What You May Not Know About Textbook Publishing

Over the past year I learned a lot about the world of publishing – in particular, fiction publishing. There’s an old adage in the world of book-making, to make a small fortune in publishing, start with a large fortune. I can’t say I have any personal experiences to the contrary.

I was somewhat surprised to see how seldom textbook publishing came up. Although e-books and POD have certainly made publishing more accessible, I wouldn’t expect many people to be itching to start a calculus book empire. Still, I’d think more people, students in particular, would be asking why they spent $200 on a book, half of whom probably wouldn’t even read.

I thought I’d take a moment to shed some light on this mystery. Having been at both ends of the classroom, I can say:

1. The student is not the customerAt least, not in the sense of to whom advertising is targeted. Sure, the student is the one buying the book. But they’re not the ones selecting it. The department, or in some cases, the individual professor, is the customer.

At first glance, it may seem like a bit of a raw deal for the student. They get to put down the money, but receive none of the perks – you know, the little things companies give out to try to woo new clients. Those are generally reserved for the faculty and staff. And it’s big business.

When I was a graduate student at NC State, the faculty lounge was regularly stocked with coffee and donuts. Sometimes there was even free lunch – all paid for courtesy of the publisher who provided the calculus textbooks. Note that at any given time, roughly 3,000 students are enrolled in calculus – and that’s not counting the “specialized” versions of calculus that use other books.

These days don’t receive as many freebies, but NC State is a much larger school than I’m now at. I still get a free lunch and a few goodies now and then.

What do the students get out of this? They get to pay for the books.

But the existence of these little perks and goodies is evidence of something that does benefit the students:

2. The textbook market is very competitive. I have an entire row of a bookshelf of just calculus books. They’re all different. The funny thing is, calculus hasn’t changed all that much. The way it is taught has, but the innovations in teaching don’t seem to happen as quickly as new books are written.

Faculty do care about the price of the books. It’s not the only factor, of course, but it matters. Quality is priority, but if a $100 book does just as good of a job as a $300 book, which would you go for?

3. Producing textbooks is expensive. I’m adding this as a response to all the times I hear people suggest the textbook publishers are rolling around in dough, Scrooge McDuck style. I selected a random book off my shelf and counted no less than seven editors. Seven. This was for a college algebra textbook.

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If you think about all the skill sets that are needed, it shouldn’t come as much of a surprise. Someone has to do the copy editing, but that person may not have the skills required to check the math, and neither would have the skills to check the art and figures.

This particular book has four authors – and they’re all math professors, so I’d be surprised if there was a graphic designer among them. Who will do the layouts?

All together there were 20 credits – mostly individuals, but also some companies which may have pulled more than one person into the production.

I haven’t included advertising. All those goodies I mentioned earlier? Those were given out to keep the current customers. Attracting new ones is another issue entirely.

That row of textbooks I mentioned – how much do you think they cost me?

Hold up zero fingers.

One day I walked into the mail room and found a package waiting for me. Inside was almost $1,000 worth of books. I didn’t ask for them, they were sent for me to review, and hopefully, adopt.

At some schools, these free copies are donated to the library for student use. Some are bought by individuals who go around asking to buy them from faculty members – I assume so they can turn around and sell them to students. Many of these review copies are clearly marked as such, and generally can’t be distributed.

4. There aren’t many sales. “Many” is relative, of course, but riddle me this. Which book do you think is more popular, Calculus, or Harry Potter? Keep in mind there are multiple calculus books to choose from, but no derivatives of Harry Potter. Suddenly, a new piece of the puzzle emerges. All those editors, artists, writers, etc. have to be paid. With fewer units sold to absorb the cost, there’s only one alternative – raise the price.

With the average tuition increasing more and more, it may only become harder for students to afford their books. Fortunately, a few remedies are catching on. e-books, for instance, remove a considerable expense from the equation. The bulky, printed textbooks aren’t cheap to produce. For the books I use for two of my courses, students can obtain an e-book copy for about $10.

There are also open-source textbooks. These are completely free, and while the selection may be small now, they are of sufficient quality that some schools have adopted them.

Student Loans – What Can You Afford to Take On?

Student loan debt is a topic that faithfully rears its head in many of my mathematics courses. Sometimes I summon the demon myself, because it’s a way to command attention when I’m competing with Facebook and Twitter. Other times, though, I find students bring the topic to me.

After all, it’s just a matter of math… something mathematicians know a thing or two about.

Unfortunately, student loans involve big numbers. Big scary numbers.

 

Trust me. You do not want to know what the rest of the digits are.

Trust me. You do not want to know what the rest of the digits are.

 

And the looming uncertainties of the current job market don’t help. But to go forward, we’ll need to just look at the numbers and push feelings aside. If it helps, watch this video of a cat hugging a kitten. Then we can get down to business.

 

[youtube=http://www.youtube.com/watch?v=GzgpeLFf4z4&w=400]

 

There are a couple of ways to think about the economics of your college degree. One is your personal cost – that is, how much per month will your payments be once you graduate. The second question, and the one I see addressed less often, is whether or not your degree is a wise investment. The way to gauge that is to see whether or not you’re better off without it.

Both questions boil down to this guy:

 

$latex A = P \frac{r(1+r)^n}{(1+r)^n-1}&bg=e6eaea&s=1$

$latex P = \mbox{principal}, r = \mbox{interest rate}, n = \mbox{number of payments}, A = \mbox{monthly payment} &bg=e6eaea&s=0$

 

which calculates your monthly payment, given a variety of parameters.

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At the time of this writing, the federal Stafford Loan rate was 3.86%. Suppose you borrow $40,000. For a 10-year repayment period, this works out to a monthly payment of about $400 per month.

As a rule of thumb, this works out to a monthly payment of about one penny per dollar borrowed.

The interest rate, of course, makes a big difference. The previous rate of 6.8% translated to a monthly payment of about $100 more, for typical 4-year loans.

 

College as an investment

 

The idea of borrowing $100,000 may seem daunting. After all, that translates to more than $1,000 per month, or $12,000 per year, in payments. Not that you always have to pay your loan back in 10 years. Under certain conditions, you can take more time.

But let’s stick with $12,000 per year, just to be safe. That’s certainly a lot of money. The next question, though, is how much it would cost to not have that degree.

I’m pulling some numbers comparing median salaries off of The Business Journals. You can read the details here, because there are numerous factors, such as location and discipline, that are important.

In North Carolina, the reported median salary of a high-school graduate was $26,106. Compare that to the median college graduate’s (bachelor’s degree) salary of $44,651. That’s a difference of $18,545.

According to those numbers, you’re roughly $6,000 per year better off with the monster loan. Over a 10-year span, that’s a “profit” of $60,000. Also, the loan won’t last forever. Once it’s been paid off, all of the $18,000 difference is yours.

The “break even” point in this scenario is roughly $180,000 of student loan debt. Don’t forget, though, I haven’t counted grants and scholarships.

Of course, these are generalities. You have to consider your particular field of study and career of choice. Consider location, and the strength of the job market.

Also keep in mind that I picked huge loan numbers for my examples. The NC average student loan debt is roughly $21,000 [citation needed], which amounts to a yearly payment under $2,000.

Unfortunately, there are some grim realities to consider. Some disciplines just won’t pay for themselves. I’ve always been an advocate for studying something you’re passionate about – but financial security is a nice thing to have, too.

If you want to study in a field that doesn’t pay well, there are some workarounds. A double major, for instance, could allow you to study both something practical and something not – and may even open unique career opportunities. You could also use a less marketable degree to prepare for graduate studies in a field that is marketable.

In the end, you’re almost always better off with the best education you can get. You need to prepare for the year 2050 just as much as the next 10 years.

The old motto in the world of liberal arts education is preparing students for jobs which don’t yet exist. The future is open and mysterious. The next question: how prepared do you want to be when you step into it?

The Internet Psychic

Perhaps you’ve met the “Internet Psychic” before. If you haven’t, give this a try! I’ll read your mind. Right now.

Think of any two-digit number. Add up the digits, and subtract the sum from whatever number you were thinking of. Look up the corresponding symbol in the chart. Close your eyes, scroll down, and when you open them again, I’ll have revealed the symbol in your mind.

psychic

Ready?

.

.

.

Was this your symbol?

psychic-ans

Of course it was! If you haven’t figured out how it is done, see if you can crack the secret.

Hint. This isn’t it.

I’ll wait.

.

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Here’s the Trick…

If you didn’t notice it, the spider can be found on every multiple of 9. My version isn’t fancy. The flash version you may have encountered will scramble the symbols every time you play, so that you won’t get the same symbol repeatedly. However, if you play enough times, you may notice your number, after subtracting, is always a multiple of 9.

That’s not a coincidence. It’s a simple observation that any two digit number, minus the sum of the digits, is a multiple of 9.

Verifying this fun little nugget of mathematical insight can be done fairly quickly.

Pick any random two digit number. Call the tens digit A, and the units digit B. Then your number is 10A + B.

Subtracting (A + B) from 10A + B gives 10A + B – A – B, or 9A.

Hence, whatever number you think of will not only be a multiple of 9, it’ll actually be 9 times the tens digit of whatever number you picked.

This particular trick has been around for awhile. In fact, it even has its own article on snopes.com. So, chances are, if you show this to a friend, then (s)he may have seen it already.

There are a number of these sorts of tricks, usually involving adding or subtracting various quantities. They all revolve around the idea of giving the illusion of control.

The next question would be: Can you come up with something to top this trick? I bet if you crack open an undergraduate text on proof-writing, there will be a dozen exercises that can be turned into good candidates.