How It Works
10 steps to maximizing the impact of your financial aid on enrollment using the Enrollment & Revenue Management System- Project outline: A Noel-Levitz consultant and data preparation specialist meet with your staff to outline the project and answer any questions you may have about ERMS.
- Data collection: We help you collect admissions data from your previous classes. This includes providing data collection/editing software and technical support for ERMS to make sure the collection goes smoothly.
- Data summary analysis: A summary analysis of the collected data allows us to compare the data to campus records and ensure its validity and accuracy.
- Enrollment cost analysis: You receive an analysis detailing the cost of enrolling the types of students your campus desires. This analysis identifies population subsets appropriate to your institution (for example, out-of-state, residential, underenrolled programs,underrepresented populations, etc.). These subsets are also categorized by academic need and by ability to pay. When the analysis is complete, you will be able to see how students’ ability and willingness to pay are influencing your enrollment.
- Pre-award projections: Before you make your first award,we project the impact of the chosen strategy on net revenue, your aid budget, and your discount rate over the next four years.
- Model the effect of tuition and award changes: Using econometric modeling, you can instantly predict how changes in tuition and financial aid packages will influence student enrollment behaviors.
- Retention analysis: This shows how your awarding patterns are affecting student persistence.
- Building your annual plan: The data from the historical analysis, econometric modeling, and retention analysis guide the creation of your strategic financial aid plan.
- Final pre-award analysis: As a final checkpoint, we run a pre-award analysis before you make your first award, comparing planned offers against “live” data from your current aid applicants.
- Weekly consultations: Once you begin awarding, you receive weekly telephone consultations and tracking reports to monitor progress toward your goals.
The Enrollment & Revenue Management System (ERMS) helps you match your aid package to each student’s price sensitivity—willingness to pay and financial need. Without such a system, many campuses tend to overaward (offering more aid than a student needs to enroll), or underaward (not offering enough, and causing a student to not enroll). This system helps you avoid both circumstances. Each student receives the ideal amount of aid, not just to enroll, but also to persist and graduate.