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

Dave_Berry
Wed, 01 Apr 2020 14:54:13 +0000

"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." …