August 8, 2024 30:50 E102

This Week In College Viability (TWICV) Special with private college presidents Amy Novak and Todd Olson

St. Ambrose University President Amy Novak and Mount Mercy University President Todd Olson join me to discuss the strategic combination of their two organizations.

Summary

Dr. Amy Novak, president of St. Ambrose University, and Dr. Todd Olson, president of Mount Mercy University, discuss their strategic combination and the future of Iowa private colleges. They emphasize the need for innovation and bold change in higher education to address access, affordability, and the needs of their regions. They differentiate their strategic combination from a merger, highlighting the focus on creating something new and better. They also discuss the challenges of regulatory approvals and the impact of the FAFSA debacle. The combination aims to draw new students, drive net new revenue, and open new doors for students through expanded programs and opportunities.

keywords

strategic combination, Iowa private colleges, innovation, access, affordability, Catholic identity, regulatory approvals, FAFSA debacle, new students, net new revenue, expanded programs

takeaways

Innovation and bold change are needed in higher education to address access, affordability, and regional needs.
The strategic combination aims to create something new and better, rather than simply merging existing institutions.
Regulatory approvals and the FAFSA debacle present challenges, but the focus remains on serving students and families.
The combination will open new doors for students through expanded programs and opportunities.
The goal is to drive net new revenue and ensure the long-term viability of the colleges.

titles

Navigating Regulatory Approvals and the FAFSA Debacle
Innovating for Access and Affordability in Iowa Private Colleges

Sound Bites

"We have to do it differently than we're doing it right now."
"We wanted to be bolder than that."
"It's a combination to do something different and better."

Chapters

00:00
Introduction and Background

03:02
Innovation and Bold Change in Higher Education

07:33
Differentiating the Strategic Combination

09:35
Challenges and Opportunities

19:40
Looking Ahead and Ensuring Viability

25:12
Impact of the FAFSA Debacle

28:06
Expanding Programs and Opportunities

29:30
Benefits for Students

29:59
Conclusion

Here are the questions they discussed.

Briefly share the history of what brought your to colleges together.
You have been careful to categorize this as a strategic combination v. merger. Why is that an important distinction for your organizations?
Typically, students and faculty reaction to any type of business model change is not positive. What has been the reaction at each of your colleges - both positive and negative?
It looks like the HLC and other regulatory agencies will take up to two years to approve the business model change. The higher education market will almost certainly undergo massive changes and even consolidation in that time frame. Do you anticipate any issues with regulatory approvals? The timeline for review and approval?
Amy, in an IHE article you are quoted saying" “Here at St. Ambrose, if we run the course as is, the 10-year projection gets kind of dire fairly quickly. The IHE article also says: what does it look like if we think radically differently about what Catholic higher education looks like in the future?” Expand on what radically different might look like in a few years.
In your quiet moments, few though they may be, what are the worst case and best case scenarios if the FAFSA Debacle leads to a rapid increase in college closures this Fall and next Spring?
What will this arrangement change in terms of ability to draw new students and drive materially significant new net revenue?