It is no secret to anyone reading this – inflation has run rampant this year across the United States. As salaries climb higher, and costs of materials and software increase seemingly week to week, administrators are left in a limbo of higher costs and higher tuition. This paradigm of costs and funding leave officials at a crossroads – raise tuition, and possibly lose students, or cut costs and face a similar outcome.
In my experience in Catholic school finance, the answer to this question lies in value proposition to parents and students alike. The services offered to families must equate – or exceed – the investment of tuition, and must be presented to parents and board members alike in regular reports and presentations.
To help in the tuition-setting process, our team at SJFS has created the video below to help educators and leaders alike learn the best practices of setting tuition, combating inflation, and creating a future for their institution that is both educationally, and fiscally, positive.
We also walk through our tuition calculator tool, a one-stop shop for all things tuition setting and cost forecasting. If you watch the video and have questions, or want to see how this calculator could be used at your institution, reach out to our team. We exist to help school administrators and leaders spend more time ministering, and less time administering.
See more about tuition setting in the video linked below: