SOURCE: Follett Higher Eduction Group

Follett Higher Eduction Group

April 12, 2011 12:18 ET

Rent-A-Text Becomes the Fastest Growing and Most Successful Textbook Rental Rollout in Industry

Follett Higher Education Group Has Brought Rental to More Than 800 Stores and Saved Students More Than $110 Million

OAK BROOK, IL--(Marketwire - Apr 12, 2011) - Follett Higher Education Group continues to exceed expectations with the fastest growing and most successful textbook rental rollout in the industry. Since launching Rent-A-Text in fall 2010, the company successfully implemented the program at more than 800 Follett-managed bookstores and will expand to its entire network of Canadian partners beginning in fall 2011. The company's strong footprint makes it the largest operator of college bookstores in the industry.

To date, students have rented more than 2.5 million textbooks for a total savings of more than $110 million compared to the cost of buying new books. With such strong results, Follett expects to surpass its initial projection of more than $130 million in student savings for the 2010-2011 academic year.

Since the nationwide launch of the program, students have expressed strong support for Rent-A-Text. In a national survey conducted by Follett Higher Education Group, 99 percent of students said they would rent again from the bookstore. Additionally, 83 percent said renting from the bookstore was the same or better than renting elsewhere.

"We've delivered on our mission to provide choices to our customers by providing an affordable option that helps ensure students have access to the materials they need to succeed," said Thomas A. Christopher, President of Follett Higher Education Group. "Follett invested $120 million in Rent-A-Text and we're confident that the program is helping to increase traffic to college bookstores across North America."

Follett's Rent-A-Text provides savings of 50 percent or more compared to new textbook prices and is available at a student's local bookstore and online through efollett.com. The program gives students the convenience and reliability they expect from their campus bookstore and books can be rented and returned either in-store or online. Students can also use financial aid and campus cards to pay for their textbook rentals.

During the fall semester the two most rented textbooks included "They Say/I Say: The Moves That Matter in Academic Writing" and "Exploring Psychology." Additionally, University of North Florida topped the charts for student savings by cutting more than $700,000 off the price of new textbooks during the first semester alone, while California State University, Sacramento students rented the greatest number of textbooks.

The company also offers textbook rental through online virtual bookstores via Follett Rent-A-Text, as well as independent bookstores via the first and only online and in-store rental program designed specifically for independently-managed college stores. Follett is the only company that offers a full spectrum of rental solutions to such a wide variety of educational institutions.

Champions of Student Choice
Follett provides new and used books, and digital textbooks, to Follett-managed, independent and virtual bookstores. Through its wide variety of educational platforms, Follett offers solutions for students to be successful no matter their learning style.

The company's CaféScribe® digital textbook and social networking platform gives students and instructors the ability to read, highlight, annotate, share notes and form campus and worldwide study groups. The CaféScribe platform supports more than 12,500 of the most popular textbooks and can add new digital titles as requested. CaféScribe is available online and in participating Follett bookstores. More than 130,000 students currently use the CaféScribe platform.

For the most up-to-date list of Follett-managed campuses and virtual bookstores offering Rent-A-Text, visit www.rent-a-text.com. For more information on Follett Textbook Rental for independent bookstores, visit www.follettbooks.com. For more information on CaféScribe, visit www.cafescribe.com.

About Follett Higher Education Group
Follett Higher Education Group of Oak Brook, Illinois, is the leading provider of bookstore services and the foremost supplier of used books in North America. Follett services five million students and over 400,000 faculty members through more than 850 stores. Follett also services more than 1,600 independent campus stores with its wholesale services, and has the most visited ecommerce collegiate website, efollett.com, that provides services and products through a network of more than 900 campus stores.

About Follett Corporation
Follett Corporation is a $2.7 billion, privately-held company that provides products, services and solutions to the educational marketplace. Follett Corporation was founded in 1873, and today is headquartered in River Grove, Illinois.

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