Senator Charles E. Schumer

FOR IMMEDIATE RELEASE: September 22, 2010

SCHUMER: NEW TEXTBOOK RENTAL PROGRAM SAVING STUDENTS BIG BUCKS AT CAMPUSES NATIONWIDE, BUT MANY NY COLLEGE STUDENTS STILL SHUT OFF FROM RENTAL OPTION; SENATOR URGES PROGRAM TO EXPAND TO MORE SCHOOLS

Textbook Rentals Can Save Students More Than 50% Compared To Cost Of Buying Books New, But Only Half Of Campus Bookstores Nationwide Offer This Option

Bookstores at 16 of 38 NYC and Long Island Colleges Surveyed By Schumer's Office Still Lack Rental Option; In Letter, Schumer Urges Program To Be Expanded To Excluded Schools

Schumer, Longtime Proponent Of Textbook Rentals, Success

WASHINGTON, DC—As a new textbook rental program draws raves at campus bookstores nationwide for saving students hundreds of dollars per year, U.S. Senator Charles E. Schumer (D-NY) today revealed that roughly half the nation’s schools still do not offer this money-saving option—including 16 of 38 schools in New York City and on Long Island that were surveyed by Schumer’s office. In addition, even at those campus bookstores that do offer some rentals, the number of titles available for rent is still limited, meaning some students remain stuck with the high cost of buying the book depending on the courses they take. In response, Schumer today sent a letter to the National Association of College Stores (NACS)—the umbrella group for 3,000 campus retailers across the country—urging an expansion of the textbook rental program to the excluded schools as quickly as possible. He also said he would consider expanding a federal grant program that he helped become law in order to help schools defray the start-up costs of transitioning to a rental program.

Textbook costs are an ever-increasing burden for college students and their families, rising four times the rate of inflation according to one estimate. Renting a textbook, however, can save students more than 50 percent of the cost of buying the book new. According to U.S. PIRG, students who rent their textbooks pay between $130 and $240 per year, compared to $900 or more to purchase them. Schumer said this represents major savings for families and the rental option should be available at more than just half the campus bookstores in the country. He asked NACS for a sped-up implementation of the program at the excluded schools.

“Whenever a new school year gets underway, college students and their families brace for sticker shock from textbooks. For households already struggling to cover the cost of tuition, the price of textbooks and other course materials can add insult to injury,” Schumer said. “Renting textbooks is a smart, affordable alternative to buying them new. But too many campus bookstores at colleges in New York and across the country—almost half—still don’t offer this option. We should expand this successful program so that it reaches its full potential. No student should be shut out from the potential savings of this program because of the school they happen to attend or the course of study they choose to pursue.”

Schumer has long pushed for textbook rental programs at college bookstores as a partial remedy to the rising costs of textbooks. In 2005, he introduced the Affordable Books for College Act, which sought to create a pilot program for textbook rentals at select colleges across the country. In 2008, Schumer’s measure passed Congress as part of the Higher Education Opportunity Act. Under the law, colleges may apply for federal grants from the U.S. Department of Education in order to help defray the start-up costs of transitioning to a textbook rental system. The first batch of awards are set to be awarded this month. Schumer said he would explore an expansion of this program so that more schools can take advantage of it.

Schumer’s promotion of textbook rentals has helped cause a shift in the college bookseller industry. After testing pilot programs last year, two of the biggest college booksellers announced prior to this school year that they would offer rentals on a large scale this year. NACS now estimates that 1,300 out of roughly 3,000 of its member stores now offer rentals. But that still leaves students on more than half of college campuses in the U.S. shut out.

A survey conducted by Schumer’s office of schools in New York City and on Long Island showed that the disparity is true locally as well. The bookstores at just under half of the 38 schools contacted by Schumer’s office don’t yet offer rentals. A school-by-school breakdown—which is not inclusive of every institution in the New York City area—is below.

SCHOOL	RENTALS?
MANHATTAN
Barnard College	√
Berkeley College
Columbia University	√
Hunter College (CUNY)
New York University	√
Marymount Manhattan College
Baruch College (CUNY)	√
Borough of Manhattan CC (CUNY)	√
City College of NY (CUNY)	√
Pace University
BRONX
Bronx Community College (CUNY)	√
Fordham University
College Mount St. Vincent	√
Hostos Community College (CUNY)	√
Monroe College
Lehman College (CUNY)
Manhattan College
BROOKLYN
Brooklyn College (CUNY)	√
Kingsborough Community College (CUNY)	√
Medgar Evers College (CUNY)
St. Francis College	√
St. Joseph's College
QUEENS
Queens College (CUNY)	√
Queensborough Community College (CUNY)	√
St. John's University	√
York College (CUNY)	√
STATEN ISLAND
College of Staten Island (CUNY)	√
Wagner College
LONG ISLAND
Adelphi University	√
C.W. Post
Dowling College
Farmingdale State College
Hofstra University	√
Molloy College	√
Nassau Community College
St. Joseph's College
Stony Brook University	√
SUNY – Suffolk	√

In addition to the problem of some schools not offering any books for rent at all, Schumer also pointed out that even at those campus stores that do provide some rentals, many books for popular, introductory courses cannot be rented. For instance, among the 19 New York schools surveyed by Schumer that offer rentals, only one of them made the textbook for their school’s introductory economics class available for rent. Also, only one made their school’s intermediate Spanish book available for rent. In his letter to NACS, Schumer pledged his support to help grow the number of titles available so that students were not shut out based on their course selections.

A copy of Schumer’s new letter to Brian Cartier, the CEO of NACS, appears below.

September 22, 2010

Brian Cartier

CEO

National Association of College Stores

500 E. Lorain St.

Oberlin, OH 44074

Dear Mr. Cartier:

I write regarding a new, popular program that enables college students to save hundreds of dollars by renting, rather than buying, their textbooks. It is my hope that this program, adopted this fall by several of your member booksellers, can quickly be expanded to many more colleges and universities across the country.

As you know, whenever a new school year gets underway, college students and their families brace for sticker shock from textbooks. For households already struggling to cover the cost of tuition, the price of textbooks and other course materials can add insult to injury. Textbook prices are increasing at more than four times the inflation rate for all finished goods, according to the Bureau of Labor Statistics Producer Price Index.

I have worked for years to help provide money-saving solutions to this problem. In 2005, I proposed the creation of a competitive grant program within the Department of Education to increase the number of college textbook rental programs on campuses nationwide. In 2008, Congress approved this measure and the first awards from this nearly $10 million program are being made this month.

Simultaneously, a number of campus retailers have realized the benefits of offering textbook rentals. Following a trial program last year, several of your member retailers have voluntarily begun offering rentals at the campus bookstores that they manage. As a result, after being offered at less than three percent of your member stores in the spring of 2008, your organization has estimated that textbook rentals are now available at an estimated 1,300 campus stores nationwide. This is in addition to rental options offered by book publishers and by online resellers. By all accounts, the rental option has drawn rave reviews. For students, the savings can be significant. According to U.S. PIRG, students who rent their textbooks pay between $130 and $240 per year, compared to $900 or more to purchase them. The program is also highly practical, as it allows students to highlight and make other markings in the rented textbook without penalty. This rental option is a major breakthrough in the college bookseller industry, and I commend your organization for helping to make it possible.

But while I am encouraged that more campus bookstores than ever before are renting textbooks to their students, there are still many students who do not have this opportunity. A survey conducted by my office identified a number of both private and public schools in my state of New York that still do not offer textbooks for rent at all. In addition, even at those schools were some rentals are available, many students have been disappointed to learn that not all of textbooks are included in the rental program. Unfortunately, this appears to be the case for a number of introductory and other popular courses that have high enrollment.

I believe that no student should be shut out from the potential savings of this program because of the school they happen to attend or the course of study they choose to pursue. Obviously, I understand that offering a textbook rental program requires the buy-in of the respective school. I also realize that the number of titles available for rent can depend on such factors as how frequently a publisher issues new editions for a given book. It will obviously never be possible to offer 100 percent of course materials for rent rather than purchase. Still, it is my hope that the rental program can quickly grow so that this money-saving option is available to all students, regardless of what school they attend. To that end, I respectfully request that your office provide me with the following information:

? How many bookstores operated by your member companies currently provide a rental option?

? Of those that do not currently offer such an option, how many have plans to begin doing so within the next one or two semesters?

? Of those campus stores that already offer at least some rentals, how many of the books available for sale are also available for rent? What are the plans to increase the number of titles available for rent?

It is my goal to expand this program so that it may reach its maximum potential. At a time when the cost of college tuition is already challenging household budgets, it is more important than ever to ensure that the costs of textbooks and other course materials don’t unduly add to the burden.

I hope we can work together to expand rental programs to all campuses. Your association has worked with my office in the past and I hope that we can continue to champion changes that will make education more affordable for all Americans. If you have any questions, please do not hesitate to contact my office at 202-224-6542.

Sincerely,

Senator Charles E. Schumer

###

Resource Center