Wofford collaboration provides unconventional revenue source
- When the Blacksburg, Va.-based Edward Via College of Medicine (VCOM) was interested in setting up a branch at South Carolina's Spartanburg Regional Medical Center, nearby Wofford College was happy to strike up a three-way deal between itself, VCOM, and the hospital for the use of its facilities and amenities in exchange for a payment from VCOM.
- As part of the deal, Wofford pre-med students get improved educational opportunities with some access to VCOM and Spartanburg facilities, and VCOM gets a campus feel while saving money by forgoing expenses for IT infrastructure, fitness centers and dining halls.
- Wofford College's partnership demonstrates an unconventional source of revenue that strengthens its academic programs, and 44% of private baccalaureate institution presidents responding to an InsideHigherEd survey said their college was exploring collaboration opportunities with other institutions.
From the article:
Quite a few students and families are willing to pay more than $44,000 a year to attend Wofford College, a traditional undergraduate liberal arts institution in Spartanburg, South Carolina. That price (lower if a student qualifies for aid) will get a student access to a strong academic program, as well as Division I athletics; amenities such as a workout space, dining halls, and study space; and a 175-acre campus that's recognized as a national arboretum. Turns out, a lot of other people might be willing to pay for access to those amenities, too. ...
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