Textbook Publisher to Rent to College Students
In the rapidly evolving college textbook market, one of the nation’s largest textbook publishers, Cengage Learning, announced Thursday that it would start renting books to students this year, at 40 percent to 70 percent of the sale price.
Students who choose Cengage’s rental option will get immediate access to the first chapter of the book electronically, in e-book format, and will have a choice of shipping options for the printed book. When the rental term — 60, 90 or 130 days — is over, students can either return the textbook or buy it.
With the growing competition from online used-book sales, digital texts and new Internet textbook-rental businesses like Chegg and BookRenter, other publishers and college bookstores are also edging toward rentals.
Follett Higher Education Group, which manages more than 850 college bookstores, is starting a pilot rental program this fall at about a dozen stores, including those at the State University at Buffalo, Grand Rapids Community College in Michigan, and California State University at Sacramento. The stores will offer about 20 percent of their titles for rent, charging 42.5 percent of the purchase price.
With college textbooks often costing more than $100 apiece, students spend an average of $700 to $1,100 a year, representing one of their biggest expenses after tuition and room and board. Many students try to save by buying used books or ordering books from overseas, where they can often cost half the domestic price. Many students also resell textbooks at the end of the academic year, feeding the used-book market.
Besides giving students a new option, rentals give both publishers and textbook authors a way to continue earning money from their books after the first sale, something they do not get from the sale of used textbooks.
Read full article at http://www.nytimes.com/2009/08/14/education/14textbook.html?em