Private universities discounted tuition in the form of merit scholarships and grants nearly 50% on average in the 2019-20 school year. Furthermore, tuition discounts for the 2020-21 school are forecasted to be 52.6% for full time, first year students, according to data from National Association of College and University Business Officers (NACUBO).
And, in the current COVID-induced disruption of higher education, where Moody’s analysts forecast nearly 75% of all private universities and 60% of public universities will experience a 5-10% reduction in net revenues, applicants for Fall 2021 may encounter even steeper tuition discounts, to entice students to enroll, as colleges become more desperate to fill seats and generate tuition revenues in 2021-22.
Thus, for students and parents willing to seek the greatest value for college, the Fall 2021 application season may be a booming “buyers market“. Yet with greater choice comes more responsibility for each applicant to conduct their own due diligence to be sure the “price” aligns with value of a particular college education.
Graph courtesy of HigherEd Dive, May 20, 2020
