A Report on the Feasibility of Textbook Rental - IBHE

EXECUTIVE SUMMARY ................................................................................................ 7INTRODUCTION ............................................................................................................ 13THE TEXTBOOK MARKET .......................................................................................... 13Market Issues ................................................................................................................ 13Textbook Costs ............................................................................................................. 14Pricing....................................................................................................................... 15Bundling........................................................................................................................ 17New Editions................................................................................................................. 18Textbook Spending ....................................................................................................... 18Financial Aid................................................................................................................. 20Used Market.................................................................................................................. 20LEGISLATIVE INITIATIVES ON TEXTBOOK COSTS ............................................. 21Colorado........................................................................................................................ 22Connecticut ................................................................................................................... 22Virginia ......................................................................................................................... 22Washington ................................................................................................................... 22TEXTBOOK RENTAL PROGRAMS ............................................................................. 23Existing Rental Programs in the United States............................................................. 23Rental Program Benefits............................................................................................... 25Cost Savings.............................................................................................................. 25Acquisition of Required Textbooks.......................................................................... 25Recruitment and Retention. ...................................................................................... 25Shipping and Handling. ............................................................................................ 25Environmentally Responsible. .................................................................................. 25Limitations of Rental Programs.................................................................................... 26Annotating................................................................................................................. 26Delivery and Retrieval. ............................................................................................. 26Faculty Concerns About Adoption Periods. ............................................................. 26CURRENT ILLINOIS TEXTBOOK RENTAL PROGRAMS........................................ 27COSTS AND FEASIBILITY OF IMPLEMENTING RENTAL PROGRAMS.............. 29Methodology................................................................................................................. 29Cost ............................................................................................................................... 29Community Colleges ................................................................................................ 31Public Universities.................................................................................................... 31Space......................................................................................................................... 34Loss of Revenue........................................................................................................ 34Other Considerations. ............................................................................................... 34Current Student Textbook Costs and Estimated Rental Fees ....................................... 35Public Universities – Adoption Cycle and Cost ........................................................... 35Community Colleges – Adoption Cycle and Cost........................................................ 36Funding ......................................................................................................................... 37State Appropriations. ................................................................................................ 37Illinois Designated Account Purchase Program. ...................................................... 37Borrowing Under the Public Community College Act............................................. 37Borrowing Under the Revenue Bond Act................................................................. 38Inventory Bond Issuance........................................................................................... 38-3-