Easy-to-understand graphic review of how “sticker price” is reduced at Simpson College
Higher education folks often complain that potential students don’t understand how financial aid components combine to reduce a school’s “sticker price” to a more financially feasible amount. That’s especially important to colleges in the private sector.
Simpson College goes beyond the usual text heavy “tuition and costs” review of financial aid with an easy-to-scan and understand graphic presentation of the difference between a published price and a final price that students pay.
The graphic immediately shows (more visible on large screen than mobile) an approximate price that people pay: $15,028. After that the 3 main cost reduction elements are introduced. Especially important: the value of each component is included.
- Scholarships: “First, we subtract scholarships – anywhere from $22,000 to $29,000 (based on merit)
- Grants: at least $2,000 for people who complete a FAFSA by December 1.
- Loans: “Finally, we subtract loans – $5,500 for new first-year students”
And then the bottom line from this scenario: $24,184 cost if the merit scholarship was the minimum $22,000.
Missing notes: Does my initial scholarship amount continue for each year until graduation? Does my loan amount stay at $5,500?
Missed marketing opportunity: What’s my individual cost going to be?
Simpson knows that while this information is an important starting place, it doesn’t quite get to what people really want to know: what will my individual cost be? Thus the heading: “So how much can I expect my actual price to be?”
The answer, “It varies,” is obvious. Simpson uses this as an opportunity to encourage people to “schedule a campus visit” and “pencil it out together” for an individual cost estimate.
While that certainly can happen during during a campus visit, why force people to make that visit for an answer?
This is a perfect place to offer completion of the short, quick MyinTuition cost calculator. And then add the invite to visit campus for an even more detailed review. That’s in use now at another Iowa school, Grinnell College. Why not add another?
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See how one college presents an easy-to-follow graphic of the difference between “sticker price” and what students actually pay when you visit “How much does Simpson College cost?”
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