Kenyon College 2008 Financial Aid Optimization Analysis Prepared October 2008

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited Outcomes –Freshman enrollment declined by one student from 2007 –457 Freshmen* –Discount rate fell by one-tenth of one percentage point –27.2 percent to 27.1 percent –Net tuition revenue increased by $680,000 –$13.4 million –Continued to improve gender balance. –From 54 percent female in 2007 to 52 percent in 2008 –Increased number and percentage of domestic minority students –16.2 percent of the class (75 of 457) from 12.9 percent in 2007 –Maintained average SAT. (No ACT concordance used) –Overall-1331 in 2008 vs in 2007 –Early Decision in 2008 vs in 2007 Outcomes reflect all freshmen, not just those in the model population. *This number includes two students who deferred after the analysis was constructed.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 3

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 4 The discount rate excluding tuition waivers and exchanges fell slightly and enrollment was one fewer than last year, resulting in a net tuition revenue gain of $680,000 This chart describes all new freshmen, not only those in the reduced data set used to construct the other charts.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 5 These records are excluded because students in these categories do not respond to aid in the same way as regular admission students. Selection of Records for Analysis: Records received (admitted): 1,431 Records excluded (below): 298 Records included in model population: 1,133

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 6 To frame the analysis: Admitted students are normed into five roughly equal academic ranks using Kenyon’s admission rating system with data ranging from 15.9 to 36.5 Students in the top half of the admit pool are more likely to apply for aid. They are also more likely to be among the more affluent.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 7

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 8 Kenyon experiences competitive pressure in academic ranks two, three, and four where students are likely to be in the top quintile for competitors and do not receive merit awards under the current Kenyon strategy. Unlike most colleges, Kenyon's weakest yields were in higher need categories, despite the College's generous aid policy. This suggests competitive pressure from "no-loan" colleges.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 9

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 10

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 11 Amounts include federal, state, and institutional aid but not outside scholarships. For Kenyon, merit aid is concentrated in the top quintile of student performance.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 12 Net Tuition shown reflects (Tuition-Institutional Grant) - funded & unfunded Kenyon's generosity in meeting need results in very little net revenue per student in the highest need category, low in relative as well as nominal terms. Note the difference in net revenue per student between the two highest need categories.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 13 Where SAT not provided, College Board concordance used to estimate SAT from composite ACT. Kenyon College continues to attract and admit a more qualified group, especially considering its success in minority recruitment, but there is a significant challenge to increase consideration among those in the 1340 SAT range. The admit pool was stronger as measured by mean SAT, but the distribution was wider and the modal population ( ) fell in number….

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 14 Where SAT not provided, College Board concordance used to estimate SAT from composite ACT. ….but the matriculating population (excluding early decision) was stronger, particularly in the range.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 15

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 16 Reflecting the national trend at private colleges, yield rates fell broadly from last year. The exception was in the lowest academic quintile. That profile did not fall is testimony to the strength of the admit pool and the staff's ability to recruit the students it wants.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 17 Need ranges are indexed to account for changes in cost of attendance, with the most recent year scaled to create equal numbers of admits among aid applicants with need.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 18 Even though Kenyon meets full demonstrated need, yield fell in the highest need groups. This improved the financial outcome, but cost economic diversity and probably reflects the economy, the capital markets, and competitive pressure from colleges giving even better (no loan) packages or the public sector offering essentially free education. Kenyon's yields rose, contrary to national trends, in the more affluent segments, and fell in higher need segments despite the College's generosity in meeting need.

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 19 Kenyon College Major Markets Matriculants Admits by County 35 or More 10 to 34 3 to 9 1 or 2 Concentrations of admits and matriculants define markets for further analysis (based on permanent ZIP Code). The circles shown on the map describe the geographic area included in each market. Northeast West Ohio markets

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 20 Kenyon College Major Ohio Markets Cincinnati Columbus Cleveland Matriculants Admits by County 35 or More 10 to 34 3 to 9 1 or 2

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 21

Prepared October 2008 by Hardwick-Day for Kenyon College. Reproduction or distribution elsewhere prohibited. 22