Student Financial Aid Optimization Services
| Agency: | Fort Lewis College |
|---|---|
| State: | Colorado |
| Level of Government: | State & Local |
| Category: |
|
| Opps ID: | NBD17151691985268471 |
| Posted Date: | Mar 25, 2024 |
| Due Date: | Apr 25, 2024 |
| Source: | Members Only |
Request for Proposals - Student Financial Aid Optimization Services
Attachment Preview
REQUEST FOR PROPOSAL
FLC RFP 24115
Financial Aid Optimization Services
Due Date: April 25, 2024
2:00pm Mountain Standard Time
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Contents
I. PURPOSE OF THE REQUEST FOR PROPOSAL ..................................................................................3
A. Statement of Need ..................................................................................................................3
B. Institutional Background ..........................................................................................................3
II. FLC CONTACT INFORMATION.......................................................................................................4
III. PROPOSAL SUBMISSION...........................................................................................................6
A. Due Date.................................................................................................................................6
B. Schedule .................................................................................................................................6
C. Proposal Submission................................................................................................................6
1. Executive Summary..............................................................................................................7
2. Company Overview..............................................................................................................7
3. Project Team Staffing...........................................................................................................7
4. Scope, Approach, and Methodology......................................................................................8
5. Pricing.................................................................................................................................8
6. Acceptance Period...............................................................................................................7
7. Fort Lewis College Contract and Special Provisions ................................................................8
8. References ..........................................................................................................................8
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I. PURPOSE OF THE REQUEST FOR PROPOSAL
A. Statement of Need
Fort Lewis College is seeking proposals from qualified firms that provide financial aid
optimization resources to be used by the College on formulating and implementing financial aid
awarding and packaging strategies.
B. Institutional Background
Fort Lewis College is located in Durango, Colorado. The College is committed to accessible and
high-quality baccalaureate education, and our hallmarks are remarkably close relationships
between students and faculty, the freedom of intellectual exploration, and the challenge of
experiential learning all while keeping students at the center. Our roughly 3,300 students come
from 47 states, 13 countries, and 173 American Indian tribes and Alaskan Native villages. With
its rich cultural heritage, Fort Lewis College is a great place to learn and work. Fort Lewis College
is a member of the Council of Public Liberal Arts Colleges and is accredited by the Higher
Learning Commission of North Central Associations of College and Schools.
C. Goals / Scope of Work
GOALS:
• Pinpoint factors that influence student enrollment
• Identify each student's ability and willingness to pay
• Understand who will respond to aid on a per-student basis during critical decision-making
points in the cycle
• Align enrollment goals with awarding strategies
• Manage and control enrollment yields, discounting, and net revenue
• Predict the impact of incremental tuition and aid changes on enrollment behavior
• Determine if the College is under or over-awarding
• Provide enough aid to retain students so they can complete their educational goals
• Track progress toward goals with dashboard reporting and ongoing consultation
• Make targeted student-level interventions at any point in the cycle through behavioral
analytics
• Project enrollment and net revenue for the next five years
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Scope of Work and Requirements
The financial aid optimization tool will be used to advise the College on formulating and
implementing financial aid awarding and packaging strategies designed to support new
undergraduate student enrollment and revenue goals. Deliverables must include:
• A historical analysis of student enrollment behavior, including need, academic credentials,
population segments, and financial aid offers (minimally three years of data)
• A competitor benchmarking study related to tuition costs and position in the higher
education industry
• Analysis of first- to second-year undergraduate student retention factors and the role of
financial aid in undergraduate student attrition
• A review of data collection requirements and discussion to understand the College’s goals,
current financial aid strategies and operations, and other related enrollment practices
• Measure undergraduate student price sensitivity and the impact of current awarding
strategy and other factors on enrollment behavior
• Revenue optimization and simulation testing to explore the impact of alternative awarding
strategies on enrollment behavior and evaluate the possible trade -offs between aid
expenditures, net tuition revenue, quality, and other enrollment goals for first-year students
and transfers
• Student-record-level scoring to prioritize student outreach and efficiently allocate dollars at
any point based on enrollment probability and receptivity to financial aid
• An evaluation of aid expenditures, net tuition revenue, quality, and other enrollment goals
for first-year and transfer students
• Admission/Financial aid goal setting and award strategy development, including
recommendations for specific policy changes
• Enrollment and net revenue projections for the initially affected year and over a five -year
period
• Ongoing consultation to assist the College with admission/financial aid goal setting and
award strategy development, including recommendations for specific policy changes
• Review of sample financial aid packages
• Regular reports and phone/web conferences to track progress toward goals
• A web-based, self-service reporting platform including customizable data visualizations and
reports with sub-population filtering capabilities.
FLC CONTACT INFORMATION
Question deadline is April 5, 2024 at 4:00pm. Any questions regarding the RFP should be addressed to:
submitted via bidnetdirect.com/Colorado.
All questions and answers become public information and will be posted on bidnetdirect.com/Colorado
for all vendor access.
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