Case Studies
Key Takeaways:
- Enrollment grew 19% as Saint Mary’s welcomed its largest first-year class since 2019.
- Discount rate remained flat as the university offered LRAPs to all incoming students instead of increasing merit aid alongside competitors.
- LRAPs helped protect yield by addressing borrowing concerns and giving families another reason to enroll.
Saint Mary’s University of Minnesota had an opportunity it hadn’t seen in years.
Applications and admits were both up approximately 25% early in the Fall 2026 enrollment cycle. If the university could maintain yield, then Saint Mary’s had the opportunity to enroll its largest first-year class since 2019.
But Vice President for Enrollment Management, Dr. Michael McMahon, knew that wouldn’t be easy.
Like many institutions, Saint Mary’s competes in a crowded market. And as the enrollment cycle progresses, competitors often sweeten financial aid offers by another $1,000 or $2,000 to secure deposits.
Saint Mary’s had historically responded in kind, ultimately contributing to a rising discount rate.
For Fall 2026, Michael wanted to try a different approach.
“In our highly competitive market, every similarly positioned institution was simply increasing discount rates every year,” Michael said. “We had to find a different approach than simply adding a little more aid.”
A Different Way to Yield Your Class
Saint Mary’s was already familiar with Loan Repayment Assistance Programs (LRAPs), having offered them to select student populations for years.
The program offers this powerful promise: If a graduate’s income is modest – $60,000 or less at Saint Mary’s – then LRAPs help repay federal, parent PLUS, and private loans.
For Fall 2026, Saint Mary’s decided to offer LRAPs to all incoming students, believing the strategy would both offer Saint Mary’s distinction in a competitive market as well as support its mission.
A Promise That Fits The Mission
For Michael, LRAP is about more than enrollment.
He says that many Saint Mary’s students feel called to careers in education, nonprofits, and other fields where starting salaries may be modest.
Students shouldn’t have to choose between pursuing meaningful work and feeling confident about managing student loan payments.
Ultimately, LRAPs address concerns about borrowing and repayment not always alleviated by traditional financial aid.
The Results: 19% Enrollment Growth
Saint Mary’s approach paid off.
- First-year enrollment increased 19% year over year.
- The university enrolled its largest first-year class since 2019.
- Saint Mary’s held its discount rate flat.
Michael describes LRAPs as a significant contributor to the university’s enrollment growth.
“We’re in a good spot, and LRAP is one significant piece of the equation,” Michael said.
For Saint Mary’s, a strong enrollment funnel created the opportunity. LRAPs helped turn that opportunity into its largest incoming class since before the pandemic.
