Follett Estimates $2 Million in Savings for Students
As a part of its ongoing affordability initiative, New York University has contracted with a national bookstore company, Follett Higher Education, to operate the NYU Bookstore. Follett has a demonstrated track record of being able to offer textbooks at lower prices.
NYU’s Affordability Steering Committee found that textbook costs are a major expense and concern for students and families. Contracting with Follett is expected to save the average student 15-70% on textbooks.
Other steps to reduce book costs for students include a grass-roots effort begun by faculty last academic to reduce the number of texts they require students to buy. Last spring, the total number of required titles stocked by the NYU Bookstore was almost 20% lower than a year prior.
The NYU Bookstore sells approximately 140,000 course texts per year.
“After an extensive process of research and review with students, faculty, administrators and University staff, NYU has chosen Follett because of the firm’s demonstrated ability to provide essential course materials and products at the best price for students,” said Owen Moore, Assistant Vice President for Campus Services.
“This new partnership is part of the University’s overall commitment to affordability, which includes significantly reducing the total cost of course materials over the next two years. Follett also has at its disposal a robust technological platform with a wide variety of user-friendly online software and IT resources for faculty and instructors. Its size, purchasing power, and industry expertise affords them the ability to adapt quickly to the ever-changing marketplace in higher education bookstores.”
Follett Higher Education is the largest campus store operator in North America, currently managing more than 1,250 local bookstores and 1,600 eFollett online stores nationwide.
“We share in NYU’s commitment to make college more affordable for students by providing options that lower the cost of course materials,” said Clay Wahl, President of Follett Higher Education. "Based on our national rental inventory, digital content and technology, and purchasing position with publishers, we expect to deliver a total savings of approximately $2,000,000 to NYU students for the 2017-2018 academic year.”
Among the affordability measures offered by the new contract:
• Providing students with 15-70% off compared to average market price of a new textbook.
• A price-matching program and a greater number of buyback opportunities for students.
• Establishing a new $100,000 annual textbook scholarship program for NYU students.
• Follett also offers a number of digital academic tools and programs that provide affordability and learning benefits, ranging from Instant Access to lower-priced digital course materials before the first day of class, and affordable open educational resources (OER) content and courseware by Lumen Learning.
No NYU bookstore employees were left without an offer of employment as a result of the new arrangement with Follett. Clerical employees will remain as NYU employees; other employees were guaranteed employment by Follett at the same wage as part of the transition process.