If you want to strike fear into the hearts of enrollment managers everywhere, just say, "The trustees want to talk about the discount rate." If you don't know, the discount rate is a simple calculation: Institutional financial aid as a percentage of tuition (or tuition and fees) revenue. If your university billed $100 million in tuition and fees, and awarded $45 million in aid, your discount is 45%. In that instance, you'd have $55 million in hard cash to run the organization. Discount used to be a reporting function, something you would look at when the year was over to see where you stood. Now, it's become a management target. And that's a problem. If you want to know why, read this quick little explanation of Campbell's Law . The short explanation is this: If you want to lower discount--if that's really the thing you are after--you can do it very easily. Just shrink your enrollment. Or lower your quality, as measured by things like GPA and...