Align families’ total cost of a Shore education with marketplace perceptions of the value of a private education and individual families’ ability to pay
Across the United States, the rising cost of private education continues to narrow the ability of a broad range of families to participate; it is as simple as that. More families from a broadening range of economic means are applying for financial aid. To address the changing environment, Shore must continue to review how it structures tuition and employs financial aid. An affordability team comprised of Administration and Board members will conduct an in depth review of current financial aid and tuition policies. Shore practices will be benchmarked against those of other schools and research on current best practices. Policy changes proposed by the team will be shared with the Board of Trustees for review and potential implementation.
Pursue new revenue sources and cost containment opportunities
Over the coming years, our affordability team will conduct a full review of current costs. The emphasis will be on finding significant savings through restructuring services. In addition, the affordability team will explore the potential of generating new revenues through the use of our facilities and the offering of new services. Our efforts to cut costs and find new revenue sources will bring the cost of tuition into better alignment with families’ ability to afford a Shore education.
Establish endowment as a key differentiator of Shore affordability, accessibility and overall attractiveness
At the Board level, Shore has formed an Advancement Committee to oversee the ongoing development of strategy for growing endowment. Income produced by endowment helps the school to keep tuition affordable by paying a portion of annual expenses.The Advancement Committee will move forward with current campaign efforts and develop future plans for strengthening Shore’s financial stability.