First-Class Student Tuition Fee Planning

How are you managing your student fee planning? 

“Universities must step up their efforts to tackle the “damaging” drop-out rates” – The Telegraph

With student drop-out rates rising for the third year in a row, and with more than one in ten expected to leave higher education without a qualification, accurately forecasting the distribution of your student tuition fees has never been more important.

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What is Student Tuition Fee Planning?

Student Tuition Fee Planning fills the gaps that traditional spreadsheets cannot. Powered by IBM Planning Analytics (previously known as Cognos TM1), our Student Fee Planning solution has been created to bring a more intelligent way for universities to plan.

It’s been designed to help forecast the distribution of your student tuition fees in a way that’s fuss-free, whilst giving you the depth of knowledge you need to plan effectively. Student fees can be broken down by school, courses, campuses and more to help you to gain a full picture of your university.

It gives you early insight into your student churn rate so you can see in advance how factors such as new courses, trending studies, and the estimated number of new students will influence where you need to allocate your spend.

You can view your drop-out rate by school, department and course to understand which areas require more attention, using scenario planning to discover how different decisions could potentially impact your university. This will allow you to plan for everything from fluctuations in tuition fees to changes in the political landscape, seeing whether your plan is financially viable before you commit to a particular course of action.

Why do you need a Planning Analytics tool for your Student Fee Planning?

  • Automated reporting and analysis – Streamline your budgeting process with fast and accurate reporting that you can trust.

  • Early insight into student churn rate – Understand how different factors influence drop-out rates, determine how many will drop-out from each school, department or course and take action to prevent any issues in advance.

  • Scenario planning – Understand how different courses of action will impact the different areas of your university. These insights can then be used to determine the best approach to take.

  • Integrated student data – Use this integrated system to align budgets and resources across schools and departments.

  • Granular breakdown of your student data – Break down your student data by student type, course, fee ranges and disciplines. These numbers can then flow into a university Profit and Loss model to project the associated fees over a multi-year timescale.

  • Statutory reporting – Align your student data with statutory reporting guidelines to ensure that you’re always compliant.

Gain confidence that your finances are going to the right place at the right time

"The partnership with MHR Analytics has been really beneficial to the whole team and although we are in the early days of bedding in the solutions, our finance team are excited about the potential of the system and the time savings that can be achieved. We have set specific measurable goals so we can quickly get a picture of the benefits."

- Loughborough University

The need for a more connected student planning

To forecast accurately and curb student attrition; relying on spreadsheets alone won’t do - you need a more connected process.

You need to understand how changes in one area of your university will impact student numbers in other areas in real-time as opposed to in hindsight. You need to be able to budget and plan with ease without the fear of inaccurate data or lack of compliance. And you need to be able to make decisions quickly and confidently.

The limitations of Spreadsheets

Spreadsheets have typically been seen as the answer to university planning, but this comes with some limitations:

  • Prone to errors – Manually inputting data into spreadsheets can be prone to errors, resulting in data that can’t be trusted.

  • Time-consuming – Spreadsheets may be cost-efficient, but managing them can be tedious, leaving teams spending more time on admin than on higher-value tasks that make a real difference.

  • Painful budgeting process – With things constantly changing, relying on spreadsheets to carry out your budgeting can lead to outdated data that doesn’t paint an accurate picture of reality.

  • Lack of integration – Spreadsheets lack the integration and collaboration needed to recognise how changes to one course, school or department will impact the others.

Student Tuition Fee Planning works to help you achieve better efficiency so that you can reduce costs and make better-informed decisions. For more information, or to get started, speak to one of our experts.

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