Summer Strategies for Increased Success
Colleges are beginning to scramble in preparation of the last-minute push to enroll students this fall. One strategy you should consider is offering LRAP (Loan Repayment Assistance Program) as a way of ensuring that more final decisions are made in your favor. Over the last several years we have seen many colleges experience success with LRAP, including making offers late in the summer to the most at-risk candidates.
One institution used LRAP during orientation week to secure 15 students who were ready to walk away because of finances and their resulting debt burden. Another college offered LRAP to those who had withdrawn their acceptances and deposits – and won back 7 of those students. This net gain represented an additional $55k in revenue that had essentially vanished. Others use LRAP to reduce attrition from the freshman to sophomore year on the part of those expressing concerns over cost or financial aid.
As you consider ways to maximize your fall results, consider using LRAP as a turn-key approach and experience for yourself the difference that it can have in reducing your summer melt. It’s not too late to try and you only pay once a student enrolls and matriculates.