I share this with you because it is, or will soon be, open house season at independent schools. Even if you don't typically participate in these programs at your school, I encourage you to attend one — or at least to debrief afterward with colleagues who do. Of course you'll want to pay close attention to the families who come to your open house, but I suggest that you also ask yourself how many families and students who would be wonderful additions to your school community do not attend?
What keeps them away? Is it that they don't know about your school? Or that they do but assume that they could never afford it?
A roomful of business officers discussed this last week during Business Office NOW in Philadelphia. We were reviewing NBOA's 2009-2014 Financial Position Survey Five-Year Trend Report, which collects and analyzes financial data from hundreds of independent schools. Among other ratios and statistics, the five-year analysis shows very marginal changes in independent school enrollment during that time (the slightest uptick for day schools, a slight decline for boarding schools).
In exploring how to address the fact that growth is basically flat, some business officers speculated that many prospective applicants are so discouraged by schools' "sticker price" that they set their sights on more affordable options. These families may not know that financial aid is available, or that they could be eligible for it at their income level. They may not know that your school is committed to enrolling qualified students like their daughter or son, and that you'll work through the financial aid process with them. (They almost certainly don't know that plenty of families don't hesitate to ask for discounts, or that even full-freight tuition does not cover the actual cost of educating one student...but those are topics for other days.)
Higher education has a name for this phenomenon: "undermatching." When high-achieving students from lower-income families don't apply to great schools, they often end up not getting the educations they deserve — educations that can open new doors for them and help them achieve their potential.
In the discussion last week in Philadelphia, it was agreed that most independent schools need to try harder to source and recruit good applicants, particularly those who because of income or geography or social circles wouldn't otherwise apply. Consider college placement as the parallel. Independent schools make significant investments to get their graduates into top-tier colleges. Along with your world-class educations, your schools provide world-class college counseling services.
Likewise, we need to widen the enrollment funnel to attract the maximum number of prospects who align with your mission and programs and offer the potential to enrich your community. In the long run, the stronger our students are, the more attractive our schools will be to high-achieving students from the broadest socioeconomic spectrum, including those who can afford to pay full tuition. And this will strengthen our financial sustainability.
