Many of the rest have sought to restrain tuition by diverting more funds into financial aid, by reducing costs through better management, and by generating more non-tuition revenues through fundraising and sponsored research. And with tuition reductions from grants and scholarships, the amount paid by many students is well below sticker price. Competition also works to improve quality at private institutions. In recent years, many colleges and universities have concluded that they cannot compete successfully against tax-supported schools or one another on price alone. The only way to beat the competition is to offer a better product.
Value means different things to different people.
Foreign study opportunities. A proven track record placing graduates in good jobs. All these and more can end up on the shopping list of a prospective student. More than most, these institutions know first-hand the willingness of prospective students to enter this virtual shopping mall and vote with their feet. Curiously, the uproar over college costs comes at a time when the quality and value of an undergraduate education have never been higher.