New Innovations in Student Finance that Empower College Enrollment Engines
Norwich University is building new pathways to an education that are more affordable for students, increase student completion, and provide a financial safety net in case the student does not accomplish their career objectives. The building of these pathways requires a diverse set of strategies and tools that challenge how we think about communicating, delivering, and financing the education process.
Norwich is redesigning the supply chain of the recruiting-education-job-placement process, and in so doing, discovering ways to make the student's educational experience more affordable, more flexible, and more relevant. The new supply chain requires a set of strategic partnerships from high-school-level organizations to partner educational institutions, to employers.
One of the primary tools in this redesign is Income Share Agreements (ISAs). There are both short-term and long-term uses of ISAs. The short-term uses focus on keeping students enrolled, and the long-term uses completely redefine the value proposition to the student and the university's business model. An important issue in the development of ISAs as transformational tools is how those ISAs can be funded. The presentation will provide insights into these issues.
For Norwich University, this new model of education levels the playing field for prospective students of all socio-economic backgrounds. It gives them a way to enroll where they previously could not. And it removes the long-term student debt problem if the student cannot achieve their objectives.
Fredrick Snow Norwich University
Lauren Wobby Norwich University
Bill Brosseau Vemo Education
First Learning Outcome: An understanding of how the basic value proposition and business model in higher education can be transformed
Second Learning Outcome: Awareness of the tools, strategies, and organizations necessary to create such transformation
Third Learning Outcome: Learning valuable lessons in the implementation of such a system.
Core Competencies: Holistic and Systemic Thinking, Professional Development and Contributions to the Field
Proficiencies: Enrollment Management: SEM Assessment, Enrollment Management: SEM Leadership
Intended Audience: Significant experience in the profession, Senior management (President, Provost, Vice President, Vice Provost)