FINANCIAL FACTORS AND STUDENTS’ RETENTION IN PRIVATE UNIVERSITIES IN LANGATA SUB-COUNTY, NAIROBI COUNTY
Purpose of the study: The purpose of the study was to examine the contributions of financial factors in determining students’ retention in private universities in Langata Sub-County, Nairobi County.
Statement of problem: In Langata Sub-county, Muchemi (2019) reported that the retention rate of the students at Riara University is less than 67%. Moreover, at St Lawrence University Kenya, the school admits an average of 3700 students per year, while those who graduate yearly are less than 47%. Besides, the number of students who graduated from the Catholic University of Eastern Africa reduced significantly between 2015 and 2017.
Research Methodology: The study adopted a mixed method approach whereby a convergent parallel mixed method design was used. Stratified sampling design and purposive sampling was used to select the study participants. . The sample size of teachers and students was 218 and 398 respectively. The study purposively picked two deans of students and one registrar from each university for representation. The total sample size was 640. Questionnaires and interview guide were used to collect data. Both quantitative and qualitative data analysis techniques were used to analyze the data.
Findings: The findings of the study established that financial factors were significant in determining the students’ retention in private universities in Langata sub-county. The correlation analysis showed that financial factors were positively and significantly correlated with student’s retention. Based on the regression analysis, financial factors and student’s retention was found to be positively and significantly related (β=.121 p=0.007).
Conclusions: The study concluded main financial factors included cost of accommodation, tuition fees, financial support such as scholarship and commuting costs.
Recommendations: The study recommended that the cost of accommodation need to be affordable to the students. Also, the fees that are charged to students need to be reviewed from time to time and should be made affordable. The study also recommended that the school management need to establish financial support such as scholarships for needy students.
Keywords: Financial factors, students’ retention, private universities, Langat sub-county, Nairobi County
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