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Articles: Financial Services

U.S. law school enrollment has dropped by 36 percent the past three years—and some schools are freezing or reducing tuition in response.

The drop is due to both “job contraction and an overreaction to that contraction,” says Judith Areen, executive director and CEO of The Association of American Law Schools. “The projected number of jobs available is higher than law school enrollment is reflecting.”

One million in 400 days. That’s the amount the Billiken Angels Network, an angel investment group out of Saint Louis University’s John Cook School of Business, raised to help local start-ups.

The group invests in firms of any industry and size that show promise and make an impact on the region and its economy. The eight companies selected for the investments have created a total of 100 jobs in St. Louis.

When it comes to online education, careful course development is hardly the only piece needed for successful student outcomes. Colleges without long-time experience in distance learning may be far more likely to overlook the importance of adequate support services. Just how can these needs be met? Here are seven ways to provide exceptional support for online students.

Small schools led in SIS purchases, but mid-tier schools were more active in 2013.

A potentially positive higher ed economic indicator is that more institutions purchased student information systems in 2013 than had done so in any year since 2008, according to a recent market analysis by The Tambellini Group.

Two of the main reasons given for the 195 purchases were the need to update outdated software and to replace homegrown systems.

Many colleges are advising students how they can save money with digital and used textbooks.

As costly as tuition and textbooks can be, poor planning and time management can raise the prices even higher.

Richard O’Connor, director of financial aid at American International College in Massachusetts, says students at that institution have several options for saving on books. “About half of our students are low income, so just paying tuition can be challenging.”

From managing loans to controlling spending, many college students find themselves dealing with a host of financial responsibilities for the very first time. And it’s not uncommon for them to trip up.

Campus financial literacy programs can help students steer clear of some of their most common financial mistakes. The challenge for educators is to find creative and clever ways to get their attention.

Michael Silton is the executive director of the UCLA Venture Capital Fund.

Over the last 30 years, the number of college courses teaching entrepreneurship has increased by 95 percent, reflecting an intense demand by U.S. college students.

However, in a survey by Entrepreneur magazine, half of students polled reported that lack of resources was their main reason for not creating startups. And the Young Entrepreneur Council found that nearly three-fourths of college students claim they have no access to on-campus entrepreneurial resources.

Who's buying what?

When it became clear that the scientific equipment in hundreds of labs across the University of Pittsburgh campus was not being maintained effectively, professionals in the university procurement department began looking for a new provider to do the job.

The university had long relied on a purchasing cooperative to secure favorable contracts with vendors for bulk products such as office supplies. When administrators discovered that the cooperative had established an agreement with Specialty Underwriters (SU), a provider of equipment maintenance, their search was over.

Michigan legislators have introduced a plan that would allow in-state college-bound students to attend college for free and then, as graduates, pay a percentage of their income back. Known as a “pay it forward” model, the money paid back would go into a special fund to help other students attend college using the same plan.

Here’s how proposed increases in some states compare to 2013-2014 budgets (and budgets of the recent past).

After years of budget cuts, some states are finally putting money back into higher education for FY2015. 

Western Governors University’s 43,000 online students make for the nation’s largest all-you-can-learn program.

Adult students are treating themselves to a higher ed buffet through a handful of programs where all-you-can-learn tuition lets them move as quickly as they can toward a degree and advancement in the workforce.

Instrumental in implementing the new online payments system were  (left to right) Allison Foltz, Mike Boolukos and Melody Baker from the  information technology office.

Cash flow is as important to nonprofits as it is to corporate entities. That’s something officials at Salisbury University in Maryland had in mind when they engaged outside help several years ago to provide students with online payment gateways, tuition payment plans and electronic bills.

The steps resulted in increased efficiencies and more timely payment. But with enrollment up a third over the last decade—and no increase in accounts receivable staffing—officials knew it was time to take the next step.

Reverse auctions have, by some accounts, proven to save institutions more than 40 percent on goods and services.

Seconds tick by. Vendors submit bid after bid in real time, battling it out to win the business of the campus procurement office. The opposite of eBay, this reverse auction format results in the price going down with each bid.

Picture the amount of paper associated with almost 42,000 travel reports and 300,000 procurement card transactions. That’s how many expense-related documents the University of Colorado’s four campuses generate in a single year. Besides the sheer challenge of filing and storing so many receipts, a few years ago there also were major hurdles for reconciling and auditing.

Customization and automation are key elements  of the new administrative system developed for the Distance Learning Center, located in Ullsvik Hall.

In the past, University of Wisconsin-Platteville staff had to manually enter the records of any student pursuing an online degree. With more than 2,500 students enrolled, this was no easy feat—especially considering staff also had to manually enter course registration, financial aid and even basic contact information. This effort required approximately 500 hours of staff time each semester—or 1,500 hours a year—to accommodate the university’s three-semester system.

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