$1 MILLION ANNUALLY is how much researchers estimate colleges and universities could earn by increasing student retention through adopting new advising strategies, according to a recent report by RPK Group. The report analyzes return on investment for 22 institutions receiving grant support from the Bill & Melinda Gates Foundation to introduce integrated planning and advising for student success, or iPASS, strategies on campus.
According to the study, the $1 million figure would largely come from additional operating revenue brought in by an increase in tuition, minus the additional expenses necessary to support the additional credit hours and increase retention.
Other findings include that the institutions spent an average of $700,000 each for technology, personnel costs and other services like IT maintenance and trainings around the iPASS efforts. It also shows that more than half of expenses went towards existing staff, and about 26 percent went directly towards advising technology and software.
