climate across the last decade proved challenging for small private colleges in the United States. Facing increased scrutiny by students over affordability, many private colleges have altered tuition models. Some experimented with tuition freezes or reductions, and others continued to raise tuition prices while also increasing financial aid spending.
Grace College and Theological Seminary (Grace College) in Winona Lake, Indiana approached the challenge with the goal of providing students more flexible and affordable degree options. In an effort to shape the future of their institution, administrators at Grace College proposed the “Reimagination” process: an institutional evaluation focused on the areas of academic innovation, accelerated degree offerings, affordability, applied learning, and adherence to Grace College’s mission.
When the College’s leadership team developed the “Reimagination” process, it recognized the importance of collecting and using data. As Dr. Carrie Yocum, Vice President of Administration and Compliance, recalls, “Many of the components we assessed throughout the ‘Reimagination’ process required research to inform the leadership team’s decision-making. As such, we reached out to Hanover to address our institution’s immediate planning needs.”
With respect to the key area of affordability, Grace College sought to investigate how to best adjust its tuition structure to maximize student enrollments. To address this research question, Hanover employed a multi-step approach spanning several projects.
“It was an exciting opportunity for us to study the tuition proposal from so many angles,” says Hanover’s Vice President for Content, Cam Wall. “We laid out what we considered an ideal sequence of projects, and the leadership team at Grace said, ‘Let’s do all of it.’ It was clear that the team wanted to make an informed decision. We were happy to help, and have been thrilled to see the College move forward with the tuition reduction and several other very compelling new programs.”
Grace College continues to surpass its enrollment goals. Grace’s administrators attribute this success largely to the elements of its Measure of Grace campaign. Measure of Grace prioritizes affordability standards including free textbook rentals, annual reductions in tuition with each continuous year of enrollment, and a reduction in overall tuition pricing.
Hanover established that Grace College could significantly increase student interest in enrolling at the institution by lowering its “sticker price,” even while decreasing financial aid awards. This information contributed to the overall tuition pricing strategy, as articulated in the case study linked on this page.
Grace College and Theological Seminar
Higher Education
Winona Lake, IN
Solutions
Expertise
Research & Insights
About Us
Receive industry-leading insights directly in your inbox.
If you have difficulty accessing any part of this website or the products or services offered by Hanover Research, please contact us at info@hanoverresearch.com for support.
Access the best custom research to help hit your organization’s goals. Request your custom consult below and a member of our team will be in touch.
Have questions? Please visit our contact page.
Our newsletters are packed with helpful tips, industry guides, best practices, case studies, and more. Enter your email address below to opt in: