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Universities Panic As Dorms Sit Empty: Recruiting, Tuition, & Faculty Contracts In Limbo

Dave_BerryDave_Berry CC Admissions Expert 511 replies3006 threads CC Admissions Expert
"Colleges and universities across the nation are stuck in financial limbo at a moment that key staffing, faculty contracts, student recruiting, and donor revenue-related decisions are typically made for next year, also as controversy erupts over refusal to refund student housing and campus activity fees. The $600 billion-plus higher education industry is expected to suffer effects of this Spring's campus shutdowns at least through next Fall, given everything down to campus tours for potential recruits have been canceled, leaving open the crucial question of incoming levels of freshmen and tuition revenue for next year.

A case in point is as follows: "The financial meltdown prompted by the novel coronavirus puts record-high endowment values in jeopardy, along with the ability for donors to give. Princeton University canceled its reunion, which draws 25,000 to the Ivy League school," according to Bloomberg.

It's likely that a number of academic institutions will delay sending out contracts, usually done in April, for the following year — and some like Baylor University in Texas are already informing teachers and staff their contracts will reflect a freeze on raises through next year, meaning even the 2-3% annual raise to account for inflation will be cut." ...

https://www.zerohedge.com/markets/emptied-out-universities-pose-refund-dilemmas-will-gut-higher-ed-finances-through-fall#comment_stream
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Replies to: Universities Panic As Dorms Sit Empty: Recruiting, Tuition, & Faculty Contracts In Limbo

  • 1917souci1917souci 140 replies6 threads Junior Member
    Based on the 400 plus comments, it is amazing to see how many people think negatively of higher education and everything related to it.
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  • collegeisagocollegeisago 116 replies8 threads Junior Member
    Assuming this virus lingers to what seems to be no end to it, I have a feeling that Fall classes are going to be online and millions of people will have a very difficult justifying paying that kind of money to go out state or to a private. College towns are going to look like ghost towns and scholarships are going to be highly impacted for years to come. Maybe State Flagships will become less competitive for admissions since there might be less OOS kids willing to pay such a premium. I can also see how schools lower the OOS tuition to 1.5 times the in-state tuition in order to make it even more attractive, but at the same time, this could make them even more competitive when it comes to admissions. Whatever, it is, this situation is a game-changer for years to come. The economic impact will be devastating.
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