Studying the business trends that impact private schools
Parents and educational administrators agree that a child's schooling is vital in shaping them into successful adults. Private schooling attracts families because it leads to quality standardized test scores and higher graduation and college enrollment rates. As private school enrollment grows, creating attractive offerings for enrolling families becomes an important goal for these institutions. Marsh McLennan Agency tuition insurance specialists help private schools prepare for industry shifts by closely monitoring the latest trends. Here are some of the evolving business trends impacting private schools.
Mental health and tuition
Mental health concerns accelerated from the start of 2020 to 2023, throwing off many students’ academic performance and attendance. Marsh McLennan Agency’s book of business shows that medical leaves from schools are up nearly 300% from pre-COVID years, highlighting that students struggle to adapt to their pre-pandemic routines. When students struggle with mental health, their school attendance rates can also take a hit.
Tuition insurance is an attractive option as it highlights these benefits for private school families if something unexpected occurs in the calendar year. For families with members who experience mental health stresses, tuition insurance offers seamless transitions if a child needs to withdraw from school.
Economic uncertainties
Potential economic uncertainties are driving tuition insurance needs to an all-time high. School administrations and parents are taking the necessary precautions and preparations to prepare for an economy trending down. Our program helps families pay the remainder of their child’s tuition if the tuition payer loses their job. With this program, families can find relief from stressful life events that may occur.
Increased competition
Private schools continue to compete with other institutions to keep tuition affordable. Nonetheless, tuition costs continue to rise. Schools are offering tuition insurance to thrive in this competitive and pricy space. This strategy provides peace of mind for families investing in their children's education. Tuition insurance can be a major factor for families deciding between two schools.
Overall, these trends are shaping how private schools operate and provide education to their students. Private schools can meet the needs of students and their parents while staying competitive in a changing landscape by staying on top of the trends discussed here. Marsh McLennan Agency’s education specialists are well-versed in tuition insurance’s ongoing trends and can help you navigate these headwinds. Contact a specialist today to start a conversation.
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