, and some say huge shares of their reserves have been wiped out amid wild swings in the stock market.
“This crisis is causing massive disruption to students, institutional operations and institutional finances. On some campuses, it is creating an existential threat, potentially resulting in closures,” Ted Mitchell, the group’s president, wrote in a letter to Education Secretary Betsy DeVos. Bucknell University in Pennsylvania says it has lost $150 million from its endowment after recent investment losses. At the College of the Holy Cross in Massachusetts, the endowment has dropped by 15% and officials fear a similar drop in fundraising.
Still, the financial shock is likely to be strongest at smaller private colleges and regional public universities, which hold smaller reserves and run on leaner budgets. Some are adding significant costs to move classes online even as they lose revenue.
FTA: Scores of colleges say they’re taking heavy hits as they refund money to students for housing, dining and parking after campuses closed last month....losing millions more in ticket sales....and some say huge shares of their reserves have been wiped out...in the stock market.
Coll gets get enough federal money. Enough! Tax money for the tax payers.
it's time to lower tuition, 3 times higher than 30 years ago. crazy. Make it affordable as Biden said. Canceling students loan doesn't solve the problem. Gov't should pressure on college management. COVID19 gave us a chance 😃❣️
Not a chance. Too many lousy colleges charging fortunes for useless degrees.
There are too many colleges. Let some fail. Most of the ones that fail are probably degree factories anyway. The good ones have donors, endowments, etc.
Where technology seems to be “doing the job” enough to still charge the same without the overhead, maybe they should look at ways to save money and reduce costs to consumers.
Colleges are overpriced!
Why don't they take out loans right now, then spend most of their adult life trying to stay ahead of the interest? Sorry, no sympathy here.
Colleges have bankrupted a generation with ridiculous tuition. I really don’t fell sorry for them.
Any Republican who votes for this may as well opt for early retirement cuz they'll never be reelected.
NiftyMinty917 colleges charge students HOW MUCH but can’t stay open? Smh
Hmmm maybe make education free?
Ohhhhhh pleaseeeeeee
Ohhhhhh all those liberal professors don’t want to take a pay cut to help out their colleagues?
HELL NO
No way here's a suggestion drop your stupid electives less money for students less time to complete an education universities are nothing but a liberal propaganda Network it needs to end. CNN MSNBC
How tf... everyone’s in debt cause of these mofos
Just say no. Government needs to stop funding higher education, and student loans, too. Make college competitive again and get those prices for tuition back down where the ought to be.
Nope, they should not get a bailout by any means. Use your endowment and cut the fat. College is way to expensive and needs to come down anyway.
Now would be an opportune moment to get rid of 80% of administrators.
How? I did not get a dime back in Tuition and they shut down their campuses and furloughed a number of employees? Employees were hurt, not the institution! Not one university should increase tuition for next year on the heels of this pandemic.
This pisses me off as the Colleges and universities have been getting filthy rich off exorbitant tuition increases over the past 2 decades!
What's the operating cost of colleges that are already shut down They have millions in donations sitting in their accounts but now want more
mizdonna Financial distress has a way of focusing the mind. Will be interesting to see which academic subject colleges choose to pare back.
Consider loan assistance to technical schools that have a history of producing employable graduates. Let the liberal arts colleges raise their own money or tap their endowments.
The same colleges that have chained multiple generations in debt of over $1.7Trillion? They can go fvck themselves.
Interesting article, CCSGrande. Tough times ahead. Makes me think this will be a windfall for community colleges like NOVA. Lower overhead, less refunds this spring, less expensive option, easier for kids to stay in the game while taking some time off.
They 'may' be laying off people? Colleges and universities didn't furlough their employees when it became apparent they would have to shut down campuses? THAT should've been at the top of the 'list of the things to do'. Sheesh.
carlquintanilla jimcramer Bailout should include language that Uni’s now take on risk of student loans. Uni’s receive (1/2 or 2/3) upfront and the other (1/2 or 1/3) as the student repays (monthly)the debt. Uni’s are now more invested in the student to succeed post graduation
Let them burn. They grifted everyone for decades.
Education should however could you also help US defend itself. We are about to be taken over. See Bloomberg news on Merkels stragegy
mizdonna Let them close. They need to quit paying themselves so much!
Screw those gougers!
MISSYFIELDS19 Perhaps they should dip into their millions of dollars in endowments before they come with their hand out.
Riiiiiight, the same colleges that have worked with the government and shackled a generation into student loan debt
*Single tear*
COVID19 SilverLining
Sounds like they prepared for the future about as well as they did their basket weaving majors.
Colleges are breeding pits for the Privileged. They priced themselves out of the business of 'education' a long time ago. They are high-tech Country Clubs floating on Debt that their students cannot repay. Let's evolve better Web Based Ed NOW.
Seize the university endowments
These big “hedge funds” have no money? I don’t buy it for a second.
Give me a break. Furlough people just like every other business is doing. Brown and Yale can dip into their endowments and cover the loss and then some.
I mean, Millsaps is 58k a year undergrad room and board. Holy Cross is 70k. To charge that much and then ask for a handout - I’m all set.
Yet another group of institutions that charge absolute fortunes just as in the UK and yet scream Foul when something hurts their bank balances and huge salaries .
Cue the 'colleges hate free speech' rants from Trump supporters in 3...2...1...
Let them die
Some of the most intellectual people on the planet didn't think to save up a few dollars for a rainy day? Good job I didn't listen to them.
It’s a real shame Epstein is missing out on this COVID19 virus
Harvard endowment will not be disbursed to aid students LiberalHypocrisy
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