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In 2024, University of North Carolina (UNC) system institutions were legislatively mandated to develop action plans to improve student return on investment (StROI) for programs identified in an independent study. As part of a formative evaluation effort, we compiled the 131 program-level responses to identify common, actionable themes and characterize how institutions and low-StROI programs operationalized StROI within their respective contexts and disciplines, as well as conceptualized strategic interventions to improve StROI. Findings indicate that institutions conceptualized StROI from two broad lenses; reducing student cost and improving student employment opportunities; with subcategories and aligned strategies in each of these themes. Given national emphasis on the value proposition of higher education, our findings can inform institutional responses to legislative pressures.