1-12 Educational Affordability

Policy: 6Hx28:1-12

Responsible Executive: Executive Vice President, Administrative Services

Policy Contacts: Chief Financial Officer

Specific Authority: 1001.64, F.S.

Law Implemented: 1001.64, F.S.

Effective Date: 10-24-2018

Date of Last Policy Review: 07-22-2020

Policy:

1. As a public institution charged with providing open access to quality higher education, the affordability of a Valencia College (“College”) education is essential to our mission of student access, learning, success, and completion. To that end, educational affordability and quality shall be included in the design principles for development of programs and services and as a measure of institutional effectiveness. Measures of the College’s affordability and value shall be developed and regularly reviewed, benchmarked as appropriate, tracked and published annually, and integrated into the College's program and budget development processes.

Procedures:

1. Each year, the College will perform an affordability assessment, in which it will gather and analyze data in two primary areas of focus – the cost of the College to students, and the cost of delivery of services by the College. The metrics generally will be consistent from year to year, although changing conditions may introduce new metrics or render existing metrics obsolete. A College affordability report will document each year’s assessment, and the report will be presented for consideration and appropriate action to the District Board of Trustees in its first meeting each calendar year. The annual affordability report will include comparisons, ratios, and linear views of relevant data, and other related information, as follows:
   1. Cost of College to Students. The following metrics will provide a view of what it costs a typical student to attend the College.
      1. Cost per credit hour: Comparison of rates relative to other institutions (both AA/AS degrees and BS degree)
      2. Net Present Value of tuition and fees
      3. Access to financial assistance: Use of federal Pell Grants and state and private scholarships
      4. Text book costs: Cost per text book, College expenditures in support of the development and use of Open Educational Resources (freely accessible, openly licensed documents and media that are useful for teaching, learning, and assessing as well as for research purposes.
   2. Cost of Delivery of Services. This metric set will demonstrate that the related costs of operations are reasonable and responsible.
      1. Cost of direct instruction
      2. Cost of College Operations and Maintenance
      3. Cost per FTE (state comparison and total)
      4. Efficiency of Space used
      5. Cost of new and different delivery options
   3. Other Information Related to Affordability in Programs and Budgeting. This portion of the report will highlight any notable programs, initiatives, or accomplishments of the College from the prior year that contribute to or promote educational affordability at the College.

Procedure History: Adopted 10-24-2018; Amended 07-22-2020

Date of Last Procedure Review: 07-22-2020

Policy History:

Adopted 10-24-2018