With declining enrollment in K–12 and higher education, student retention is essential. There’s not an endless stream of students to replace those who choose not to continue their education. At-risk students and families need to know your school understands their challenges and will help them find the best solutions.
In short, students need to trust that your school cares about them.
One way to begin building trust with students and families is with transparency. If you have saving initiatives in place, share those efforts with your students and families so they can see that your school is actively working toward lowering costs.
Financial worries can lead to students dropping out or to their declining performance. Saving just $50 can be the difference between a food insecure student being able to eat or having to go without.
What are ways your school can provide students with greater savings?
- Course materials options
Providing students with course materials options allows them to choose the materials that best fit their budget. Options like used books, digital, rental, OER and Marketplace lower the overall cost of course materials to students. MBS’ Guaranteed Buyback, shows students the minimum amount they will receive at buyback giving them the true cost of ownership.
“The biggest selling point of MBS Direct is the Marketplace. I have two sons who are in college. I have seen colleges that offer Marketplace and those who don’t. When the college didn’t offer Marketplace, I didn’t go to the bookstore unless I couldn’t find it elsewhere. But with the school that did have it, we went there first and we were able to compare and go.” All Saints Episcopal School Head of Upper School Kyle Edgemon
- Student Savings Initiative
Through MBS Direct’s Student Saving Initiative (SSI), 97 Higher Education and K–12 schools have worked with us to create custom savings solutions for their students by reallocating course materials revenue as student savings. Schools work with MBS Direct to create the plan that is the best fit for their institutional and student needs.
Participating schools increased student savings an additional $5.8 million in 2016-2017 with SSI
- Inclusive access
A growing trend in education is that students are increasingly viewing their course materials as optional which impacts student success rate. When students aren’t prepared for class, their grades suffer. Because of this, many schools have looked toward inclusive access programs which ensure students have their books in hand by the first day of class. Inclusive access also provides significant savings. With MBS’ inclusive access program, Direct Success, schools retain pricing control. They can choose to pass that savings on to students or to increase revenue streams.
“We tailor solutions to fit the needs of our partner schools, providing services that decrease administrative workloads while ensuring students are prepared for class. Through Direct Success, students have materials in hand and ready to learn without having to make any difficult financial decisions.” MBS Direct’s General Manager of Retail Operations Josh Wheatley